What's the deal with Miami beach?

[Paige Feddersohn]

Hello,

I am interested in purchasing a short term rental vacation home. I am looking around at Miami. I am looking at so many beach front properties that are on the market for $400-500k. The HOA is usually around $700 a month which is on the higher side but these properties are sitting on the market for 6 months - 2 years! I don't understand why so many are sitting? Wouldn't they have great short term rental potential? The specific home I am looking at is 6039 Collins Ave APT 615,Miami Beach, FL 33140 but there are many others with the same situation. Thank you for your help!