Large Majority of South Florida Condos are Second Homes

A new report out today from the Condos Rating Agency shows that a large majority of waterfront condominiums in the South Florida area are not homesteaded, meaning they are second homes.  According to the report, only 27% of the condos from Downtown Miami to West Palm Beach have homestead declarations filed with the county authorities.  We’ve seen this number increasing in sales of South Florida, Las Vegas and Phoenix condos, as investors swoop in to buy up affordable condominiums as second homes.  This is also indicative of all the international investors that are buying condos while America is essentially on sale.