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View Poll Results: Burst or going up again?
The bubble has not burst yet. Pricing will proceed upward. 2 7.14%
The bubble has burst, but the market will recover this year. 3 10.71%
The bubble has burst, but the market will take a year or two to recover. 9 32.14%
The bubble has burst and will take SEVERAL years to recover. 14 50.00%
Voters: 28. You may not vote on this poll

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Old 07-05-2007, 12:34 PM
 
Location: South Florida
564 posts, read 1,900,026 times
Reputation: 266

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Ok, poll time. I'm just curious to see what everyone else thinks of things in the real estate market going into the future.
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Old 07-05-2007, 12:40 PM
 
Location: Miami, FL
44 posts, read 114,617 times
Reputation: 24
Quote:
Originally Posted by eufo View Post
Ok, poll time. I'm just curious to see what everyone else thinks of things in the real estate market going into the future.
I think that it'll get worse before it gets better. Although the "bubble" has burst, property prices are not going to go down anytime soon. As for me, I rent and my rent just keeps going up. The housing stock being created here consists of virtually nothing but luxury condos. These condos are so expensive that the prices are so far out of reach for the average Miami working Joe.
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Old 07-05-2007, 12:49 PM
 
Location: South Florida
564 posts, read 1,900,026 times
Reputation: 266
Quote:
Originally Posted by Nutshell View Post
These condos are so expensive that the prices are so far out of reach for the average Miami working Joe.
Yeah, this is true. I remember nearly choking when I saw signs like "From the low 500's" on condos directly across the street from my $675/month apartment.

Things have changed since then, but I think we have a ways to go.
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Old 07-05-2007, 02:10 PM
 
2,987 posts, read 10,131,637 times
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Unfortunately, I think the prices are so out of whack with where they should be, there is no realistic correction coming.

As was stated, there is way too much luxery housing on the market, the developers actually think everyone lives like the houses on CRIBS.

Even if the luxery prices come down, they will still be out of reach for anyone earning less than 100K. The "affordable" housing-older, single family homes in not so nice area- will remain overpriced because it is the "cheapest" housing available...so I do not expect prices to come down.

Rents will stay up due to lack of housing, lack of home ownership, high insurance rates and many people giving Miami a try.

As some people have mentioned, only a collapse of tourism or a major hurricane could change this picture...
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Old 07-05-2007, 02:14 PM
 
8,377 posts, read 30,892,322 times
Reputation: 2423
Quote:
Originally Posted by Chelito23 View Post

As some people have mentioned, only a collapse of tourism or a major hurricane could change this picture...
Look at post Katrina New Orleans...an absurd observation, all it did was spread NO throughout the country. Miami does not need to be spread. Oh, and it brought up prices in NO...
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Old 07-05-2007, 02:25 PM
 
Location: South Florida
564 posts, read 1,900,026 times
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Quote:
Originally Posted by fort lauderdale View Post
Oh, and it brought up prices in NO...
Did it really? Wow. That's not the effect I would expect.
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Old 07-05-2007, 02:26 PM
 
8,377 posts, read 30,892,322 times
Reputation: 2423
Quote:
Originally Posted by eufo View Post
Did it really? Wow. That's not the effect I would expect.
A lot of speculators started buying up properties and inflating the prices
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Old 07-08-2007, 06:12 PM
 
Location: Tampa
3,982 posts, read 10,458,760 times
Reputation: 1200
any chance that there will be massive amounts of towers that are affordable? we need affordable housing here!
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Old 07-08-2007, 07:07 PM
 
Location: South Florida
564 posts, read 1,900,026 times
Reputation: 266
Quote:
Originally Posted by crystalblue View Post
any chance that there will be massive amounts of towers that are affordable? we need affordable housing here!
After the real estate collapse (that I'm personally predicting), there will be some definite bargains for condos.
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Old 05-23-2011, 03:21 PM
 
Location: Mountain girl trapped on the beach
604 posts, read 856,006 times
Reputation: 2124
Quote:
Originally Posted by Chelito23 View Post
Unfortunately, I think the prices are so out of whack with where they should be, there is no realistic correction coming.
Totally agree with this. I bought my condo in 2006 (lol) so to recoup at least some of the value of the place, I'm looking at being a landlord for a long, long time after I finish school and move away. With my luck the rental market will collapse too so I'll be stuck paying two mortgages forever.

I didn't think about prices going up in New Orleans after Katrina, but it makes sense. Still, I wouldn't like to see something like that happen here, whether I'm living here or not.
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