Miami in deep dog doo

**bdc63** · 08-30-2007, 12:42 PM

http://www.orlandosentinel.com/busin...,2001796.story

"Just how many other speculators face the same dilemma in the nation's most glutted condo market will become clear during the next two years. That is when 25,000 new condo units, most of them rising in or near Miami's downtown, will flood an area already saturated with 23,000 condos listed for sale. An additional 40,000 units have been approved, but analysts doubt the majority will break ground."

23,000 condos on the market today, and another 25,000 coming in the next 2 years?

Holy sh*t.

**Biff** · 08-30-2007, 05:02 PM

Whoooooooe!!!!!!

**truluv** · 08-31-2007, 01:55 PM

wonder how many units are being added to the market in Panama City to go with the many that are already there.

**Capricious** · 08-31-2007, 02:17 PM

Originally Posted by truluv

wonder how many units are being added to the market in Panama City to go with the many that are already there.

While persuing the MLS I noted a number of houses/condos in the PC
area labeled as "short sale: lender will need to approve offer."

It will get worse.

**Chickpea** · 09-03-2007, 04:04 PM

Originally Posted by bdc63

http://www.orlandosentinel.com/busin...,2001796.story

"Just how many other speculators face the same dilemma in the nation's most glutted condo market will become clear during the next two years. That is when 25,000 new condo units, most of them rising in or near Miami's downtown, will flood an area already saturated with 23,000 condos listed for sale. An additional 40,000 units have been approved, but analysts doubt the majority will break ground."

23,000 condos on the market today, and another 25,000 coming in the next 2 years?

Holy sh*t.

I do not disagree with anything you say in this post BUT Miami is still bursting at the seams and has little available space to grow apart from vertically - so even though there will be a glut of condos, it remains a desirable place to live for many and eventually this may be absorbed - Who knows though - I may be totally wrong....

**bdc63** · 09-05-2007, 12:00 PM

Originally Posted by Chickpea

I do not disagree with anything you say in this post BUT Miami is still bursting at the seams and has little available space to grow apart from vertically - so even though there will be a glut of condos, it remains a desirable place to live for many and eventually this may be absorbed - Who knows though - I may be totally wrong....

There are 23,000 condos on the market -- that doesn't include FSBO or single family. Some states don't have that big a backlog.

23K is a 31 month supply, and there are another 25K coming ... sorry, but the 'they're not making anymore waterfront property' wouldn't be very comforting if you had a $100K deposit on a pre-construction condo right now.

I give you credit though for going for the positive spin, given the facts and this from the article:

"Miami is the poster child for the condo bust," said Jack McCabe, CEO of McCabe Research & Consulting, a real-estate market-analysis firm located in Deerfield Beach. "There are probably only two cities in the world with more construction: Shanghai and Dubai. Unfortunately, there is going to be a lot of foreclosures . . ., and developers, lenders, title companies and real-estate companies will go under."

Many analysts, McCabe among them, predict the area's condo collapse will drag the rest of the state into recession. Other experts scoff at that notion. But nearly all agree grim times lie ahead.

Usually joyous milestones, closings in Miami are about to become somber days of reckoning for electricians, waiters, retirees and other amateur speculators who counted on making a quick killing in a market they thought would rise forever.