Real Estates Black Hole Miami Condos 2008 To 2010

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

  1. i agree nevada is a complete total disaster.....but the medium price point is lower than in miami

    and by miami i mean greater miami.....the city of brickell

    i am not talking about subdevisions or single family homes

    just condos ............nevada has rows and rows of single family homes that are empty

    lets all thank countrywide cfc
    #51     Aug 27, 2007
  2. Toro KMA

    Toro KMA

    There are 23,000 condos for sale in South Florida. Another 24,000 new condos are coming into the market by 2011.

    Lots of time to buy.
    #52     Aug 27, 2007
  3. What you incorrectly took from my post was that I was making a comparison between NV(vegas, reno) to Miami condo prices. Read the thread again and try and read it coherently.

    Also the (medium, ...did you mean median home price?) home price comparison between Miami and vegas is irrelevant.
    #53     Aug 27, 2007
  4. young professionals in ybor? musta been gasparilla lol
    #54     Aug 27, 2007
  5. nravo


    What's the downside of Tampa? Haven't been there in ages. I'm on the other side of the state and alwways thought of Tampa as a decent small city with a good number of jobs, for a Florida city, friendly good-looking locals. What's changed? Grown too fast? Too red neck still?
    #55     Aug 27, 2007
  6. JK124


    besides the fact that it's the armpit of florida....drugs, crime, etc... Only good thing I can think of that's in tampa is Mons Venus :D
    #56     Aug 28, 2007
  7. balda


    Condo Troubles

    ....Miami is in worse shape: The city added 4,549 condo units in 2006 and 3,276 so far this year. Another 7,985 will be delivered by the end of the year, with another 8,260 slated for 2008 to 2011, according to Reis, for a grand total of 24,070 news units between 2006 and 2011.....
    #57     Aug 29, 2007
  8. S2007S


    2012 the earliest.

    How could anyone actually believe that 2008 or even 2010 will be a bottom, it wont be. Try 2012 the earliest in Florida. The glut of condos in that market are incredible.
    #58     Aug 29, 2007
  9. ElCubano


    some areas wont be affected that much while others will get pounded even more...i say brickell will hold its own just as all the waterfront condos up along collins...but the condos in the kendall, south miami, west dade area will see much more depreciation....I am not saying the whole market wont go down just saying some will hold more value than the others...
    #59     Aug 29, 2007
  10. I mentioned earlier that I poured over Sunday's real estate supplements in both SoFla daily papers.

    There's a mother-daughter realtor team who have virtually every listing in L'Hermitage, a twin condo towers development in Lauderdale. L'Hermitage sit's on the site of the old Galt Ocean Mile Hotel, made famous as the home of Joe Namath and the Jet's during Super Bowl week in 1969.

    This realtor duo has run a full page ad in the Sun-Sentinel for years. They list at least 2 dozen apartments (L'Hermitage probably has several hundred units). I can remember back in 2001 the listings would be 450-650k. Penthouses perhaps 1.2. Now the run of the mill places are all above 900k with penthouses 2m and up. They haven't come off in price an iota from the "highs". The average buyer in that hi-rise would be a retired couple from New York. Now while 900k is a lot of money (though it's a really nice complex) to the New Yorker who buys one, it's merely fungible against the sale of an even more expensive home up north. Thus South Florida more so than almost any market in the nation is dependant on RE values elsewhere. Until NYC breaks, until the dollar rallies and until global warming makes winter up north palatable to older, wealthy American's there will be a bid on top flight SoFla property.
    #60     Aug 29, 2007