I think a lot of the sales in downtown miami buildings (eg. not beachside) are by out of towners. That articles points to an overwhelming number of foreign buyers. These speculators see a glossy brochure, a hip name, and want in on Miami in general. Isn't one of the parables of real estate to stick to the area you know best? I have lived here for a number of years and I just don't see the intrinsic value downtown (biscayne corridor) has. South beach on the other hand, surrounded by water, BEACHES, protected art deco district, historic buildings, and limited space, is where it's at. We'll see what happens, but anyone that buys in the $1000/sq ft range might not get their money's worth
I went to south florida did my BS and MBA and then moved to NYC to be with my girlfriend. Most of my friends are in south florida still- Only regret I have for leaving is that i sold my real estate I owned- South Florida is in a tail spin because of real estate, the infrastructure is terrible, schools are some of the worst in America and yes the cubans run south florida not matter what anyone wants to say. Miami is core corruption and Jobs well good ones are few. If you have money and love the traffic, heat and crime (had 2 cars stolen from me while in college down there- 1)airport, 2) on south beach)) so beware, you will be living in the nation top car thief area. Crime is my major concern and the bad schools and geez I remeber the days of no traffic when it would take me 15 minutes to get to school, now it would run me an hour- I left miami just after 9-11, so it was not long ago. P.S. NYC Sucks too
Every city has its good and bad areas. In Philadelphia, Temple U for example, is located in the middle of the drug infested high crime area of North Philadelphia, in the downtown area. Temple and its environs are heavily policed by Temple U cops. Then there are other areas of the city that are clean, quiet and virtually crime free. I would'nt expect Miami to be any different.
I agree. There is some major corruption in Miami. When I was working down there, we had a party where the commissioner was there. It seemed like he didn't even bother to hide some of his shady practices. Yes, there a lot of cubans down there. But I really don't think they run Miami. They stick to their little ghettos and burgs and rarely come to SouthBeach. They may control the Little Havanas and these other trashholes, mostly in South Miami, but that's it. I'm just wondering when this government will decide to treat the cubans the same as other immigrants and send them back. Thes ignorant idiots think I'm hateful. I'm not I simply believe if you treat one group of immigrants the same, one should treat every other the same. Cubans have been enjoying their status since the misslile crisis days and it's time for that to change. We need a uniform imiigration standard down there and crack down on the current illegals and start deporting them, wether it's haitian, cuban, or otherwise.
re: points to an overwhelming number of foreign buyers. These speculators see a glossy brochure, a hip name, and want in on Miami in general. Don't forget the dollar has been cut in half against some currencies so these prices are not as obscene to some as they are to us. The Euro and Pound vs. the dollar are good examples.
Dude ur one ignorant dude.... look at local government and the biggest real estate names just for starters and you will see who runs the show down here.