As children get older and leave their parent’s home to create a new beginning and as college grads embark on building their careers, the thought of buying a home comes into play. In the past home buying was a no brainer.Miami real estate was thriving and values were going through the roof. Today, it’s a dramatically different situation.

Home buying is riskier and yet prices for a Miami Beach condo or otherwise unaffordable South Florida homes are now a lot more reasonable, an interesting predicament which has many people wanting to buy their first home asking: is it the right time to buy?

A biased real estate agent will not hesitate to tell you that yes, you should totally buy a home now but it just isn’t that simple. For the time being, almost any home you purchase now will have a lower value in a couple of months so yes, there is a significant possibility you will lose money. Plus, if your credit isn’t up to par you’ll quickly find that lenders aren’t as lenient as they once were and may flat out turn you down or give you financing terms that don’t work with your budget.

On the other hand, it’s not necessarily all doom and gloom. As mentioned above, if you’re seeking an upscale waterfront condo or single family home in a gated community, prices are at record lows. Mortgage rates have also been reduced which will allow you to agree on a financing schedule you can actually manage and won’t have you struggling to make monthly payments, especially if you have an above average credit score.

A knowledgeable real estate agent can assist you but the ultimate decision should come down to what your future goals are and your assets. Will you lose money? Chances are you will. Can you recoup your losses in the long term? Eventually, yes. If it’s not the right thing to do then stay put. Just keep in mind there’s nothing wrong with browsing either.

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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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