until they let the market find the bottom this will continue. When the avg home gets to around 70-$80 k, we will be getting close as no one has jobs and money. My county in Florida has been hovering at %15 unemployment for 3 years now.
well, that was 2007! 3 yrs later, miami real estate has not recovered and the double dip is yet to come!! in 2011, miami real estate will crash for the second time. so wait for a deal till 2015!! dont buy no condo in miami till 2015 if u have any brains!!
miami is the world's corrupt capital. it is unbelievable that this is america. that is why we r in iraq and afghanistan so that we can turn attention away from our own backyard. the real terrorists live rite here in miami and throughout america who prey upon vulnerable people. if i were president of usa, i would pull all troops out of foreign lands and deploy them here inside america to fight these terrorists. only then america will be safe.
@ssike0 you mean 200 grand in "todays" money? The condo I bought was way below market price at the time. In fact it was under tax assessment price. The sellers were desperate to sell it....they had money troubles.....baby on the way, paying a mortage on the condo and the house they just bought
why did u americans have to screw the whole world economy up by getting sucked into loans which u knew u couldnt repay, how stupid can u get, and you guys think your the leaders of the free world?
more like destroyers, your idiotic actions in the usa have caused people to suffer all around the world, my own mortgage repayments have gone up because you clowns ruined your economy and me on the other side of the world am affected, thanks for nothing
to beswick1111: not all Americans are like this...from what I have seen....it seems to be mostley the young stupid douche bags that were raised by ex-acid head hippie parents. Seems generational to me. There is substantial segment of the American population that never bought into all that. We lived below our means, paid our mortgages off, saved our money and invested a good portion of it in precious metals.....we were considered fringe, lunatic survivalists...well whos the loonie now? LOL...
@jandean61 wow thanks for the advice. I got told the SAME EXACT thing today. I own a house in Myrtle Beach SC right now. I want to sell and buy something in Miami. But I guess im renting for the next year or 2. Do u like it down there?
Condo Fools--Check the maintance fees. When! Vacant units don't pay their share of fees--guess who gets stuck with the fees--the new fools and the idiots that remain.
This is true but my condo was purchased for $260,00 less than it sold for in 2003 when it was brand new. That will cover the fees for 10 years. Thing is its the lower end condo taking a beating. Upper end are not doing nearly as bad. Same is true for the upper bracket homes. When you have money to buy one of these you can ride out the down times. It is only the fools who did not know what they were doing that got screwed. Many like me are making a killing off trier ignorance.
to Geo1671: Condo living can be great if you buy into the right type....buy into only pre-existing developments that have been around for 20 years or so.....AND....don't buy into an area where they are building 100s of them. I bought a one bedroom basement unit in an afluent suburb of Boston 17 years ago,,,,paid 73,000 now worth about 200,000. I get all my heat and water for $236 a month condo fee. I have saved a fortune from living so cheap
Just because you guys cant afford to live in SoBe, don't hate on it. Its warm here year round. I hope you all freeze up in the rest of the country when it gets real cold (like now), then we'll see who's really laughing. haha
Southeast Florida is a joke...ridiculous prices for condos a 1 bedroom for $300..smdh I am so glad I no longer live there. And the area the condos are located in is not safe esp. at night [shivers]
Me too, i lived in Sobe, and paid $1000.00 a month for a studio, and another $150.00 per month, for a roach invested box. And worse, were the god damn, rude ass Cuban immigrants. I hate Miami, and everything in it. Wish i would have never moved there, but i believed the hype.
Hello teagarden8650 im from chicago and I'm thinking of moving to Florida is there anyway place you reccomend to live, I need to get away from winter for ever.
I cannot wait to get out of this cespool orlando florida area! I fucking hate this state and everyone in this state, The weather is never comfy. The people are all ghetto ass trash or ignorant rednecks or rich stuck up faggots. I hate this hell hole. The traffic, Nothing to do unless you want to spend mad money. Fuckit. Fuck this stupid state. PA I miss it and can't wait to get my snow back and friendly people to say hi to.
Your house/condominium has not gone down in value because it was not houses that went up in value. It is only land value that goes up since its supply is fixed and speculation in it can only result in higher prices for the same lot no more useful than it ever was. Houses only depreciate. Land speculation and the increasing price of land is the motive for investing in "housing" for profit and not just for use. Calling it a "housing" bubble merely obscures the scoundrel's game being played.
Interesting perception, thanks for your point of view. I would agree with most of what you say, however, land is only as fixed as the supply (which seems like it's fixed, but it's not entirely). I used to live in Las Vegas during the bubble and the Gov't wouldn't issue BLM land unless the price was high. The issuance of BLM land added to the supply. If the gov't purchases land, they create BLM land and reduce supply. I like your take though, it got me thinking.
kind of like the interest rate relation to the T-note of which, they used to trash the money supply.
I live in NV. this land is desolate but usable.
There's crap laying all over from the silver boom 150+ years ago. no trees. but it has a beauty I'll admit. They once homesteaded here. That's what got me here. 25 acres for the cost of a well and power hookup.
