Folks, you're watching the implosion of the US Housing Bubble in real time. Sit back and watch as the spectacle unfolds.
Panic is now setting in in South Florida. It's Black Monday for investors and flippers there, to be followed by Black Tuesday, Black Wednesday, Black Thursday, ...
Proof of housing slowdown: 25% of condos at Lantana complex are for sale
More proof of the South Florida housing slowdown: roughly a quarter of the 379 condominiums at The Moorings in Lantana are for sale.
A real estate agent with a listing there says many of the sellers are investors looking to bail. The agent, who asked not to be identified, says most of the listings are in the mid-$300,000 range, but some people are asking more than $600,000.
Deerfield Beach housing analyst Jack McCabe doesn't have specifics on The Moorings but said some condo projects have even a larger percentage of units for sale.
Plenty of real estate speculators across the region are getting nervous because they can't afford the payments on these investment properties. The time may come when they'll have to dump the condos for a loss, he said.
"A lot of people are on the hot seat," McCabe said. "They got into real estate but were not that solvent."
May 01, 2006
South Florida condos: "Many of the sellers are investors looking to bail"
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19 comments:
This is nothing we didn't already know.
Dumbasses listening to watercooler talk and thinking they can do the same thing.
I hope lots of people lose everything due to their lemming like stupidity and greed.
"...but they were not that solvent"
Somehow I find that humorous. Wasn't the whole point that you get really rich really fast by buying these condos? Of course they weren't rich, they were trying to get that way - quick.
this is a great read HP'ers
http://www.larouchepac.com/pages/speeches_files/
2006/060427_webcast.htm
Thanks to the folks over at
The Truth Will Set You Free
I don't hear much news about the Atlanta condo market, but I found the following article. The condo building mania is in full swing here and may follow South Florida's path.
The Spire has crashed in the Atlanta Midtown condo market. Just opened Spire, a 28-story building with 388 condos has 104 units on the market--26% vacant. The Bubble has burst.
The builder, Novare, sold out Spire quickly, after enjoying great success in 2002 with the 498-unit Metropolis across the street, but Spire's 96 resellers (flippers?) and 6 owners hoping to rent out their units are in deep trouble.
Prices range from $167k to $768k for 1 & 2bedroom units.
http://ianmarshall.mlsb.com/mls/results_fields.cfm?ClientID=2671&SearchType=Address&HOUSE_NUMB=860&STREET_NAM=peachtree&CITY_NAME=%276198%27
Is Atlanta's condo market is going to have a soft landing? New buildings are probably going to do well--just not as well as before. But existing condo owners inside the Perimeter can forget about making a fast buck. In fact, Fulton County property records show that many condo dwellers will lose money. Many had to sell for 10 to 15 percent less than what they paid if they purchased at inflated prices during the 1999-2001 period.
Not to speak of the rest of ATL--just the Midtown area has no less than 1,000 units coming on line and several thousand in the planning stages. Let’s name a few mega projects: Atlantic Station, Plaza Midtown, Centennial Park, Onyx, Aqua, 13th St conversion, and we’re not even considering all the new supply in Buckhead and elsewhere inside the Perimeter.
The resell market for condos is really bad. High interest rates are pushing out marginal buyers and condo speculators.
Who’s hiring? Who’s relocating here beside Louisiana evacuees? Tourism payrolls got a big boost from New Orleans’s woes—we got evacuees in hotels and conventions that relocated here. Ticker counters can’t afford a Midtown condo.
Midtown white-collar condo-paying jobs are booming right? No. Atlanta has a great long-term future, but the short-term is dismal. Besides the announced closure of Ft. McPherson, there are [b]mergers, layoffs, and shutdowns affecting GM, Ford, ATT/Bellsouth, Cingular, Hewlett Packard, Delta[/b]—just to name a few. Granted, auto workers don’t live in Midtown.
Another article about Novare:
http://msnbc.msn.com/id/12571813/
Interesting. FDR lead us through some very hellish times, but he did confiscate gold and started us down the dangerous road of fiat currency. Fiat currency is what allows hyperinflation to happen.
http://www.fff.org/freedom/0700f.asp
Fiat also lead to a better economic era. Take the bad with the good.
LMAO @ those stupid leftwing jackals from NY moving to South Florida. Those retarded libturds blew all their retirement money on a flimsy condo that will be blown away by the first hurricane of the season.
Very nice! I found a place where you can
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what a lame ass! spamer
Everyone needs to go see United 93, that way everyone can be reminded who the Fu_k we’re dealing with here.
Oh and another point … I’m sick and tired of political correctness ruling the day in this country.
"A lot of people are on the hot seat", McCabe said. "They got into RE but were not that solvent."
LOL! Sounds like he's describing nearly every home "purchaser" along the entire West and East coasts for the past 2 or 3 years.
"not that solvent"...understatement of the century.
The no-down negative amortization loans must have given him the hint on their financial state
Not that solvent. Than which solvent? What's causing people to act like they're brain-damaged?
GREED. Just like the go-go 90's with people paying $450 for AMZN and $900 for QCOM. The experts all said FUNDAMENTALS DON'T MATTER ANYMORE. IT'S A NEW PARADIGM!!!!!!!!!!!!!!!!
Here we go AGAIN...another great Florida Pig in a Poke Condo Rout to see who will be left Holding the BAG!
Geez...Your's GOT lipstick! Yup...I PAID More !
see UNITED 93? no way go to google annd watch LOOSE CHHANGE and get a kick in the head.
wake up amerika
Brokersleaveyoubroke, I wish you would read before you shoot your mouth off. "Fixing" gold at $32 an ounce is "fixing" the price. Nixon only "officially" finished our link to gold. I supplied the link for you. I am not trying to bash FDR. It just happens to be our history.
http://www.fff.org/freedom/0700f.asp
[Before] 1933, there was an important shackle upon the Fed’s ability to inflate and expand the money supply: Federal Reserve Notes themselves were payable in the equivalent weight of gold. ...The government cannot create new gold at will. But Federal Reserve Notes can be issued at will, at virtually zero cost in resources. In 1933, the United States government removed the gold restraint on its inflationary potential by shifting to fiat money: to making the paper dollar itself the standard of money, with government the monopoly supplier of dollars.
Finally, in January 1934, came the Gold Reserve Act. All the gold held by the Federal Reserve banks was seized by the U.S. Treasury. In return, the banks received something called “gold certificates.” These could not be exchanged for actual gold, but functioned merely as receipts for the gold stolen. By executive decree, Roosevelt reduced the value of the gold dollar — for purposes of foreign exchange transactions — from $20 an ounce to $35, a devaluation of 40 percent.
Try this great fed video that someone on this blog made me aware of.
http://mises.org:88/Fed
Tom
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a great opportunity, no selling, no phoning, no recruiting PERIOD!
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