empty as #$%# (Miami, Largo, Weston: condominiums, homes, income)

[planetsurf]

According to the Herald:
Miami condo building frenzy not as big as thought - 06/19/2008 - MiamiHerald.com (broken link)

"In the last six years, 22,737 units were built or are now under construction in Miami's urban core -- more than double the number built in the nearly 40 previous years, according to a new report.
That's a huge figure, but still less frothy than some predicted."

Many projects planned were killed before getting built.

You're right, a few of those are in pretty suspect places, but the condos that went up in the East Village in NYC were originally in equally sketchy places too and they ended up gentrifying the whole area.

[Wild Style]

Originally Posted by planetsurf

According to the Herald:
Miami condo building frenzy not as big as thought - 06/19/2008 - MiamiHerald.com (broken link)

"In the last six years, 22,737 units were built or are now under construction in Miami's urban core -- more than double the number built in the nearly 40 previous years, according to a new report.
That's a huge figure, but still less frothy than some predicted."

Many projects planned were killed before getting built.

You're right, a few of those are in pretty suspect places, but the condos that went up in the East Village in NYC were originally in equallyy sketchy places too and they ended up gentrifying the whole area..

I am from NYC so let me explain something. You can not compare Miami to anywhere in Manhattan. There are tons and tons and tons of jobs in NYC to support all of that development. I just don't see the same level of business development in Miami to support all this. But maybe they have some tricks up their sleeves that no one knows about?

[planetsurf]

Originally Posted by kevinkagy

10. A lot of the buildings built recently are actually very nice, and sleek. There are always exceptions, but overall I like the architecture that's been built here in Miami with the skyscrapers.

In architecture circles, Miami is one of the hotspots of the world in modern, tall building design. And I agree that for the most part, AESTHETICALLY, deservedly so.

[planetsurf]

Originally Posted by Wild Style

I am from NYC so let me explain something.

Hey, I'm from NYC too! What PS did you go to?

Originally Posted by Wild Style

You can not compare Miami to anywhere in Manhattan.

I was comparing specifically the gentrification process, not the building/overbuilding reasoning. I think that specific example CAN be compared.

Originally Posted by Wild Style

I just don't see the same level of business development in Miami to support all this. But maybe they have some tricks up their sleeves that no one knows about?

Don't forget a lot of these condos are targeting snow birds, Europeans & SAmericans, so no jobs needed for them (but some service support jobs will be created).
Also, SoFla is basically out of room! Evergaldes to the west, ocean to the south and east -- they're built out! And people are getting tired of driving from BFE to their job downtown. There is currently a small but growing push around the country to migrate BACK to the cities from the suburbs (especially the farther ones). According to some recent story I heard on a LA news station, for the first time, suburbs have LOST population.
Gas prices, traffic, quality of life, people are realizing that spreading out FOREVER just isn't tenable.

Miami DOES have jobs too. Office space in the Brickell/Downtown area is VERY strong vacancy-wise.
Yes, OF COURSE the whole job thing is important, but with just 22k units, I don't think it's THAT critical.

[noland123]

Miami is the "Gateway to Latin America , has great weather,scenery and that is all there is to say .

[Wild Style]

Originally Posted by planetsurf

Hey, I'm from NYC too! What PS did you go to?

I was comparing specifically the gentrification process, not the building/overbuilding reasoning. I think that specific example CAN be compared.



Don't forget a lot of these condos are targeting snow birds, Europeans & SAmericans, so no jobs needed for them (but some service support jobs will be created).
Also, SoFla is basically out of room! Evergaldes to the west, ocean to the south and east -- they're built out! And people are getting tired of driving from BFE to their job downtown. There is currently a small but growing push around the country to migrate BACK to the cities from the suburbs (especially the farther ones). According to some recent story I heard on a LA news station, for the first time, suburbs have LOST population.
Gas prices, traffic, quality of life, people are realizing that spreading out FOREVER just isn't tenable.

Miami DOES have jobs too. Office space in the Brickell/Downtown area is VERY strong vacancy-wise.
Yes, OF COURSE the whole job thing is important, but with just 22k units, I don't think it's THAT critical.