Imagine now - one year later, how much these apartments are going for ... probably nothing.
.
When I was in Miami last week I noticed that the blue glass exterior building featured in the vt., is still not completed and there are not many workers on site.
.
No point buying an apartment if you don't need one to live in -the service charges may still be quite high.
With the number of Baby Boomers to begin retiring, there will be no shortage of people who will want to live in these high-rise buildings in beautiful Miami.
This is just the beginning- wait a few months and they'll have to give them away... The Related group & Co (D. Trumps friend & business associate) are in for a rude awakening! Over priced from the beginning and they're still pricing them like nothing is happening..Bushed!
What I find interesting is that many of these towers are being erected in communities that have no value-added ammenities, such as, a properly connected, public-transportation network, historic parks and well-kept water ways or world-reknown, government/public buildings. What's the allure? Okay, so I have a relatively nice apartment (and I love apartment living), but what is instore for me when I step outside. These kind of developments are bound to fail.
c: That is reason why I design my housing over the existing highways. Eventually the electric cars makes the roadways even less noisy, meanwhile I use long span concrete decks to cover the noise and the fume. See my design in my website?---dancewu(dot)net
Yes, you are right; you are absolutely right, Miami is a really cool city.
.
Some guy coming back from the beach last week told me that "the water is hot, too -there is no escape save for going back to the room; to sit in the airconditioning."
@BogotokionadX6 That's true. I know because I use to live in Coral Gables back in the late 1990s.They cared more about their property value than they did about you as a person.
Debt Solutions Group can assist many homeowners with loan modification and renegotiations. For free consultation, please call 888.844.3557 ext. 6115 or 6103.
I was one of the Miamians that was turned into a goddamn nomad because practically every building owner sold out to condo companies.
Suddenly you'd come home one day and find a letter posted on your door that read," If you don't buy your apartment from us, you have to go, lease or no lease.
By the end it was hysterical to pass by infamously delapidated run down apartment buildings in seedy areas or former crack "motels" on your way to downtown or something and see a new "Condominiums For Sale" banner draped around them.
Mortgage brokers, realtors, and the bankers ruined the real estate market. A lot of these people have NO financial knowledge or any kind of education in the banking industry. The government MUST create a seperate financial bureau to investigate all of the financial transaction which occured from 2001 to 2006. I guarantee you 90% of those transaction were completely fraudelent. In addition, those responsible for those transaction must be held legally responsible. A nice hefty fine should work.
Could it be that a lot of people went beyond thier means? That maybe a lot of people didn't pay any attention to what they were getting into? Maybe the buyers should be responsible?
Yes, indeed. Many buyers did over extend their 'purchasing power' during the 'real-estate boom'. In fact, a lot people were looking for ways to be the next Donald Trump and show off their nouveau riche way of living. At the end of the day, we should be responsible for our decisions. Whether it a buyer, seller, broker, realtor, bank president, appraiser..the list is endless. I do hope brokers are audited and financially penalized for this debacle. And I hope this mess is resolved.
That's not true, the market has been ruined by the government rather than realtors, etc.
I guess yet another government bureau would be a good way to spend taxpayer money, but when did a government dept. fine the government? Even IF it did, the government would pass the fine to the taxpayers anyway, don't you think??
The biggest mistake ws lowering the interest rate. I majored in business and I know. Second, once that was done the doors were wide opened for these vultures to start picking on the uninformed public about their financial future. Miami is a city that allows fraud in every aspect. The people who populate the city and the people who run it thrive on fraud. It is time to clean up the city and arrest those responsible and send those back to their homelands. Miami is due for a major cleanup!
Banks loan money they don't have. Then they foreclose on people's property when they don't get "paid back". Don't believe me? 14th edition Encyclopedia Britannica: "Banks create credit. It is a mistake to suppose that bank credit is created to any extent by deposits of money into the banks. A loan made by a bank is a clear addition to the amount of money in the community." More dollars = inflation, a secret tax on the people. Google: "Fractional Reserve Banking" and "Federal Reserve Fraud"
Imagine working to build this country, then finding out that you don't have enough money to buy what you have just created. Bankers have conned us all... We are forced to use a money system that is corrupt by design, stealing from those who do the real work and giving it to those who do nothing. "Wealth doesn't disappear, it only changes hands." Who has it now?
@00643981 Not only that, but after you buy the house you have to pay property tax or else you house will be taken. So you don't really own because it is like you are paying rent.
The "Fed" is an unconstitutional, illegal monopoly on the creation of money. Our constitution specifically states that only Congress can create money, only in gold coin. What has happened since the Fed has been running things is that wealth has been cleverly stolen from the working man and woman and funneled into the pockets of rich bankers. They run the show, not politicians! Google Video: "Money as Debt" and "Fiat Empire".
