Multiple construction cranes fill the skyline off Brickell Avenue in downtown Miami, where the nation's most glutted condo market can be found. Orlando has 4,440 condos listed for sale; Miami has 23,000. (SUSAN STOCKER/SOUTH FLORIDA SUN-SENTINEL / August 7, 2007)
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Florida is seeing a major real estate bust-
ReplyDeleteThe current scenario is even worse then I ever imagined- and I was a bear 3 years ago.
I drive by these buildings all the time. There never ceases to be construction in this area. All those condos are pretty much empty. If they were full, downtown would be hell with traffic. Don't know who they expect to buy those condos at 300k+.
ReplyDeleteStill renting for cheap. Even still, hard enough to save up 20 % of 300k for some dinky place. Sigh. Crash faster please.
I feel bad for all of those sellers. I wonder how long these condos will be on sale for.
ReplyDeleteit actually all depends on the product. Currently the downtown and Miami beach real estate market is quite active for high end properies , from 800,000 and up. Indeed the low end is very affected by the current conditions anyhow, for people that can qualify for a mortgage today there are many many deals for the long run.
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