6 replies to this topic

[Rogerdodger]

Yesterday I read an article about the concern Florida had about their condo market.
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.

[Rogerdodger]

If you're really rich, you can get a room in the world's tallest building.

Dubai tower becomes tallest building on Earth...
1,680-foot (512 meters) skyscraper in Dubai, United Arab Emirates, Saturday July 21, 2007. The building is now taller than Taipei 101 in Taiwan, which had dominated the world's skyline at 1,667 feet (508 meters) since 2004.

[JAP]

Well, I live in San Diego and they can barely give em away. This is only the beginning of the downturn too. Inventories are going through the roof and many new "for sale" signs go up everyday. Good... I hope it all crashes and burns! I'm hording my cash to buy a nice ocean front home at a bargain basement price. I estimate the bottom around 2010-2011.

[Tor]

Condos are a luxury item IMO. I personally dont think any "housing collapse" will result in the market selling off unless there is an interest rate shock. Right now employment is high and incomes are growing. This is one reason why i remain bullish. In the Uk house prices were supposed to collapse. The reality is that they havent. I think, despite the supply of inventory, any condo weakness will not induce a recession. Second home ownership is growing globally. All just my opinion.

[JAP]

Condos are a luxury item IMO. I personally dont think any "housing collapse" will result in the market selling off unless there is an interest rate shock.

Right now employment is high and incomes are growing.

This is one reason why i remain bullish.

In the Uk house prices were supposed to collapse. The reality is that they havent. I think, despite the supply of inventory, any condo weakness will not induce a recession.

Second home ownership is growing globally.

All just my opinion.

Let me guess... you own lots of real estate

[Sentient Being]

That gives their local Islamic Extremists a nice, juicy, local target to attack.

Edited by Sentient Being, 23 July 2007 - 04:36 AM.

[Tor]

That gives their local Islamic Extremists a nice, juicy, local target to attack.

Its all brown envelopes and sunglasses according to my friends who live out there.

Condos are a luxury item IMO. I personally dont think any "housing collapse" will result in the market selling off unless there is an interest rate shock.

Right now employment is high and incomes are growing.

This is one reason why i remain bullish.

In the Uk house prices were supposed to collapse. The reality is that they havent. I think, despite the supply of inventory, any condo weakness will not induce a recession.

Second home ownership is growing globally.

All just my opinion.

Let me guess... you own lots of real estate

Nope. Actually none, having sold up everything late last year for personal reasons. Am just stating the facts based on what happened here and general evidence of how these things work. Just because I am not negative on the recession indicing effects, does not in any way mean I am bullish on this asset class. Consolidations are an option.

Good luck.

Edited by Tor, 23 July 2007 - 05:16 AM.