I have never read, nor do I believe they are in any large and quantifiable way, trying to attract out of towners to the downtown area as the primary owners of these places. Everything Manny Diaz has said points to them trying to get locals to "live, work and play" downtown as has been said MANY times. They have also said, they are trying to get businesses down there. By businesses I mean large corporations. Miami Herald just did a piece on this very issue. Spoke about Ryder leaving downtown for the 'burbs and burger king building a new head quaters down south.

Lets pretend for a second some brainiac was focusing on out of towners to buy up all this stuff downtown. Do you understand how absolutly stupid that is? So, for six months or how ever long out of the year these out of towners would leave here, all/most business will dry up/die until the out of towners come back.

Eitherway, they need to do SOMETHING to get serious corporations down there.

Originally Posted by noland123

Miami is the "Gateway to Latin America , has great weather,scenery and that is all there is to say .

sarcasm?

[doggiebus]

To attract these companies to Miami-Dade we need a higher pool of qualified employees. Right now Miami doesn't have that pool of employees. Years ago, in SC, when they saw things close and leave their state. The state realized that they needed to train and educate the people in South Carolina, so they could attract Major companies to SC in the future. Well now they have begun to attract major companies to the area like BMW. Miami-Dade needs to focus on educating and training its people. Right now we have one of the lowest on time graduation rates in the COUNTRY. And most do not go on to college.

[kevinkagy]

Some points. The Miami office market has one of the highest rental rates due to the lack of prime office space. Here comes in the huge office towers under construction now. USB of Switzerland is moving its Americas headquarters to Brickell at 1450 Brickell for example.

Other ways Miami is attracting jobs is by expanding the Port of Miami. Seaboard Marine announced a week or two ago that they are expanding they're Miami base and created hundreds of new jobs as their Miami cargo department is one of the fastest-growing. There's also a BioTech mini-city being built next to I-95 in the Civic Center, that could attract hundreds of high-paying jobs to Miami as well as big research facilities. It's being funded by the city government, Jackson and UM. Plus, FIU has its new Med School that will attract more students and faculty to the area which in turn will contribute to our local economy.

Another note on the homeless, Camillus House, a homeless helping center, so to speak is moving its facilities out of Downtown to the Civic Center, so in a few years, there will be A LOT less homeless in the Downtown area. Construction is already underway on the new facility.

[Wild Style]

Originally Posted by doggiebus

To attract these companies to Miami-Dade we need a higher pool of qualified employees. Right now Miami doesn't have that pool of employees. Years ago, in SC, when they saw things close and leave their state. The state realized that they needed to train and educate the people in South Carolina, so they could attract Major companies to SC in the future. Well know they have begone to attract major companies to the area like BMW. Miami-Dade needs to focus on educating and training its people. Right now we have one of the lowest on time graduation rates in the COUNTRY. And most do not go on to college.

OH man, you fixed "emplotees" before I could get on you about it. My joke has been foiled

Anyway, I agree with the lack of qualified people. Miami Herald did a report last year. They said business leaders and universities heads from around south florida. They said there is a shortage in qualified I.T. people down here and companies are having to import work or leave all together.

[MIAMIwolf]

Originally Posted by Wild Style

Also hear the second port up river is being squeezed out which is stupid. That place brings in something like 4 billion a year. The commisoner in that area wants to bring in condos. I wonder if that idiot thinks taxes from condos can replace $4 billion industry.

Well put. In my opinion, the Miami River is the true heart of Miami, it is rich in history beyond belief. Its rows of small freighters and scrap industries embody all the historical values that made Miami grow like a weed the last 100 years. If there is anyone threatening to kick those shipping businesses off the river, god have mercy on 'em, they will be fighting the oldest and most consistent economic engine in Miami. The products (legal and illegal) that came in on those old freighters helped shape the Miami we live in today.

Most historical landmarks around the country are nothing but abandoned, wasted space or are used for different purposes than originally intended. The interesting thing about the river is that it is a functioning historical zone - it's current activities are the same as in the old days - international trade. It has adapted to vehicle exportation instead of sponge and turtle fisheries and smuggling white powder instead of booze. The same businesses and rackets still take place!!! I could go on even more but I hope the elected official who is threatening the river industries loses his next election bid.