“It’s much smaller inventory, which is holding the price point, and further, the deposit structure is much more beneficial to the developer at this point, so we’re back,” said PMG’s Maloney.

Maloney has sold 100 of the 190 units he plans to build in his “Echo” development and that is without even breaking ground. The rest he hopes to entice with flash and fantasy, which is exactly what Miami is all about.

“I believe in the future,” said Argentinean Antonio Aguirre at the Echo party. “The prices are going to come up faster, so today is a great time to buy.”

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At Marina Palms Yacht Club and Residences in North Miami’s Aventura, broken-down boat slips frame two new condo sites, one of which has the concrete beginnings of a first floor that has been standing idle for six years, since the developers went bankrupt.

“There’s an enormous demand. We actually didn’t think the demand would be as strong as it is today,” said Neil Fairman, of Miami-based The Plaza Group, the project’s developer.

The Plaza Group, along with the DevStar group, are getting ready to put up two 25-story towers with a combined 468 units, starting in the $600,000s. The project will include a full-service, 112-slip marina. Half the units in the first tower sold in just the past two months. Fairman said he already has financing proposed from both banks and private hedge funds.

“There’s a lot more scrutiny, they’re going to scrutinize the buyers a great deal, they’re going to scrutinize the developer’s track record. They want people with experience, they want people with hard deposits,” Fairman noted.

Article source: http://www.cnbc.com/id/100568846