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Bloomberg reports from Florida. “In the middle of the biggest glut of condominiums in more than 30 years, Miami developers keep on building. ‘Florida is the epicenter for all the problems that exist in the housing industry,’ said Lewis Goodkin, a property adviser in Miami for the past 30 years, who also foresees a recession. ‘The problems we have now are unprecedented and a lot of people will get burnt.’”
“Thirty-seven new high-rise condos and 20,000 new units are being built in Miami’s 1,040-acre downtown, where sales fell almost 50 percent in May, according to the Florida Association of Realtors. The new units will join the 22,924 existing condos in Miami-Dade County that were for sale in April, according to (consultant) Jack McCabe.”
“‘Have you been to Miami lately?’ Florida Governor Charlie Crist said at a homebuilders’ conference last week in Orlando. ‘It’s like we have a new state bird: the building crane.’”
” Miami condo sales fell to 599 in May, a drop of 46 percent from a year earlier, according to the state realtors association. Condo sales in Orlando have plummeted 80 percent, said (economist) Mark Zandi. ‘The statistics are scary,’ said Michael Wohl, a partner in a Miami developer that has stayed out of the condo market. ‘There’s going to be a lot of blood in the water in the next 18 months.’”
so according to those numbers,there is a 38 month supply in MIAMI.and they are still building another 20thousand??incredible.
Gretchen Morgenson is a Pulitzer Prize-winning journalist who writes the Market Watch column for the Sunday "Money & Business" section of the New York Times newspaper.
Here is what she had to say about "housing market meltdown"
Great post SKB, keep the truth coming. The more info people get the more informed they can be when thinking about buying that Dream Home.
BTW has any one been following wall street in regards to the losses due to defaulting home loans?
I know this is a little dated but sellers need to understand that fair market value is only what someone is willing to pay for your property not what some NAR shill tells you what they think they can get for you. IMOH this news clip hit the nail on the head.
Last edited by CHEWY12; 07-20-2007 at 07:54 PM..
Reason: added comment
Places like Cape Coral and North Port seemed to have the most speculation and overbuilding and thus the greatest price drops so far. Almost shocking how far and how fast they have fallen and it isn't close to being over yet. Remains to be seen to what extent the rest of the state experiences similar drops before we bottom..
Welcome to City-Data.com forum! Make sure to register - it's free and very quick! You have to register before you can post and participate in our discussions with 700,000 other registered members. User profiles and some forums can only be seen by registered members. After you create your free account you will be able to customize many options, you will have the full access to over 15,000 posts/day about local topics and you will see fewer ads. 
good video
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