In Miami the cranes are no longer present in our skyline, which is a sign that developers are fleeing the market at least for the next 3 years. The developments that have been completed are selling their remaining inventory. In many cases people put down 20% down payments on pre-construction units and they are no longer able to close on their unit, defaulting on their deposit. Buyers that are ready to close can absorb the defaulted deposits and negotiate the price on the unit further. In most cases developers are selling at a better price per square foot that a foreclosed property. The biggest advantage is that you won't have to deal with repairing the unit (which is the case with most foreclosures) and having to get new appliances or paint the apartment, developer units are brand new!