Amid the ongoing real estate slump and global economic crisis, there is still a demand for affordable pre-built homes in a good location like Miami, South Florida. And this is exactly why this past weekend, the Downtown Miami Real Estate Market had to stay up past midnight for its open house.

Among the affordable pre-constructed homes it offers is Loft 3, where one-bedrooms start at $159,000 and two-bedrooms start at $293,000. Finally, prospective buyers looking to reside in South Florida are now offered affordable housing options.

Two real estate agents from a Miami real estate developer came in to buy units each, one as a condo investment. A buyer, for example, is buying a unit for herself and a customer in Spain. Her customers think her prices are reasonable and affordable and she will try to resell her unit.

Another reason buyers are considering buying homes in Miami’s Little Havana is its convenient location. One prospective buyer, for example, who works for the Miami-Dade County government said he is tired of traveling from South Miami. Meanwhile, a dance teacher at Miami-Dade College’s Wolfson campus in downtown Miami said her children are moving out of her Kendall home, also for the same reason: She wants to avoid drug trafficking. go to school.

Interested buyers are primarily looking for condos or housing units where commuting to work or school is easy and carnival centers are accessible. A client who grew up in Chicago wants this service saying that adjusting to the new city environment is not a problem since she grew up in Chicago, a city that almost shares the same familiarity with South Florida, Miami.

The project is the third for the Related Group in downtown Miami that focuses primarily on middle-income buyers. Related Group previously built Loft Downtown and is building Loft 2, a building that jumps over the Metromover line. Both are on Northeast 2nd and 3rd streets. Related has refocused its efforts on building low-priced condominiums near employment centers and public transportation hubs.

On an interesting note: During the first half of this decade, there is record low mortgage rates, more job opportunities, population growth in the Miami area, and increased interest from visitors, immigrants, and foreign investors.

Miami Real Estate asks for government support. Perhaps the legislature could help administer the reasonable taxes. It’s a sure thing that would really have a big effect on the real estate industry. Still, many developers say real estate prices are so exorbitant that they can’t lower prices without government support. To break even, Miami’s only large company used a city-owned garage across the street for resident parking, a property Related bought several years ago when prices were better. Presumably, it would just take the developers pulling some legally permissible trick to play the government and get back what they’ve been paid handsomely for.

The real estate market in Miami, Florida is projected to ease, a sign that the real estate market is stabilizing. Since the housing projects target middle income groups, sales are expected to increase in 2006 and next year. Market analysts note that the housing market continues to provide a solid foundation for the economy even as the market tightens.