Condo crush lures foreign investment

Condo crush lures foreign investment: "MIAMI -- Aug. 5, 2005 -- They have thought-provoking names like Opera, Axis and The Venture, condominiums that will line Miami's bayfront skyline.
These high-rises are part of a part of a condo crush spawned by the nation's housing boom and buoyed by active investors from Europe, Latin America and the U.S. Northeast that target the city because of its worldly feel and relative affordability.
'When you look around the world and you consider the factors of the environment, climate, amenities, risk and appreciation, Miami ranks way high up there,' said Jorge Perez, chairman of The Related Group of Florida. The Miami-based developer plans to build more than 15,000 units in South Florida and Las Vegas in the next four years - with buyers already lined up for many of them
From Florida to California, condos are a growing housing option for people who have been priced out of the single-family home market or are seeking a more upscale, all-in-one lifestyle for a second home. They are also a growing market for speculators - many from abroad - looking for units to resell, or 'flip,' to take advantage of low interest rates, cheap dollars and attractive supply and demand."