February 16, 2008

Condo Crash Miami: It's all falling apart now.




Man, we saw this coming a mile away. And to think, THOUSANDS more units are still coming. And coming. And coming.

How low will Miami go? 30%? 50%? 80%? It will be historic, and by Florida standards, home of some of the greatest real estate
crashes in world history, that's pretty amazing.

Thanks again to
Doom for the video

13 comments:

Anonymous said...

HAHA

The money is already spent. These idiots will never see a dime because their cases will be tied up in court longer than it will take the dollar to completely crash.

Maybe they can be paid back in gallons of milk or apples.

Anonymous said...

OOPS, sorry we used the wrong form contract!!! We meant to use the one that says you lose the entire so we are going to just go with that one, despite the fact that everyone signed the one that says you get part of your deposit back if you walk away.

commonsense said...

Related Group has scammed plenty of people here in Las Vegas, but things aren't quite as far along as they are in Miami.

The "Manhattanization" of Las Vegas is nonsense. Thousands of saps who put down payments on "vertical living" condos are in for a major squicking in the next two to four years.

Whenever one of these buildings has opened, roughly 60-65 percent of the condos get put on the resale market within two months.

Yeah, so how's that working out, idiots?

For those who will be keeping their "vacation condos" in Vegas -- whether by choice or because they can't re-sell them -- they could live plenty cheaper by getting an expensive hotel suite when they come here for 7 to 10 weeks per year. Saps!

Anonymous said...

My guess there will be a fire soon.

Anonymous said...

http://www.zilbert.com/miami_south_beach_condo_details.asp?T=S&R=M1179128

when does THIS Miami condo go lower? $2,000psf on south beach

Thats what the real money want to buy. A 800sq apt sold for $700k in 2003, they are now worth $1.2mil+
And I was down in Miami in Dec with a real-estate agent shes even waiting for the prices to drop

Forget the outskirts of Miami, lets focus on the big tickets here

Anonymous said...

Miami has YET to go lower:

http://www.zilbert.com/miami_south_beach_condo_details.asp?T=S&R=M1187528

Thats what I want to buy:
$895k thats $700psf
Maintenance? $932 a MONTH!!!
Taxes? $13,780

This is right on South Beach
I've been waiting 3years for lower prices. WHERE WHERE?

All you doom and gloom guys
Rich keep getting richer
Doomsayers keep avoiding talking about high end real-estate.

COMMENTS??? FEEDBACK??

Anonymous said...

This is still expensive in Miami:

http://www.zilbert.com/miami_south_beach_condo_details.asp?T=S&R=M1211221

$699k thats $1,170psf !!!!!!
Maint $1k a MONTH
Taxes $8k

I mean WHERE is the drop in prices?
All the rich finance guys from NYC whos SOHO lofts are STILL worth $2mil fly down to Miami and jump into their $1mil condo that HASNT dropped in price

Thoughts? I mean this is the BIG money we are talking about. NYC prime + south beach is real-estate worth the size of hundreds of cities in the midwest combined.

Thoughts? Thank You

happy homeowner in the stix said...

Ahh, wait until ol' Fidel dies. The Cubans are gonna get on anything that floats and hightail it to Havana.

LOTS of primo real estate for the pickings then! ;)

a.creampuff said...

Belated Group.

Paul E. Math said...

To the impatient anon looking for 'high end' condos in miami, I'll offer my opinion, for what it's worth.

Did you happen to notice what is in the balcony view from your zilbert post M1187528? Can you see it? It's a construction crane.

That's right, these idiots are still constructing thousands of condos, more coming up for sale every month. What we know about supply and demand is that when you increase the supply the price goes down.

And as for demand, sure bonuses were still high on wall st this christmas - but have a look at the stock prices of all the major banks and financial institutions. All financials have taken a nose-dive as profits are declining. These 'rich' guys from NYC are getting fewer and fewer. That's the demand side declining causing further price declines.

The high-price stuff will fall, guaranteed. But it doesn't happen overnight.

Just my opinion.

Anonymous said...

hmmm..... didn't see many lights on in that building.

Anonymous said...

I recall once I was watching HGTV about a couple who bought a condo in Miami I think for 1 million and they thought it was a deal because they couldn't believe they got it after looking at several houses this was it. Water views up high I don't know about spacious I would have to go in there myself. (can you imagine grocery shopping and you live on the 25th floor hell even moving in) Wonder how much it's worth now or is it already a foreclosure. I don't care if I got a view of the pearly gates of heaven as a view I would have never paid 1 million for an apartment unless my neighbors had Gugenheim, Rothchild, Heinz, Hearst, or hell even Disney for a last name before I even tried to cough up that kind of money even though I am a Johnson and not of the Johnson and Johnson brand. Dummies but at least they can brag it cost a million and they were a millionaire for a month.

condo Philippines said...

Wish, I can also get a unit there. Anyway, thanks for sharing.

-pia-