Following up on the story below, a special tribute to my favorite market, Miami:
Did you know there are 14,000 condos under construction in Miami, vs. 9,000 in THE PAST TEN YEARS (CNBC reported today)
From Miami Today: Wachovia cites what Miamians have long known: "Many of the current and proposed projects are in secondary and tertiary areas. ... Although demand is strong, much of the current demand is being fueled by speculators and investors" - more than 50%, and perhaps 80%, of it.
From Merrill Lynch, who called Miami the #1 bubble market: ''Home prices in [Miami] have risen 85 percent since the start of 2001, nearly double the national average,'' the report said, citing federal statistics. ``And the latest data show that home-price inflation shows no signs of abating -- home prices in the first quarter of 2005 were 21 percent higher than a year ago.''
And from the founder of that CondoFlip site - guess where the most interest is coming from - you got it - developers: "Mark Zilbert of Zilbert Realty Group of Miami Beach launched www.condoflip.com in July. He said he has collected listings on thousands of units over the past four months. "We've seen interest from buyers, brokers and developers of entire projects," said Mr. Zilbert, "but by far the most interest has come from developers."
If you want to see the bubble in action - the rise, the fall, look first to Miami...
December 12, 2005
Miami .condo trouble
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miami listing #s:
Date Inventory 25th Percentile 50th Percentile
(Median) 75th Percentile
12/07/2005 19,513 $280,000 $399,900 $650,000
12/01/2005 18,909 $280,000 $399,990 $655,000
11/28/2005 18,660 $282,900 $400,000 $659,000
11/21/2005 18,261 $284,900 $405,000 $662,000
11/14/2005 17,601 $284,000 $405,000 $662,000
11/07/2005 16,952 $284,900 $405,000 $660,000
11/01/2005 16,424 $285,000 $410,000 $675,000
10/28/2005 16,425 $285,000 $410,000 $675,000
10/21/2005 16,977 $285,000 $409,900 $675,000
10/14/2005 15,894 $285,000 $409,000 $674,900
10/07/2005 15,296 $287,000 $412,000 $680,000
10/01/2005 14,953 $288,000 $415,000 $685,000
09/28/2005 14,655 $289,000 $415,000 $690,000
09/21/2005 14,251 $289,000 $417,900 $695,000
09/14/2005 13,604 $289,900 $420,000 $699,000
09/07/2005 13,064 $289,000 $423,900 $701,000
09/01/2005 12,800 $289,000 $422,900 $714,000
08/28/2005 12,882 $286,990 $420,000 $709,000
08/21/2005 12,606 $289,000 $424,900 $719,000
08/14/2005 12,361 $289,000 $425,000 $700,000
Blog-hopping is a habit I am trying to break since my own real estate work requires a lot of attention to detail. Then I run into a blog like yours and I�m reminded about how the internet expands our views positively. Thanks for the read. Visit my site if you have a chance.
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