For everything I have read, and I read A LOT, you would think that Miami real estate is down for the count.
Lately, there have been some articles and reports that suggest that the Miami real estate market MAY be starting to bottom out. I haven’t hypothesized on any of them because I believe it’s probably near-impossible to “sharp-shoot” the bottom.
The Miami real estate market is doing, what I believe, to be remarkably well considering that we were, along with every other city in the USA, plagued with the sub-prime mess ALONG with over-development. Note to developers: They are called FEASABILITY STUDIES!
Miami was an easy target: our real estate stardom was the envy of all. Record numbers, incredible profit. All those condos downtown. Easy, easy, easy. I even read a thread on a blog where some “bubble heads” were speculating the scrap value of a brand-new building on Biscayne Blvd. That’s what I’ve had to deal with for the last three years. That’s right: PEOPLE SPECULATING ON THE PROBABLE VALUE OF A BUILDING; KNOCKED-DOWN AND SOLD AS SCRAP!
So when I read the Forbes article that doesn’t pin Miami to the wall, forgive me if it still feels a bit odd.