Real Estates Black Hole Miami Condos 2008 To 2010

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

  1. #31     Aug 27, 2007
  2. ElCubano

    ElCubano

    9 sold at or above their asking price....some sold as much as 20% discount from asking price ( which we dont know how many times that may have been reduced )..considering these houses sold in july of 07 id say they sold at 30-40% what they could have gotten back in 7/05....
     
    #32     Aug 27, 2007
  3. Hehe...it wasn't 50K, I was being facetious...but we certainly paid more than 1200...
     
    #33     Aug 27, 2007
  4. flood and homeowners insurance rates are skyrocketing and fixed incomers cant handle it.........

    btw Pabst, 229 people move to Fla. every day, but how many die each day????
     
    #34     Aug 27, 2007
  5. i don't have any idea, but in florida, i would assume it's fewer than the number that are born.
     
    #35     Aug 27, 2007
  6. Oz435

    Oz435

    I read a few months ago that a major moving company in Fl moved more people out of the state than into it.
     
    #36     Aug 27, 2007
  7. condo builings must be completed before the first tenant
    is permitted to move in. builders are then made to rent out the units if they don,t sell within a a perscribed time. this does not apply to single housing units.
    john
     
    #37     Aug 27, 2007
  8. Pekelo

    Pekelo

    I read somewhere that FL expects 100K new residents per year! That is quite a number of incoming people looking for living somewhere....

    The stupid facts:

    Florida population estimates:

    Florida's Population (2003) - 17,019,068
    Florida's Population (2002) - 16,713,149
    Florida's Population (2001) - 16,396,515
    Florida's Population (2000) - 15,982,378
    Population (1990) - 12,937,926
    Population (1980) - 9,746,961
    Population Growth Rate (1990-2000) - 23.5%

    Looks like FL is growing by 300+K per year...
     
    #38     Aug 27, 2007
  9. here are the negatives....

    leveraged flippers in the market....who only had to put 5 or 10 percent down to own .......now that the buildings are completed those owners have to pay the sky high maintinces and taxes on those apts.......some investors bought 5 or more apts

    huge overbuilding.....look at the buildings at night ....their are almost no lights on.......their vacant empty white elephants

    higher mortgage rates.........6 7 8 9 10 percent ...the shutdown of subprime loans...alt a loans ....skyrocketing jumbo loans

    lenders demanding more and more money down to purchase anything

    high real estate taxes in florida...2 percent of purchase price

    huge increases in insurance rates 30 to 40 percent in 06

    very high matinence rates ...increasing with inflation

    2 trillion dollars in resets.....over the next 5 years.....witch will raise existing mortgage payments massivly

    no one is buying now.......no sales......huge amounts of negative media

    the income to home cost ratio......is 40 percent above its 30 year norm.....thats very important

    huge inventory levels not seen in 19 years ....an almost 10 month supply of homes

    home prices predicted to fall nationally for the first time ever

    the fact that miami a boom bust market ....has undergone over the last seven years the largest rise in prices over the last hundred years

    catagory 5 hurricane risk.....miami direct hit would equal 125 billion dollars in damage......price of cat bonds increasing ...after katrina

    global warming ...sea level rising.....steadly...inch by inch...if al gores right its really bad news

    foreclosures rising at the highest rate in the country...of any metro area.......an oceanfront building in miami beach is now in foreclosure prudential has the listing

    the emergance of buyers brokers .....thorought the mkt

    ...............etc etc etc............MIAMI IS A BLACK HOLE AND WILL CONTINUE TO BE FOR APPX 5.5 YEARS...............FACT
     
    #39     Aug 27, 2007
  10. Same as the late 1920's boom and bust in Florida. History has the opportunity to repeat or rhyme when everyone has forgotten the lessons learned.
     
    #40     Aug 27, 2007