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August 30, 2007
Irony is so Ironic
Drudge has a loverly photo of Downtown Miami front and center today, with a new condo going up, with a peek at Biscayne Bay. The building on the left is the 55 storey First Union Financial Center, I used to work on the 50th floor, and I used to park my car right there, where that condo is now.
How nice that Matt chose to use a condo going up in Downtown Miami to illustrate our good economic growth, except, if you scroll down his page just a bit, you'll see an expanded view of where that building stands to illustrate the opposite...
The second picture is the view you would see if you got yourself on the other side of the condo in the first picture, turned yourself around and looked away from the Bay. The condo in the first picture is just one construction site, the second picture shows several and reality is, there are 25,000 new condo units going up in or near Miami's downtown. When they are finished, they will add to an already flooded market, what you see will one day be another building full of empty condos in an area that already has 23,000 condos listed for sale. Believe it or not, an additional 40,000 units have been approved, but will likely never be built.
If you bought pre-construction in that building, you have already lost money, since prices have dropped and no one will pay what you agreed to pay when they started construction.
Same town, slightly different view and a whole 'nother perspective on the economy.
Posted by LindaSoG at August 30, 2007 12:40 PM
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Comments
They keep building town homes and condos here in PBC.
Posted by: DoubleU at August 30, 2007 05:47 PM
There is no development mania like Florida development mania. Tampa and St Pete can't hold a candle to Miami, but they are running a distant 2nd.
It almost looks like things have gotten better - a lot of the "for sale" signs are gone, but most have turned in "FSBO" deals or the dreaded "rent to own" idea. And the rest have "NEW PRICE!" or "Reduced" slapped on the homes.
We only had about 11,000 units for sale in this area before the ground breaking on the 3 new buildings. You wonder who will buy them.
Posted by: Zendo Deb at September 2, 2007 02:34 PM