The Real Deal Miami

Foreclosed suburbs empty out

May 26, 2009 09:41AM

Miami-Dade’s far southern suburbs, hit hard by foreclosure, are now home to low prices and low occupancy. Property costs in Homestead, Florida City and neighboring incorporated areas are down 53 percent over the past 12 months, worse than the 30 percent drop seen in central Miami and the Brickell district. There’s more inventory, too. At the end of March, there were 65 percent more houses on the market in the southern fringes than in the city core, said real estate analyst Craig Werley.