people moving out of miami (Hialeah: real estate market, foreclosures, homeowners insurance)

[blackklight]

cbs4.com - Caught In The Middle: Miami's Middle Class Exodus

this is a very interesting article, it stated something that utterly shocked me right out of my chair.

Florida has been faced with more foreclosures in 2007 than 1980, 1981, 1982, 1983, 1984, 1985, 1986, 1987, 1988, 1990, 1991, and 1992 combined. The year 2007 was a record.

what in the world is going on?

"Listen. If you can't afford to live, and you can't afford to pay your taxes, and you're living week to week or less than week to week, you're not happy. You can't say this on camera, but you walk somewhere and you say hi and they say an 'expletive'. They grumble. But here you smile and everyone says hello."

maybe this has something to do with it, something people on this forum continually want to ignore when brought up.

Kudeviz moved not just himself, but 120 jobs out of Hialeah. Employees were given the opportunity to follow him to South Carolina. Dozens did in pursuit of something they couldn't afford in Florida, the American dream.

something they should have added is that moving into the affordable neighborhoods in miami puts you right in some of the most violent neighborhoods florida has to offer. dozens moving? heh, seems like i'm not the only one who thinks miami is disintegrating.

Speaking about life in Florida's foreclosure capital, Kudeviz xplained, "South Florida has a real big issue. What's going to be of it? I don't know. I'm not a fortune teller. But I know I wasn't going to wait around to be a byproduct of what happened. I am going to make my own destiny."

By the numbers, South Florida appears to be in a state of metamorphosis. Its middle class is leaving, and quickly being replaced by a wealthier class. People may have to be wealthier not only to survive in South Florida, but to thrive.

middle class leaving.. wealthy coming.. i wonder what will be the by-product of that..? more ghettos.

[doggiebus]

Blacklight - I have been saying pretty much the same thing the article said for over a year now. All the people I know that have moved to Miami recently have already left with in 3 years (they figured out Miami quickly). Many of my friends that grew up here or their parents too have left Miami and moved out of state. It really is sad to see where Miami is going.

[Wild Style]

did you guys watch the video? I don't even know what to say.

[doggiebus]

No I didn't watch the video, just read the article. The woman in the article (which is probably in the video) should of never qualified for 400k home in the first place. But that is the fault of her, the lender and her realtor. But I know many people that were not effected by these sub prime mortgage and have just left because they get more for their money elsewhere and because of the deterioration of Miami as a whole. They wanted a better place to raise their kids or a better lifestyle for themselves.

[noland123]

People do not do their homework before moving to a city that is plain ignorance. Most people have computers whereby they find out about the Real Estate market,what jobs pay commensurate to the cost of living and what areas of the city are safe and not safe and traffic conditions.

[d40372]

The article and video sum up the situation here quite nicely. It is indeed a recipe for economic disaster.

Despite the recent downturn in the market, real estate prices in decent neighborhoods remain outrageous. Homeowners insurance rates (if you can find a company to write you a policy) remain outrageous. And, irrespective of whether or not the recent tax amendment will be upheld in court, property taxes will remain outrageous for the foreseeable future....especially for first-time homeowners and for those moving from out of state.

The stage was set several years ago for the play that's just now beginning to unfold. It's nearly impossible for the lower-to-middle middle class to purchase a home here. Throw in the factors of a wasteful, corrupt local government and a slipshod infrastructure, and it's easy to see why those who have the insight and the means to do so are getting out.

I'd be interested to see some data regarding the "brain drain" out of south Florida. I suspect that the impact and prevalence of this phenomenon has been very much underestimated.

[Wild Style]

Originally Posted by d40372

The article and video sum up the situation here quite nicely. It is indeed a recipe for economic disaster.

Despite the recent downturn in the market, real estate prices in decent neighborhoods remain outrageous. Homeowners insurance rates (if you can find a company to write you a policy) remain outrageous. And, irrespective of whether or not the recent tax amendment will be upheld in court, property taxes will remain outrageous for the foreseeable future....especially for first-time homeowners and for those moving from out of state.

The stage was set several years ago for the play that's just now beginning to unfold. It's nearly impossible for the lower-to-middle middle class to purchase a home here. Throw in the factors of a wasteful, corrupt local government and a slipshod infrastructure, and it's easy to see why those who have the insight and the means to do so are getting out.

I'd be interested to see some data regarding the "brain drain" out of south Florida. I suspect that the impact and prevalence of this phenomenon has been very much underestimated.

If you do a search on NPR.org you may be able to find information about the brain drain issue here in south Florida. Seems, it is a major problem.

[tallrick]

I have been predicting this for years, and warning everyone I can. High housing prices are indicitave of a weak economy. High costs and ridiculous regulations drive away business. South Florida is still in denial, but the tide is turning. The problems south Florida is facing are unlike any other time in its history. Those who are making a decent income will be the target for an increasingly desperate low-income criminal element. The recent bubble was started by Venezuelans inflating prices, and supported by funny money loans. The funny money is gone, the Venezuelans are not moving their money here anymore. I still expect prices to drop 50% from bubble peaks. If they do not, Miami will just be left behind. Add a hurricane and it's all over, for decades.

[d40372]

Originally Posted by Wild Style

If you do a search on NPR.org you may be able to find information about the brain drain issue here in south Florida. Seems, it is a major problem.

No luck on NPR's site.

Though, I did run across this little blurb from last August. The comments there make the so-called Miami "haters" on this forum look like eternal optimists.

And, the Herald published this article (broken link) and this article (broken link) last February, which tell similar tales.

[MissShona]

Interesting...

One of my friends constantly says, "Miami is becoming a place for rich people". Now I can see what she's saying.