Quote:
Originally Posted by Nirvana-Guy
That is funny because there was a report on Neil Cavuto's show and every one in the 4 person pannel said buying in South Florida is a loser bet, as that market is poised for callapse.
Does anyone remember that in the 1970s and the 1980s they had a condo market crash in South Florida? Think it won't happen again?  That market is ready for a crash. High prices, no jobs to make up for super expensive housing.... even a blind man can see the bad news is coming. |
You have to possess some intelligence to see this. I remember the condo crash of the 80's, in fact a friend picked up a condo by Dadeland that was originally for sale for 79,000 for 31,000. Other went cheaper, but he got one on the canal side and lived there a few years. Now he was earning 24,000 a year at his job with FPL and eventually sold the condo to buy a house on the other side of the Palmetto for 115,000 in the mid-90's. Prices on condos fell to what people could afford. What would that be in today's job market, 150,000 ....NO remember the MEDIAN home should be 3X income. Condos are less desireable than single family homes and would have to fall farther. back then his condo was not even 2X income. Unlike SF homes, condos require maintenance fees and are inherently more risky in a hurricane zone.
A crash is comming and it will not be pretty. Expect to see condos in the 80,000.00 range in a few years.
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08-02-2007, 12:36 PM
Good news, bad news.
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