Though the country's housing markets continue to soften, those who can afford a second, third or fourth home are opening their wallets.They're choosing spots like One Bal Harbour, a new development in the tiny village of Bal Harbour, Fla. Despite a dismal housing market statewide — sales were down 26 percent in 2007 to 130,241 from 183,988 in 2006, according the Florida Association of Realtors — 183 of these new condominiums, which were completed in 2005 and listed from $1 million to $11 million, sold within two years. Only two remain unsold.
Michael Patrizio, a vice president and senior project manager behind the development, says the combination of international buyers and great location has kept One Bal Harbour afloat.
Read More
