what do the experts think of buying property in miami. Specifically South beach. Im considreing buying a little studio there, but prices are high. Whats your take?

The expert in this article thinks the Florida real estate boom has peaked.

http://www.inman.com/inmannews.aspx?ID=45520

"Florida's long-running real estate boom appeared to peak in early summer 2004, according to an economic consultant who studied numerous regional real estate indexes.

Henry "Hank" Fishkind, principal at the Fishkind & Associates economic consulting firm, said in an announcement today, "With mortgage rates going up, it's highly unlikely that we will see a better season for home sales in Florida than we saw in the spring and summer of 2004. There has been a slow decline in home sales ever since, in almost every region of the state. What we're seeing now is a leveling off of what has been a tremendous run for home sales in Florida.""

Here's a link to the Miami-Dade Real Estate Council.

http://www.miamidaderec.com/

I have followed that market and I don't know if Florida now is the time or place for that. However, if you wait, the market reports could be wrong, and you'll end up having prices you can't afford. Tough decision, try reading some papers and things and see if it is worth it to you.

Prices are high almost everywhere. If you need a place to live, might as well buy something and pay the mortgage instead of rent. Think of it that if you do not buy anything and pay rent somewhere, you are just paying someone else's mortgage instead of your own.
I wouldn't necessarily buy something as an investment at this point.