The Florida Association of Realtors reports that Florida home sales in September 2008 increased by 24 percent from sales in September 2007. Condo sales also saw an increase of 11 percent in September 2008, up from September 2007.

But what is driving this market? The increase in real estate sales can be attributed to deal breakers—such as foreclosures and short sales. While foreclosures and short sales are signs of a devastating market, developer Jorge Pérez of The Related Group sees this as a great opportunity to buy. “There is no question in my mind that within some time—I don’t know if that’s two, three or four years—people are going to look back and say: ‘These units were bought for how little!’” Pérez told the Wall Street Journal.

More evidence that now is the time to buy lies in Pérez’s portfolio. The Journal reports that he has teamed with Philadelphia private-equity firm Lubert-Adler Partners LP to gain roughly $100 million in Florida condos. One-third of that investment can be found in his own project, 50 Biscayne. When the market turns over—as it is bound to do—Pérez will be in a position to see a marginal profit.

Icon Brickell, a three-tower construction located between downtown Miami, Brickell Avenue and Biscayne Bay, is an example of a Related Group project that will soon take residents. Buyers will get the amenities of a five-star resort while living in studio apartments or up to three-bedroom, two-bath residences.

—Lauren Varga