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his luck may just have run out!
now_USA_resident | Tue, 2008-05-27 14:42
From May 27 Daily Herald:
http://www.thedailyherald.com/news/daily/k009/price009.html
Although thier "insider"-expert didn't see price for large luxury real estate fall, the paper's own stats show that 2Br units are down $20k from 2006 to 2007, and 3Br and larger units are down between 25 and 97 THOUSAND DOLLARS. and i'm sure it's only the beginning. Miami and South Florida real estate plateaued almost 3 years ago - in august 2005. April 08 prices are down 25% y/y, and most supply of condos has not yet come on the market. It's going to get a lot worse before any kind of stabilization. Real Estate bubble has burst, and with general period of wealth destruction (like in the 1970s, as opposed to the period of wealth creation in the 1980s and 1990s) real estate prices have no hope of fast rebound. remember, most of the boom in luxury vacation/retirement/2nd home real estate was due to real estate speculators and wall streeters (also speculators, but primarily in stuff other than real estate.) neither group is doing particularly well. can local population afford $400k units?
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