The article offered one glimmer of hope: Foreign buyers.
Bloomberg: Miami Condo Glut Pushes Florida's Economy to Brink of Recession
July 20 (Bloomberg) -- In the middle of the biggest glut of condominiums in more than 30 years, Miami developers keep on building.
The oversupply will force prices down as much as 30 percent, the worst decline since the 1970s, and help push Florida's economy into recession as early as October.
``The wave of baby boomer retirees is gathering momentum, and the weaker dollar makes Florida seem like a bargain to Europeans,'' Denslow said. ``With any luck at all that will sustain us.''
Check out these fabulous condos which are "cheap" for those with Euros, or anything other than dollars:
CheapCondos4Foreigners.com
(Not the real name of the website, but I thought it was funny)
I could handle the one in Kaui:
Edited by Rogerdodger, 22 July 2007 - 12:14 PM.