Fort Lauderdale, an alternate reality (Miami, Clearwater: loan, real estate, foreclosures)

[macguy]

Is Fort Lauderdale operating in some kind of alternate reality? They are building here like crazy and prices are going up. Everywhere you look old properties are being bulldozed for new construction. One stretch of north Andrews Ave. they are putting up an apartment complex on both sides of the street covering several blocks.

I just passed a small apartment complex that in four days is gone and they are breaking ground on a new much larger place with apartments starting in the $600's. Single family homes are disappearing by the day. It is like there is unlimited money here to spend. I have to get out with my camera because it must be hard for people other places to believe. Sold signs are beginning to pop up as well. What is going on here?

[Need_affordable_home]

Wow insane! Maybe an influx of investors or foreign investors have shown interest in that area? Maybe a group of rich families had a meeting and they all decided to locate there and start their own neighboorhood?

[motoracer51]

Originally Posted by Need_affordable_home

Wow insane! Maybe an influx of investors or foreign investors have shown interest in that area? Maybe a group of rich families had a meeting and they all decided to locate there and start their own neighboorhood?

My g/f is a R/E attorny for a large firm in Miami, and from what she says, ALOT of the big investors and developers have been slowly pulling out for the last 8 months or so.

They are actually going to places like Texas, and tropical and south american countries.

[jhlcomp]

macguy - Once a builder has the loan etc secured from the bank, they have to procede with their planned building project. I agree, Ft Lauderdale, among others, is seeing the old come down with far larger and more expensive replacements. One would think only the affluent reside here. I wonder how long this real estate will sit on the market.

Apparently, from a realtor friend, we are seeing 450 foreclosures a day in Broward county. Seems like a high figure.

[tallrick]

I hope they build a lot of condos so they can bankrupt a lot of investors. The harder the bubble crashes, the less likely it will reinflate anytime soon. As for me I am thinking positive for the summer.

[summergal]

Originally Posted by macguy

Is Fort Lauderdale operating in some kind of alternate reality? They are building here like crazy and prices are going up. Everywhere you look old properties are being bulldozed for new construction. One stretch of north Andrews Ave. they are putting up an apartment complex on both sides of the street covering several blocks.

I just passed a small apartment complex that in four days is gone and they are breaking ground on a new much larger place with apartments starting in the $600's. Single family homes are disappearing by the day. It is like there is unlimited money here to spend. I have to get out with my camera because it must be hard for people other places to believe. Sold signs are beginning to pop up as well. What is going on here?

That's unreal! $600's????? What kind of income do you need to afford that? That just amazes me. Clearwater has approved several huge high rise condo-resort developments on the beachfont too. And a new marina!

Well if prices are starting to rise, that's a good sign They seem to be stalled here.

[macguy]

Originally Posted by summergal

That's unreal! $600's????? What kind of income do you need to afford that? That just amazes me. Clearwater has approved several huge high rise condo-resort developments on the beachfont too. And a new marina!

Well if prices are starting to rise, that's a good sign They seem to be stalled here.

I got a flyer yesterday from a realter and there are many in the $800's and they are marked sold. Trumps new place on Fort Lauderdale beach is a lot more then that. There is no shortage of money and people with it, many people have money.

[Need_affordable_home]

Originally Posted by macguy

I got a flyer yesterday from a realter and there are many in the $800's and they are marked sold. Trumps new place on Fort Lauderdale beach is a lot more then that. There is no shortage of money and people with it, many people have money.

I keep wondering whered they get the money? Lets not assume they all took creative financing but actually had real money backed to support the purchase without going broke! I know id need to win the lottery(more than once depending what the jackpot pool is and how many winners split it!) $800k is massively expensive, that kind of money will get you a mansion in some locations Youd need at least $200k gross a year job to afford $800k home! I actually consider expensive starting at $100k since this is the cutoff of what a middle class person making $40k gross a year can afford.