So Miami and Miami Beach were front and center today on CNBC and the Today Show. I brought together video segments from today’s coverage for my readers. I’ll let the videos, good and bad, do the talking.
Here’s my official comment on the Miami real estate market:
The developers did overbuild, thus creating an oversupply, but is that such a bad thing? A wound was created on the Miami real estate market by the gold rush mentality of the real estate developers, and it is ok. Do you know why it’s ok? Because the wound will heal and Miami will still have the sexy allure that NO other city in the US has.
As many of you may know, I tell the good AND the bad. I was watching the Today Show and they did a GREAT segment on Miami and our unprecedented growth as a city, and why all will, eventually, be ok.
Also, one thing I would like to clarify: Miami and Miami Beach are two completely different markets. Comparing Miami real estate to Miami Beach real estate is like comparing the Upper East Side of Manhattan to the Bronx.
The CEO of my firm, Ron Shuffield, was interviewed by Carl Quintanilla of CNBC. The subtitle for the segment is: One can buy five condos on Miami beach for the price of one in Manhattan, reports CNBC’s Carl Quintanilla. They were clearly talking about Miami condos NOT Miami Beach or South Beach condos.