Young renters are breathing new life into the city from the posh pads built during the boom that were intended as second homes.
The same bust that severely depressed housing prices in Miami also has resulted in something of a rebirth in parts of the city that once looked to tourists for much of their business.
Instead of remaining vacant, many of the luxury condos that went up between 2004 and 2008 are now being rented to the city's young workers as their owners -- often foreign buyers or cash-only investors -- wait for the market to improve.
But in addition to living luxuriously on the cheap, these young renters are breathing new life into neighborhoods that once relied mainly on the city's "sunbirds" and other part-time residents, according to Bloomberg Businessweek:
International interest in U.S. properties continued to grow in the past year, with the biggest focus on homes in sunny California and Florida.
Even though mortgage interest rates are at historic lows, a 30% drop in pending home sales in May suggests that the spring spending spree that helped boost home sales 19.2% in a year may be over with.
However, even though much of that recent surge was because of the $8,000 tax credit that required buyers to be in contract for a home by April 30 to participate, plenty of buyers who couldn't qualify for the credit are likely to continue to shop in a market that boasts not only low interest rates, but also more affordable home prices.
A new survey from the National Association of Realtors found that one group taking advantage of those perks is foreigners; 18% of its real-estate agents reported that they completed at least one sale with an international buyer in the past year, compared with 12% the year earlier
The talk-show host makes good on his vow to leave after the state imposed new tax increases.
Conservative talk-show host Rush Limbaugh has held true to his vow to leave New York because of its high taxes on the wealthy after his Manhattan penthouse sold last week for less than the $12.95 million asking price, according to The Wall Street Journal.
A broker familiar with the transaction said the 4,661-square-foot condominium went into contract Thursday at a final sale price of about $11.5 million.
Last year, Limbaugh said on the air that he was going to "get out of New York totally" after the state approved a temporary income-tax surcharge, The Journal says.
And remember, your real-estate agent is there to sell your home, not police the premises.
If these are desperate times for you as a seller, be on guard that these also could very well be desperate times for those looking at your home.
In May, Texas real-estate professionals were on the lookout for a man suspected of stealing $20,000 in jewelry from an open house, and police working on the case said such crimes could be on the rise because of the economic downturn.
And even though your real-estate agent is sure to warn you to put away your valuables before holding an open house, what if visitors still find something to steal? Can sellers hold the agent responsible for the theft? a writer from Rye, N.Y., asks The Wall Street Journal.
One in seven borrowers who owe more than $1 million on their home loan are seriously delinquent.
The housing crisis might have its roots in the subprime mortgage market, but the crisis since has evolved into a much bigger monster.
With unemployment continuing to take a toll on the economy, foreclosures appear to be moving deeper into the upper echelons of the nation's mortgage holders, says The New York Times.
According to data that it and real-estate analytics firm CoreLogic compiled, homeowners who owe more than $1 million on their mortgages are now defaulting at a higher rate than the rest of the nation's borrowers.
Vacancies are no longer at a 30-year high, but with the increased demand also comes higher prices.
As the economy begins to pick up steam again, with unemployment falling to 9.5% in June, more Americans who have been shacking up with mom and dad or with friends are packing up and moving into their own digs.
The Wall Street Journal says that in the second quarter of 2010, the rental vacancy rate declined to 7.8%, down from the 30-year-high of 8% in the previous quarter. A year ago, the vacancy rate was at 7.7%.
And with demand finally back on the upswing, prices also were back on the incline after falling 3% in 2009. In the second quarter of 2010, rents rose 0.7% compared with the first quarter, according to real-estate research firm Reis Inc.
But if you haven't locked in that lease yet, The Journal says big boosts in rent aren't likely any time soon:
The Mediterranean-style villa that the former 'Monster Garage' star lived in with his ex-wife, actress Sandra Bullock, is now priced at $4.99 million.
Earlier this week, the former star of "Monster Garage" and the now-canceled series "Jesse James Is a Dead Man," lowered the asking price of his Mediterranean-style villa in Sunset Beach to $4.99 million, according to The Real Estalker.
- Check out the listing, plus 12 photos, on Realtor.com (an MSN partner)
James originally put his home up for grabs at $6.75 million shortly after reports arose that he had been unfaithful to Bullock, who won an Academy Award this year for her lead role in "The Blind Side."
Some economists say letting the market adjust on its own would be better.
The $8,000 homebuyer tax credit has proved popular not only among homebuyers, who rushed to sign a contract for a home in droves before the April 30 cutoff, but also in Congress, which rushed to extend the time those buyers have to close the deal.
But not everybody's a fan of the tax credit, which as of February had cost taxpayers $12.6 billion, according to The New York Times.
According to the article "The New Homebuyer Tax Credit Won't Die -- Should It?" from Forbes, some economists say all the credit has done is pull forward sales that would have happened anyway, likely during the typical summer buying season.