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Old 12-16-2011, 08:43 AM
 
Location: Heartland Florida
9,324 posts, read 23,259,690 times
Reputation: 4895

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Hopefully some have noticed that a new real estate bubble is brewing in the Miami area. Vacant homes seem to be filled, prices are up, banks and medical centers are popping up everywhere, and even the White Elephant high rise condos are rising again. Yet it seems like most people have flat wages that fall with inflation. Since all bubbles ultimately pop, how long can this one last?
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Old 12-16-2011, 10:17 AM
 
Location: Altoona, PA
932 posts, read 945,498 times
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Quote:
Originally Posted by tallrick View Post
Hopefully some have noticed that a new real estate bubble is brewing in the Miami area. Vacant homes seem to be filled, prices are up, banks and medical centers are popping up everywhere, and even the White Elephant high rise condos are rising again. Yet it seems like most people have flat wages that fall with inflation. Since all bubbles ultimately pop, how long can this one last?
The only guaranteed thing with any "bubble" is that at some point, it's bound to burst. Such bubbles are almost like pyramid schemes. Some will get rich, others will get burned.
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Old 12-16-2011, 10:36 AM
 
29 posts, read 51,248 times
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It is just the beginning only. Still a long way to go.
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Old 12-16-2011, 02:52 PM
 
2,903 posts, read 8,598,547 times
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I don't know details, but in my work I deal with a lot of people that are being foreclosed upon or being threatened with this procedure. I have no idea who is purchasing or developing these properties or what kind of work they do. I would be very cautious about buying property now. But, there is a sucker born every minute....and there are some people out there that are aparently unaffected by the economy and can get financing and credit.

I think there will be another bust as the ARMs reajust and people can't afford their mortgages and are denied for modifications.
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Old 12-16-2011, 02:58 PM
 
Location: Boca Raton, FL
4,856 posts, read 8,333,691 times
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Smile A little hope though

There is a new program on the horizon for those wishing to refinance but have not been able to b/c of the value of their homes.

Your value must be at 80% or above; part of the program is here (up to 125%) - the balance of it takes effect March 1st (estimate).

This is for Fannie Mae or Freddie Mac loans - any occupancy. If you are at a higher rate (6.5% - example), you could refinance into a 15 year @ 3.250% and most likely, your payment would be around the same.

On a new 30 year fixed, you could be at 4% and your payment would be $400less (estimate).

Hopefully, this program will help those underwater with lower payments and stability will return to some neighborhoods.
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Old 12-16-2011, 03:08 PM
 
Location: Parkland, FL
416 posts, read 1,478,505 times
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Quote:
Originally Posted by tallrick View Post
Hopefully some have noticed that a new real estate bubble is brewing in the Miami area. Vacant homes seem to be filled, prices are up, banks and medical centers are popping up everywhere, and even the White Elephant high rise condos are rising again. Yet it seems like most people have flat wages that fall with inflation. Since all bubbles ultimately pop, how long can this one last?
I've noticed this too, esp in Broward. A bubble is definitely brewin', I think this one will be much smaller and quicker than the last. 2-3 years max.
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Old 12-16-2011, 03:58 PM
 
529 posts, read 903,677 times
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I hope that by the time it pops I'll have some money saved up.
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Old 12-16-2011, 09:45 PM
 
Location: Dallas
4,625 posts, read 8,542,676 times
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Quote:
Originally Posted by tallrick View Post
Hopefully some have noticed that a new real estate bubble is brewing in the Miami area. Vacant homes seem to be filled, prices are up, banks and medical centers are popping up everywhere, and even the White Elephant high rise condos are rising again. Yet it seems like most people have flat wages that fall with inflation. Since all bubbles ultimately pop, how long can this one last?
Exactly as long as the FED stops constricting credit. I think we can all thank Ron Paul for giving them the exposure they deserve so they have to moderate their mischief. Now if we just fire them, cancel the national debt, and put those scumbags in jail the bubble could go on ad infinitum.
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Old 12-16-2011, 10:36 PM
 
Location: Heartland Florida
9,324 posts, read 23,259,690 times
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I have always been of the opinion that if the bubble blowing stops, property values will sink like a stone. This however, is a good thing. Lower property values mean more people can afford homes, more businesses can afford a location, and property taxes fall. My belief is that the US is like an old tire, worn out and ready to fail. When more air is pumped in, some areas that are worn thin tend to bubble out. Other more solid economies expand slowly. South Florida appears to be one of those spots worn thin. It is a good thought that this bubble will be truly mini and only last 2-3 years.

By the way if Ron Paul had his way there would be less credit as the investors could actually lose their own money. No Fed would also stop deficit spending and cut 80% of federal government. That would stop Medicare fraud and stop the medical bubble.
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Old 12-16-2011, 11:27 PM
 
102 posts, read 176,712 times
Reputation: 149
Tallrick -
The bubble makes no sense to me at all . There are a lot of commercial properties (office buildings .renovations, etc) along with the residential developements yet as you said it's "vacant" . Add to the mix the 105M project to enlarge I 95 . It's as if the local thought process is that people will want to move here in droves .
The new sports stadiums and dream team athletics can bring visitors but until the city shows some level of professional and investment growth along with lower stress atmosphere I just don't get it .
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