Architecture is a key part of society and culture. Nations and cities are often associated with architectural works of their native land: Paris and the Eiffel Tower, China and the Great Wall, India and the Taj Mahal. Miami has its own historic buildings, but may soon have an iconic symbol in the form of a genuine skyscraper. The Empire World Towers scheduled to be built in 2010 will soar above the Miami skyline, becoming the most prominent building in the city of Miami.

The Empire World Towers will consist of two mega buildings with a "sky bridge" connecting them, somewhat reminiscent of the Petronas Towers in Malaysia. This building will defy conventional heights for Miami skyscrapers by rising an incredible 93 stories or over 1,000 feet. The structure designed by world renowned architect Kobi Karp will be a residential building in the heart of downtown Miami.

Many people believe a lofty investment like this in a fledgling real estate market is ludicrous. The market has been on a steady decline for several years and many fear the worst for South Florida real estate. So how do these investors expect to sell so many units in a troubled market?

The huge condo project was not deterred by sour market reports for one reason: long term investments. South Florida has proven time and time again that it will persevere through any slump and handsomely reward long term investors. The project will also take two years to begin and many, including the NAR, predict the current housing slump will end in the last quarter of this year.

We shouldn't get too excited just yet, the project is still under review from the Miami City Commission. As with any project this huge, there are a lot of crucial issues that need to be debated and addressed. This project will likely have a dramatic effect on the real estate market and most think it will be positive. What effect do you think the Empire World Towers will have on Miami real estate?

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The collective public mind leans toward a pessimistic view of the current real estate market. According to most people, investing in the current market is like buying first class seats on the what validity does the Florida Association of Realtors (FAR) have in opposing this notion? According to the F.A.R., investments in the Miami real estate market are currently at their most advantageous stage. The market is slow, giving investors time and options when choosing a property at unprecedentedly low costs.

The F.A.R. statements are not as ludicrous as you may think. The current low price on South Florida luxury homes and Miami condos has the potential of prompting a surge in buying within the near future. The current focus on reducing mortgage rates could reduce monthly payments creating a temporarily perfect market for investment.

Ask any accredited realtor that's been in the market through bad times, they'll espouse the follies of renting property at a time like this. Long term investments are non-existent in the rental market; it is a good strategy for staying afloat but no progress will be had in that time. Assuming the current market will bounce back, it seems obvious that housing prices are close if not exactly where they need to be for quality investments.

Property, in spite of other forms of investment available, is still one of the most secure ventures you could put your savings into. It serves its purpose as a home, dually serving as a "nest egg",securing financial futures. Homes in particular are joyful investments; the freedom to renovate and build onto a home allows you to increase your investment in the hope of a greater return.

Sources in the National Association of Realtors (N.A.R.) predict a comeback in the market that could occur as soon as the summer but should certainly begin to foreshadow growth during the winter season and through the beginning of 2009 as buyer confidence recovers and sales start to increase at a normal rate. These projections, when put with the government's own planned actions to invigorate spending, may be the perfect combination to drive home and condo sales nearer to the standards they had several years ago.

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