building condos in overtown (Miami, West Palm Beach: section 8, real estate, rentals)

[Wild Style]

I am at a loss here. The commissioners in Miami, are they all brain dead or what? Here is a quote from the article.

''It seems irresponsible to me that our commissioners would continue supporting building condominiums in this market,'' said Denise Perry, executive director of the Overtown activist group Power U Center for Social Change. ``Why would we advocate a project for which there is no market at this point?''

link (broken link)

[Dro420]

They plan to gentrify Overtown. Gentrification works like this; they build condos, so higher income households displace lower income residents of the neighborhood, changing the essential character of the neighborhood.

Gentrification is happening in a lot of places of the City of Miami. Look at the Design District in Little Haiti and older areas like Morningside.

[tallrick]

Don't worry, the gentrification will be reversed. I would not be surprised if those condos start accepting section 8.

[MiamiRob]

Originally Posted by Dro420

They plan to gentrify Overtown. Gentrification works like this; they build condos, so higher income households displace lower income residents of the neighborhood, changing the essential character of the neighborhood.

Gentrification is happening in a lot of places of the City of Miami. Look at the Design District in Little Haiti and older areas like Morningside.

Overtown is living on borrowed time and apparently the black community doesn't care if it gentrifies.

[Wild Style]

miami

NO ONE is buying condos anymore. Miami is awash in condos that are just sitting there empty as hell. People think this thing is going to bounce back in 2 yrs, its not going to happen. Credit is already tightening, you will have to save up 20% or so for the down payment and the average joe is living check to check. So where are all these buyers going to come from? The average person makes 26,000 or so in Miami, so I just don't see how they are going to get rid of all these new condos, town homes and family homes any time soon. Gone are the days of non verification and no money down loans. Its a wrap man, so to build these condos now given the present situation we are in is absolutely mind boggling.

Only way they could possibly try to pull it off is make them high end rentals which according to a great article yesterday on NPR, a lot of these companies are starting to do that. funny part about that is, now they rent game will be screwed with all the rentals that will flood the market. this entire situation is a absolute mess and with greedy people in charge who are getting drunk off the prospect of more money, it is going to get worse.

[doggiebus]

Money, Money, Money, Money, thats what is behind these commissioners. Its starting to get a little too obvious. I wish someone would investigate some of the commissioners, what we would find would probably send a few to jail.

Originally Posted by Wild Style

I am at a loss here. The commissioners in Miami, are they all brain dead or what? Here is a quote from the article.

link (broken link)

[randian]

Originally Posted by Wild Style

I am at a loss here. The commissioners in Miami, are they all brain dead or what? Here is a quote from the article.

link (broken link)

That "activist" is an idiot. Whether there's a market or not is none of her business. That developer might be a fool or a genius, but I bet he knows a lot more about real estate than she does. If he wants to pay a bunch of fees to the city to build and risk losing millions if he bets wrong, why should I care?

[PBCboy]

Originally Posted by Dro420

They plan to gentrify Overtown. Gentrification works like this; they build condos, so higher income households displace lower income residents of the neighborhood, changing the essential character of the neighborhood.

Gentrification is happening in a lot of places of the City of Miami. Look at the Design District in Little Haiti and older areas like Morningside.

This is also happening in many parts of Palm Beach County... in Boynton Beach they are knocking down old neighborhoods to build new ones and West Palm Beach's downtown, City Place, was originally some of the worst neighborhoods in our nation before they got torn down. They are now tearing down many of the rough areas surrounding it as well...

[rogerbacon]

On the radio this morning I heard condo prices in Broward are down 24% from last year. Astonishingly prices in Dade are UP 6% from last year. When those people fill out forms asking where they live they should write in "denial".

[Wild Style]

ROFL

they do seem to be on another planet

Originally Posted by rogerbacon

On the radio this morning I heard condo prices in Broward are down 24% from last year. Astonishingly prices in Dade are UP 6% from last year. When those people fill out forms asking where they live they should write in "denial".