Actually I see little evidence of SoFla real estate "collapsing." I paid special attention to the real estate sections of both the Herald and Sun-Sentinel this morning and it's the same story. Asking prices are sky high and anytime a property comes on the market at what seems like a "good" price, it sells immediately.
Miami is not only easily absorbing these new condo's (mostly South American and Euro buyers) but you could build even more hi-rises and sell out.
A few reasons.
1. Compared to the rest of the East Coast SoFla remains reasonably priced. It's not like someone who just sold a home in Newton Mass. or a condo on the Upper East Side is thinking, "wow! Is Florida expensive!! Instead they're thinking, wow, is this CHEAP!"
2. South American's in dollar terms are wealthier than ever and more apprehensive about the shifting political winds at home than ever. If you're a well off dude in Sao Paulo forking over $425k for a condo on Brickell is not only within budget, it's a
hedge.
3. To Euro-trash buyers Miami is as cheap as Pittsburgh is to an American.
4. 229 people a day move into SoFla.
5. Due to no state income tax, the homestead exemption, superior weather and lifestyle amenities there's no shortage of transplants. Folk's with money aren't interested in living in Charlotte or Austin. They want fine dining, Neiman Marcus and a place conductive to
spending money.
6. Miami is more likely to look like a huge South American city with
hundreds of condo hi-rises than to "bust."
7. Conventional wisdom is bearish on Miami. That makes Pabst bullish........
