Real Estates Black Hole Miami Condos 2008 To 2010

Discussion in 'Economics' started by the gardner, Aug 26, 2007.

  1. WHOEVER MOVES TO MIAMI BETTER BE ABLE TO AFFORD IT .....AND THEY CANT......

    AVERAGE PRICE OF A US HOME 230000.........AVERAGE PRICE OF A MIAMI CONDO .....WAY WAY HIGHER

    SHEER NUMBERS OF PEOPLE MEAN NOTHING IF THEY CANT PAY FOR IT AND MAINTAINE IT.....PAY THE TAXES....AND INSURANCE ETC

    DO YOU REALLY THINK THEY WILL PAY 500K AVERAGE AND NOT HAVE THAT 500K GROW IN VALUE AT ALL OR EVEN GO LOWER FOR 6 YEARS........NOPE NOPE NOPE THEY JUST WONT
     
    #41     Aug 27, 2007
  2. Exactly. It did a number on me. Everyone my age just works 9-5 M-F parties Fri and Sat night til early into the morning and sleeps in until noon. Used to be me until I spoke with some successful men here at ET who are working out at 9pm and not hitting the bars. I'm detoxing myself from this inevitable track towards mediocrity.

    I definitely had a severe problem with alcohol but I working on it as best as I can.
     
    #42     Aug 27, 2007
  3. #43     Aug 27, 2007
  4. Brandonf

    Brandonf ET Sponsor

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    According to the states estimates last year was the first time the population of the state of Florida went down year over year. I doubt that will last though.
     
    #44     Aug 27, 2007
  5. ElCubano

    ElCubano

    unless we get slammed by a hurricane.......which is probably the reason you see the down numbers year over year...katrina and wilma put a hurting on some...psychologically and financially.
     
    #45     Aug 27, 2007
  6. go to condovultures.com and view their list of condos.....some are down 50 60 70 percent from asking

    or zillow .com to track the prices

    the numbers of condos yet to be added to the supply is staggering..........its like 60 000 yes sixty thousand

    and everyone including cab drivers bought them with 5 percent down....and a intrest only mortgage.....ie subprime....with huge resets comming in the next 3 years its going to get real real bad.

    everyone already lost their down payments......the market just stoped trading......like a stock trading at a hundred 100....gets halted.......

    and then it gaps down and opens at at 45.....major pain if you own 2000 shares or 20000 shares.........

    and thats the real story with miami condos
     
    #46     Aug 27, 2007
  7. ElCubano

    ElCubano

    with no bid support in sight.....

    60k is overestimate though....no way jose 60k condos are being added to the already staggering supply.......we are talking miami not florida correct??
     
    #47     Aug 27, 2007
  8. bangkok in 1998 99 is miami in 2007 09........................

    go find some photos of bangkok in 99 its the same view ...all those cranes...

    the number stands 60000 in miami greater miami.....if you dont believe me start counting ......number of buildings x units ....but dont leave any buildings out and include conversions plus whats on the market for sale right now....its just wild
     
    #48     Aug 27, 2007
  9. Wrong, I live in NV, and I KNOW the real estate market here. NV has 3 times the national average of foreclosures and Vegas is the worst. Prices are going down in NV in the coming YEARS. It was so over built it was ridiculous. Reno(vegas even worse) for example has tripled in size with subdivisions going up everywhere. Cheap loans and now they are all in foreclosure. Long story short....NV is in for YEARS of decline before the inventory is worked off...AND there are still projects being built because they were in the works.
     
    #49     Aug 27, 2007
  10. Brandonf

    Brandonf ET Sponsor

    You want to see cranes go to Dubai, something like half the worlds cranes are there right now.
     
    #50     Aug 27, 2007