Again, everyone else is stupid, or HP'ers are just psychic.
Why is the meltdown underway such a shocker for most people and the MSM? Isn't this, all of this, just so obvious and predictable? Didn't anyone ever take an Econ 101 class?
During the past six years, South Florida's landscape shifted from low-slung homes to condominiums hundreds of feet high. As the buildings reached skyward, so did prices, topping seven figures for the more luxurious digs.
Today, though, the meteoric rise of condo development is on the verge of crashing down to earth.
The seemingly unstoppable juggernaut has come face-to-face with economic realities making even the most maverick developers gun-shy.
As supply outpaces demand, prices already are leveling off and values of newer condos could tumble by 30 percent or more by the time the market hits bottom, experts say.
"The condo market isn't just breaking lightly," Miami real estate consultant Lewis Goodkin said. "It's screeching to a halt."
August 24, 2006
Posted by blogger at 8/24/2006