blackstones president said his firms positions in subprime real estate related positions were a BLACK HOLE-SCARIER THAN ANYONE THOUGHT as quoted in todays nyt pg c4 blackstone deal maker posts drop in earnings. nov 13 2007 g
miami is a total total disaster ......empty buildings ...empty real estate offices with a few desperate brokers....no sales ..no recent comps ....halted construction projects ... sellers with no one to sell to.......dazed with blank looks on their faces grasp to the slightest hope of selling ....people who will only sell when it snows in this town foreclosures everywhere.........all over its endless .....at open houses children stand in the streets on saturday or sunday moarnings with signs hoping to help their fearful parents..... and the pain is just beginning.... the reset wave just starting to grow and gather strength ........it wil be years and years before this rights itself people are not happy in this city of the sun....g
i recently heard that their is a BLACKLIST of buildings and projects that banks will not lend on ....no matter what the circumstances are ....a miami list.... wow thats really serious g
I think it's quite possible that Miami is in the midst of the greatest US real estate crash since the Great Depression. Even conservative buyers who put down 20% are going to get absolutely annihilated. Typically, real estate crashes of this magnitude take about 5 years from the peak before prices bottom out. If we place the top at around 2006, this means 2011 is the earliest the market can be expected to turn up. 2010-2012 may prove a fruitful period for some serious bargain hunting from distressed sellers
I am not sure if this is news. But San diego Condos are down 20-40 %. And realtors are stupidly telling their sellers they can stop paying on their loans and do a short sale. Little do they know the lenders of refinanced seconds are now wiped out and going after the owners for deficiencies. Its is only going to get uglier. 50% of the sales on the san diego MLS are short sales and REOs. And those sales are at the lowest levels in 20 years. 20% of short sales or less close. So what does that tell you about real buying. Almost none. No one can qualify who wants a home. And anyone who can qualify would rather rent until the bottom gets put in.
My guess is that if reforms are put in rapidly in Cuba, that is over the next few years, that you may see a lot of Cubans in Miami move back. Cuba in the 50's was a combination of Vegas and maybe Jamaica. I believe that they will try and recreate that there and that it will boom over the next 20 years once it goes democratic. John
Right plus, anyone who makes the $200k a year it takes to buy a new home here already owns at least one house. San Diego has no job growth and no way to pull in the people it takes to keep a real estate market up. No reason for people to move here unless they are retiring because its too expensive and the jobs don't pay enough. John
we would have 1.2 million more cubans in miami overnight...not the other way around...and yes 1.2 million..not hundreds or thousands....