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Old 07-09-2007, 10:05 PM
 
Location: Heartland Florida
8,368 posts, read 16,071,431 times
Reputation: 3867
Default Nightline : Miami condo collapse

Supposed to be on tomorrow. I guess the sheep will be complaining how expensive their money boxes have become. Could the house market be next....
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Old 07-10-2007, 09:43 PM
 
Location: Heartland Florida
8,368 posts, read 16,071,431 times
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I love it! People are bailing out of the condo market. The crash is here, and growing! Hopefully a lot of developers learn their lesson and leave Miami. Let's see who actually buys those condos.
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Old 07-11-2007, 12:42 AM
 
61 posts, read 152,332 times
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crash=lower prices=more sales=more people=full condos=more new buildings=more development
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Old 07-11-2007, 02:45 PM
 
2,740 posts, read 5,613,342 times
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I think a lot of the condo projects won't come to frutation...there is too much on the market. Plus, it is all practically luxery...and how can a market be all targeted for people who gross 200K annually? Weren't there something like 50,000 condos built in Miami over the past few years? How many have sold? How many that have sold have people living in them? Did any of that info come out on the report?
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Old 07-11-2007, 03:29 PM
 
Location: Heartland Florida
8,368 posts, read 16,071,431 times
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lower prices=less profits for greedy investors, and less appetite for extremely overpriced Miami land. Also since Miami is a city prone to bankruptcy, don't be surprised if in 10 years those "luxury" condos are surrounded by run-down streets full of potholes. Downtown has not been an attractive area for decades, and does not have an abundance of 100K+ jobs. Just keep watching this in the comming years.
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Old 07-11-2007, 08:01 PM
 
Location: Miami, FL
13 posts, read 667 times
Reputation: 11
Quote:
Originally Posted by tallrick View Post
Supposed to be on tomorrow. I guess the sheep will be complaining how expensive their money boxes have become. Could the house market be next....
There is no collapse.

I've noticed a trend in here that people tend to whine, probably because they simply cannot afford to live in an area full of such prime real estate.

Oh well, I digress....as the poor leave, they will be replaced by those who are more economically geared towards living here Moderator cut: advertising is not allowed on this forum

Last edited by mbmouse; 07-11-2007 at 08:56 PM..
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Old 07-11-2007, 10:12 PM
 
Location: Heartland Florida
8,368 posts, read 16,071,431 times
Reputation: 3867
Time will prove you wrong, just like all the craziness of the 1920's. You do realize that the US economy is going into a major recession soon. What can Miami offer to a dynamic, productive business that they can't get for far less somewhere else? Besides real estate speculation, what else drives the Miami economy? All the attorneys, realtors, construction and labor hang on the real estate market. There are not enough buyers for all that overpriced trash. If I am a multi-millionaire I would not want to live in those mass-produced "luxury" condos. Would you?
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Old 07-12-2007, 01:17 AM
 
61 posts, read 152,332 times
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yes those 375,000 condos are looking attractive now at 250,000, somebody will snap them up soon.
Real estate boom/bust always goes in cycles, these buildings will be full in 2-3 years.

Miami will never go bankrupt, they will just keep raising taxes to pay for services.
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Old 07-12-2007, 04:19 AM
 
Location: Orlando
98 posts, read 217,292 times
Reputation: 22
Quote:
There is no collapse
Seriously. Stop trying to oversell a bad market. Homes are selling for less than what people owe. People are throwing in TV's, cars, cash, anything to try to sell. Foreclosures are up and the inventory is extremely high. When the ARM's adjust in October, it will just get worse from here. Just drive around look how many houses are for sale. In 2005, you couldn't get a house without people upbidding on it. Now you can hardly give them away. Realtors are mad because many people are going FSBO since they have to throw in their own cash, they cannot afford the 6% fee. I have quite a few realtor friends who are swamped doing short sales because no one is getting what they owe. Get real.
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Old 08-06-2007, 06:22 PM
 
1 posts, read 3,036 times
Reputation: 10
Quote:
Originally Posted by Roark View Post
There is no collapse.

I've noticed a trend in here that people tend to whine, probably because they simply cannot afford to live in an area full of such prime real estate.

Oh well, I digress....as the poor leave, they will be replaced by those who are more economically geared towards living here Moderator cut: advertising is not allowed on this forum
you must be an ostrich ...

I currently live in Atlanta, basically grew up my whole life in Miami. I really am at a loss for what is happening in Miami real estate right now and a bit nervous for my family down there. You can still find 3 br homes in Atlanta for about 135k, and about 210k relatively close to downtown. The condo market has blown up a bit here -- but what is considered "luxury" here is still running in the 160-190's for a 1br and about 230k+ for a 2 br. On top of it all, the average paying job in Atlanta is generally higher than ones found in Miami. People will not move to Miami unless there are the jobs to back up cost of living. Not everyone in Miami can be a manager in a corporation, a well payed escort or a thief so when the real estate market crashes in Miami, it will crash HARD. To quote the Bloomberg.com article below:

"Florida is the epicenter for all the problems that exist in the housing industry,'' said Lewis Goodkin, president of Goodkin Consulting Corp. and 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.' "


"The skyline of Miami is visible from Key Biscayne, the barrier island where John Rosser lives. Some nights the real estate broker scans the new buildings and sees more dark windows than lighted.

``This is dumbfounding to me,'' Rosser said. ``It's a building boom in the middle of a housing bust.' ''


Bloomberg.com: Exclusive

Last edited by jose30309; 08-06-2007 at 06:39 PM..
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