Oh, the media. I remember in back as early as 2004 the media starting predicting that the bottom would be falling out just about now. Dire predictions. Horrible repercussions. Doom and more gloom.
I’ve never been an optimist. Why? Because I’m a businessman. I was always a realist. I told another colleague as early back as 2003 that it was “over.” She laughed, and laughed hard! She went on to say, “this is South Beach. Other areas my decline but NEVER South Beach. Everyone in the world wants South Beach real estate!” I winked at her and said, “It’s over.”
In 2005 it was over (the media went from boom times to the great depression in one year). The Wall Street Journal, New York Times, Miami Herald –this story was like crack to those publications. They couldn’t get enough. I was interviewed scads (uncountable) of times.
I noticed those stories end the beginning of this year. I’ve said many times before that I believe the media was hell-bent on making the story, as opposed to reporting the story. Scary, huh? It was never as bad as the media reported it to be no matter what number or predictions Jack McCabe fed the media.
Surprising Early Signs of a Miami Real Estate Recovery Stabilization
Here’s the latest hot-off-the-press stats for MIami Beach condos. As you can see, the numbers are NOT sinking, as predicted by many. A couple of interesting things to note: Our slowest months, here in Miami, are from August to December. Also, the pending sales are consistently higher than the number of condos sold.
During the period of speculation (of the media and real estate analysts) from 2005-2007, many people quoted that there were 50-60k units coming online in Miami. As the real numbers are revealed, it seems that a lot of the information that the media and analysts were using was wrong. In an article from tomorrow’s Miami Herald
”It’s not as big as we all thought it would be,” said Jack McCabe, a Deerfield Beach real estate analyst…”
Florida Real Estate Being Viewed as “A+”
It’s too much for me to handle. I have a little annoying question that keeps bugging me: I did my own personal “quick and dirty” just over a year-and-a-half ago and came up with about 22,000 condo units coming to market in the next 18 months, why couldn’t Jack do that and make his predictions on that number? It was easy enough for me.
UPDATE: I woke up this morning to a lovely comment from Jack McCabe filled with insults and innuendos (about me and others). I won’t publish the comment because of the aforementioned content which is in violation of the South Beach Condo Blog comment policy. What I will do, in another post, is address some of the questions that were posed to me and comment on some of his responses.