Banana Republican (University, Bloomingdale, Vero Beach: transplants, apartment, city hall)

[Wild Style]

Originally Posted by Luiso

Miami compared to much of United States infact even N.Florida is doing well but like I mentioned in another post its ONLY due to the money that has come in from overseas the politicians here have done nothing they are simply at the right place at the right time.

Some say the Skyline was built by drug lord money the jobs created by overseas money and the Caiman island safe deposit boxes "built" by Miami Politicians .

doing well? Where did you get that idea from? The unemployment rate is higher than the national average if I remember right. I posted a link to a article about that a few weeks back. Miami is also the epicenter for the housing fiasco (well S. Florida is). Also the economy is not that diverse and relies on tourism. Miami has to hope that as the global economy slows (which it is) that it can keep bringing in tourist, other wise its a gonna be a real problem.

[Luiso]

Originally Posted by Wild Style

doing well? Where did you get that idea from? The unemployment rate is higher than the national average if I remember right. I posted a link to a article about that a few weeks back. Miami is also the epicenter for the housing fiasco (well S. Florida is). Also the economy is not that diverse and relies on tourism. Miami has to hope that as the global economy slows (which it is) that it can keep bringing in tourist, other wise its a gonna be a real problem.

I compared it to PA which is my home state and upstate NY and just friends who live in other states like Chicago among few others I didnt use any statistics but I believe you .
PA is as a whole very poor compared to Miami granted like any place else nice areas but as a whole no tourist like here and many areas rely on ski season to carry them over which can be a disaster due to lack of snow and man made snow cost a fortune to now make .

[Wild Style]

Originally Posted by Luiso

I compared it to PA which is my home state and upstate NY and just friends who live in other states like Chicago among few others I didnt use any statistics but I believe you .
PA is as a whole very poor compared to Miami granted like any place else nice areas but as a whole no tourist like here and many areas rely on ski season to carry them over which can be a disaster due to lack of snow and man made snow cost a fortune to now make .

what do you think about Philly? That is one place I am very interested in.

[TannerMan]

Miami has an unemployment rate of 4.9 while the nations average is 5.5. I remember the days when 5.5 rates of unemployment were good. South Florida could have been the epicenter of the RE bubble but otgher areas are dropping prices at much faster rates, home slaes have already started to pick up nad foreclosures hardly increased over a years and in all of the bubble woes Miami still managed to be the fastest growing city in the state. And tourism has yet to really be affected.

[Luiso]

Originally Posted by Wild Style

what do you think about Philly? That is one place I am very interested in.

The people IMO are WAY nicer than here just friendlier not the type of people who make you wait behind them in a supermarket line while they unload a whole cart and you only have 3 items lol.
Which happened to me today and MANY times since I have moved here lol.

However North Philly and West Philly have a growing crime rate the economy there is suffering like much of states and the crime rate there has gone up.

Its like any place some nice some not but the people I like more than S.Florida there are just way friendlier but the view here palm trees-beaches in my case since I like nature are better if you like historical places great restaurants way better than here than Philly is better. Both places have night life if you like clubs,etc Philly being cheaper as its not a status type place like S.Florida is.

The people there drive normally which is also nice . If your used to the sun warm weather all year long the "gloom" of the North in the winter might be to much.

[Wild Style]

Originally Posted by TannerMan

Miami has an unemployment rate of 4.9 while the nations average is 5.5. I remember the days when 5.5 rates of unemployment were good. South Florida could have been the epicenter of the RE bubble but otgher areas are dropping prices at much faster rates, home slaes have already started to pick up nad foreclosures hardly increased over a years and in all of the bubble woes Miami still managed to be the fastest growing city in the state. And tourism has yet to really be affected.

errrrr what?

July 2 (Bloomberg) -- New foreclosures almost quadrupled in Los Angeles and doubled in Miami in the second quarter, with as much as $5 billion worth of loans going bad in L.A. alone, the online real estate data company PropertyShark.com reported

link

Miami continues to tie with Las Vegas as the weakest home market in the nation, with prices down 26.7 percent and 26.8 percent, respectively, over April 2007, data released by Standard & Poor's showed.

link

I will give it to you, you were right about the unemployment rate, though it is worse compared to a year ago. Also, the only place 5% unemployment is good (which is not the true unemployment rate by the way) is in bizarro world.

[TannerMan]

What I was reffering to was the small increase over a year as it was recently reported. And I never said Miami was experiencing a great real estate market but sales are up and managed to become the fastest growing city in Florida which is not exected in a weak economy and horrible RE market, I never said prices were up, I know very well the price drops.
And 5% would have been perfectly normal during the 80's, 90's and really well up to a couple of years ago. Around the new millenium they began going below 5% even a couple of years after 9/11 five or seven percent was normal. Anycity would have loved to have 5% rate in the 90's or decades before especially Miami.

[Wild Style]

Originally Posted by TannerMan

What I was reffering to was the small increase over a year as it was recently reported. And I never said Miami was experiencing a great real estate market but sales are up and managed to become the fastest growing city in Florida which is not exected in a weak economy and horrible RE market, I never said prices were up, I know very well the price drops.
And 5% would have been perfectly normal during the 80's, 90's and really well up to a couple of years ago. Around the new millenium they began going below 5% even a couple of years after 9/11 five or seven percent was normal. Anycity would have loved to have 5% rate in the 90's or decades before especially Miami.

ummm do you even know what was going on during the 80s and 90s? You do know it was a recession and those were not normal, business as usual times right? I am puzzled at your statements.

[TannerMan]

The recession in the 90's did not last a decade my friend after 92' it was doing pretty good. In the 70's the all time record low was reached and it was 4% the only other time that happened was in 2000. After 2001 they were back up to 5% and higher right up till 2 years ago where the country got on a high until recently where they got back to around 5%. Believe me I know what im talking about. The unemployment rate is back to where it was in probaly 2004.

[Wild Style]

Originally Posted by TannerMan

The recession in the 90's did not last a decade my friend after 92' it was doing pretty good. In the 70's the all time record low was reached and it was 4% the only other time that happened was in 2000. After 2001 they were back up to 5% and higher right up till 2 years ago where the country got on a high until recently where they got back to around 5%. Believe me I know what im talking about. The unemployment rate is back to where it was in probaly 2004.

You know what you are talking about? Not by a LONG shot my friend. I have a degree in economics, and understand this all to well. You on the other hand? Not so much. You need to look into the early 80s and see what was going on. Look into the late 80s and see what was going on. Then look into the 90s and see what was going on. Give you a push in the right direction. It was the present day debt driven F.I.R.E. based bubble economy that pulled us out of all that. Once you understand that, then you will have a clue of what you are talking about.

PS

give you a hint, S&L, Oil Embargo and bubble driven F.I.R.E. economy. None of those are in any particular order. There are other factors but this is something anyone attempting to make such statements needs to understand. On a side note, unemployment numbers mean nothing. They are skewed by certain factors and do not capture the true level of unemployment.

On Miami year over year home sales:

Home sales in Miami, one of the areas that led the nation's real estate boom, remain in a free fall. So far this year, sales and prices are well below their 2007 levels.

For the real estate agent spin on it:

Miami real estate agents prefer to compare 2008 with 2003, two years before the boom peaked, rather than with 2007. That comparison, they say, provides a better reflection of the current market.

link



Year over year sales are what matter, not month over month