What are the biggest changes in Miami since the economy tanked? (West Palm Beach: rentals, condos)

[StilltheSame]

People have more disposable income now that they arent paying their mortgages. Seriously, the Miami mentality is delusional - its all appearance and no substance. People in SFl love to live above their means (in my experience). I doubt it will ever change.

[cuba libre]

Originally Posted by muscleman305

The excess was still there but the VIP rooms full of champagne popping showoffs seemed to be tamed down a notch. I'm interested to know what other changes have people noticed in the South Florida area from last year to today?

I noticed this change as far back as 2007. I was a frequent partying guest at Penrod's (Nikki Beach) on SoBe from 2004-2006. There was a noticible drop of clientele on Sundays that I noticed from mid-late 2007. Remember, credit dried up long before the economy tanked in late '08, and this spelled doom for most of Miami's credit card kings.

My girlfriend at the time started working at Nikki Beach as a waitress and then as a bartender in late 2007, and I got the feeling that the place had seen better days. They started to tax her credit card tips, and I can only imagine they would do that if they were struggling to make payroll or if Jack Penrod was just being a huge money whording ***.

[vpcats]

I thought a cat 5 was the only thing that could save Miami.

Hummm. Where have I heard that before?

[runswithscissors]

Originally Posted by muscleman305

My dad has been trying to buy a handy man special for the past 3 months and he said that every realtor he has dealt with refuse to budge on their ridiculous prices and play dirty games with you. The latest game is advertising a dirt cheap primo property for the bait and then when they go to show u it they say its been sold but I'll show u a similar one and it turns out to be an overpriced dump.

Also did you guys hear about that condo in NW Miami that owes like a 100k in utilitys and the city finally shut off its water. I fear this is onlyt the beggining, many condos in brickel are in the same predicament.

Tell him to come here. My realtor lives in our complex and her upstairs neighbor got bank owned. There was a massive slow leak and the realtor lady had to move out.

They ripped out everything upstairs that needed it (walls) and put new walls up....she told me they'd probably sell it for about 30,000.

That's a good price our condos go up to about 125 depending on the inside and variations.

Then again you can get a perfectly nice condo in a decent HOA here for 30 that isn't even a handyman special. Several have all new kitchens, windows etc and small golf courses outside.

OUR HOA HAS MASSIVE RESERVES. And we're on the Intracoastal Waterway with our own 50 acre nature park. No, it's not city living but our small city of only 17000 people is really nice with great parks, a theater, art museum and the beaches gorgeous, clean and uncrowded.

[♥♥PRINC3Ss♥♥]

I've seen less people at the malls and at restaurants. Traffic is still aweful so I guess everyone has a job, but they're not spending as much.

[jcarlos]

Originally Posted by muscleman305

I don't go out clubbing as much as I used to, but I spent last nite club hopping in south beach and noticed mostly business as usual but on a slightly smaller scale. The excess was still there but the VIP rooms full of champagne popping showoffs seemed to be tamed down a notch. I'm interested to know what other changes have people noticed in the South Florida area from last year to today?

There are ALOT of pre-owned Hummers for sale now. That's for sure. There was a time that's all you saw in the street.

[zpcsc]

I disagree about not buying properties, the time is right to buy. I don't buy because I don't have the cash & I already have a few investment properties which I purchased at the right price. If you know how to buy, why not? The prices in certain areas are low enough. If you purchase at an area where rentals are always on demand and you buy low you will always do well & when the prices go up you will have equity. Prices will come back up again it's just going to take a while. As you all know, everyone became an investor, everyone purchased no matter what the price was but if you bought before this frenzy & at the right price I am sure you still have some equity. You have to educate yourself before making the move and also look at all property tax information.

[♥♥PRINC3Ss♥♥]

Exactly prices are gonna take a while to go up, so why not wait until they bottom? I still think this city is too expensive. Maybe an apartment but a home, no way. Also there is a second wave of foreclosures coming, remember all those people that got a break during Christmas? They will be losing their homes soon.

[Eduardo983]

Thank god the recession hit hard in Miami. Now, the condos went down and the home prices too...

[cuba libre]

Originally Posted by Eduardo983

Thank god the recession hit hard in Miami. Now, the condos went down and the home prices too...

The recession had no impact on housing prices... Values already went down a greater percentage than most of the nation before the recession even took hold. However, I'm sure the recesion isn't helping bring values back up, maybe it will force them down even more...

Bottom line, Miami's tourism and credito economy needs to be analyzed, and the frivolous and destructive speculation done by Miami's credit rich immigrants (and their foreign compatroits) needs to be restrained.