Here's how one screwed Miami condo investor thinks he's gonna break even on his depreciating debt-trap.

It's gotta suck for millions of investors around the country (and around the world) who bought debt-traps that only rent out for a fraction of what it costs to "own".

Negative cash flow on a depreciating condo or house is the worst of both worlds.

I liked this spreadsheet though. Oh, the optimism. Yup, the price is gonna go up, not down. Yup, rental income is going to ABSOLUTELY SOAR. And no, expenses won't increase - not at all!

Amazing. And sad.

Too bad this poor sap didn't do a spreadsheet BEFORE he bought his debt-trap. Too bad millions didn't bother doing a spreadsheet before they took out toxic loans or listened to realtors on commission.

And too bad that just because you put numbers on a spreadsheet doesn't make them true.

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

Have you heard about the super-secret Miami condo blacklist? Let's help the f*cked lenders compile a condo blacklist for EVERY city

So there are tons of condo projects in Miami where would-be-buyers have no shot at getting a loan - since the lenders have blacklisted the entire project.

Wow.

But hey, would you lend money to someone who wanted to buy a $500,000 1-bedroom condo in Miami right now? HELL NO! Maybe $50,000, but that's about it.

This one's too funny. Too bad it's a bit too late though. Hell, we knew these Towers of Fraud were doomed for years. Nice to see the f*cked lenders finally get the news.

I'll throw a few projects out for Phoenix, where if you buy today you'll lose 50% or more of your "investment" before all is said and done, in case Countrywide and friends are reading. Feel free to add your city here:

1) The Vale
2) The Duke
3) Elevation Chandler
4) Orpheum Lofts
5) Artisan Lofts
6) Third Avenue Lofts
7) Orpheum Lofts
8) Scottsdale Waterfront
9) Optima Biltmore
10) Optima Camelview
11) Valley Ho
12) X10 Wine Lofts
13) Residences on Main
14) Northshore
15) Main Street Plaza
16) Aw, screw it, I could go on and on, but save time and blacklist the entire state of Arizona

realtor blogger sued for defamation by Opera Tower Miami condo developer Tibor Hollo, and then fired by his gutless agency for expressing his opinion

Of course, Lucas the blogger will end up successfully fighting this lawsuit, and I hope he counter-sues, but as you all know, for horrible people like Tibor Hollo (pictured above and yes, that's his real picture not a horror movie extra) who bring suits like these against bloggers or publications, it's not about winning, it's about sucking legal fees out of the small-potato target in a mean-spirited and petty way.

Well, thanks to other blogs and the internet, sons of bitches like Tibor Hollo better think twice before bringing frivolous lawsuits against bloggers for expressing their opinions.

So here's my opinion: Tibor Hollo is about to be ruined, in more ways than one. And his Opera Tower project is going to receive so much more negative publicity over this, that anyone who hadn't bailed before is definitely thinking of bailing now. The Great Miami Condo Crash is going to make mincemeat out of the desperate Miami developers who stupidly built thousands and thousands of unneeded and unwanted condos, and suing a blogger isn't going to change that.

Opera Tower buyers are asking themselves why should they close on a unit whose value has crashed along with the rest of Miami, the #1 housing crash city in the US today, whose condo price freefall is just getting started? You'd have to be a fool. Buyers are now suing in a desperate attempt to get out of their Opera Tower contracts, and you gotta believe Tibor Hollo's development is going to be on the receiving end of a flood of lawsuits. And watch for a sea of foreclosures and jingle mail for the ones that do stupidly go through with the deal.

And that's my opinion folks. And this, for immigrants like Tibor Hollo who might be unfamilar with it, is the Constitution of the United States of America. Have at it, express your opinins about Tibor Hollo, and watch Lucas's blog for legal fee fundraising in the future.

And when HP gets sued one day for expressing opinion, I hope you'll all have my back.

Opera Tower, LLC & Tibor Hollo Sues Me for $25M

As some of you may already know, my employment at EWM Realtors was terminated this afternoon. The Miami Herald published a story this evening on their website revealing that the developer of Opera Tower has sued EWM, and myself, for $25M.

Forbes picks "Top 10 Riskiest Housing Markets". They almost got it right.

Here's their Top 10:

1) Miami
2) Orlando
3) Sacramento
4) San Fran
5) San Diego
6) Phoenix
7) KC
8) Cincy
9) Chicago
10) Denver

Here's HP's:

1) Miami
2) Phoenix
3) Las Vegas
4) Tampa
5) San Diego
6) Tucson
7) Boston
8) DC
9) Detroit
10) Naples

What are yours?

Riskiest U.S. Housing Markets

Those looking to spin the real estate roulette wheel might want to steer clear of Miami. It ranks first on our list of the nation's riskiest real estate markets.

There, a high share of adjustable-rate mortgages, high vacancy rates and slumping prices still too elevated for the local populous means should long-term bond yields climb, interest rates jump or the housing crisis linger much longer, things could go from bad to worse.

Our ranking of the country's riskiest markets measures which of the 40 largest metros are most vulnerable to future shocks. We've done this by assessing which have the most strained lending conditions, and which markets are the most overvalued and likely to face downward price pressures.