"If the people understood the rank injustice of the money and banking system, there would be a revolution by morning." - Andrew Jackson "Our goal is gradually to absorb the wealth of the world." - Cecil Rhodes. "The Federal Reserve is the most corrupt institution the world has ever seen." - US Congressman Luis McFadden. "Banks loan money they DO NOT HAVE" - John Maynard Keynes. "A "loan" made by a bank is a clear addition of money into the community." - Encyclopedia Britannica, 14th ed.
to this day citizens dont have the freedom nor the human right to own tax free land! you cant be taxed to prosperity and you cant be governed freedom! lets fight for for tax free land! 2gether we can stop the extortion! this message is of no political bias! Tax free land is land no liberal goverment and no eminent domain cant take away from you, its land wallstreet cant price inflate you off of! plz do something if you can! If you pay yearly and inflating taxes on land, YOU DONT OWN IT!
dien phan, is a total player, brings two girls to an auction, plus buys a condo at a good price, i do not know the guy but i like to see a little guy get a good deal,,
Ron Paul!!!....no, of course not...he won't be able to pull us out of this debacle....it's just that his value's would never have lead us into this predicament to begin with.....people need to harden the f__k up...and vot RON PAUL
If you buy now, you will find a house like the one you bought for $100K or more less than what you paid. You effectively will be catching a falling knife and become instantly underwater on your mortgage! Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now.
because its not spam , its reality,,,dont listen to real estate agents they are liars ,, real estate agents all have the same story they tell everyone is a great time to buy ,, if it was such a good time to buy why then is no one buying anything , there liars there worse than used car salesmen ,
I remember these idiots lining up and then showing up at parties "bragging"..."OHHH, just bought four condos and in six month they went up 30%.....I sat and saved for I knew this day was coming....time for me to go shopping!!
The historical norm for a basic 3brm house is about 2 or 3 times median income. Over the last 50 yrs, that ratio has been pushed to 4 to 15 throughout the US. There is a long way to go down in many areas, esp. since median income has been going down, not up in many areas.
The condos will all become thriving ghettos in disrepair. The construction was shotty to begin with; 100% illegal labor. The low price buyers will not pay the maintenance fees.
They can't even auction the fricken units away. Its going to get much worse folks and you better listen to Ron Paul. Vote for any of the other idiots and were through.
Ummm, no...Paul is going to let the collapse take place, so the true value of the property will be what is bid.
If you think he's got some magic pill that's gonna make all of this go away...you're dreaming. NONE of the candidates can stop this from happening. All they can do is further devalue the dollar to make it LOOK like things aren't so bad.
The collapse is going to happen whether you like it or not. Delaying will make it even worse. The dollar is crashing and real estate was artificially bloated by low interest rates and lax lending practices. Trust me, I do mortgages and its HARD to get almost anyone approved these days. Prepare for your property value to drop considerably.
It's sad,but your posting is so true!Two of my neighbors re-financed and took equity out when home values were inflated,both have since LOST they're homes.They signed an option arm,they hit the floor when they're mortgage payments balloned.One French family,and one Canadian family have since bought the foreclosed homes.I live in a small town,pop around 7000.Europeans have actually been going door to door asking people if they want to sell they're homes.Welcome to the new America.
He's not a magic pill but he's the ONLY candidate who understands the situation were in as a country. This isn't politics, its who has the education behind them to handle it and I'm proud to say its Ron Paul.
Did you hear about The Club at Brickell- condos at 450k- unsold- pulled from market- magically sold at 800k- 200 condos- mortgage fraud How can the lenders be so stupid to give away this type of money? Don't they check or are they also in the take?
I hope it drops to 50,000. Then my poor self can live alongside the rich. I'm going to pray to God for this to happen. I told my mother and she can't wait for it to happen. Gotta love America, land of opportunity!
Home owner's association fees. It's money they collect each month for maintenance repairs. It's a giant rip off, honestly...especially on the newer luxury condos.
Everyone needs to keep in mind this was a planned event from the Fed. They gave green, green, green lights to all investors and citizens to invest/ or buy. But the lights were really red. This is systematic destruction of the middle class; as when this is over in years to come.....voila' Banana Republic. Don't buy housing...Buy Gold Silver bullion ,oil and water and hold it no matter what.
The median income in Dade County is $32K, therefore the maximum the borrower can afford is $80K. Prices still have to drop before all these condos and houses can be re-absorbed and property taxes and insurance have to drop as well.
miami is in the spotlight because of the oversupply but keep in mind that its market is a worldwide. South Americans see it as a good place to park money in shaky SA countries, Europeans do the same to park their super high euros.
I would be more concerned about other cities with oversupply and NO global market. It is going to tank and stay at the bottom for a very long time.
This is the result of planned failure. The Fed dumped billions into the economy.Where else would you put your new money.Investers wanted something more reliable than stocks. Surprise. Overbuilding. And the wages for the work went to....Mexico. Pedro is the real winner here. Oh and Levy the banker, he can print money. Working americans, stay bent over.
This is relly a land price bubble and we need to stop speculating with the body of Mother Earth. The native Americans knew it was not correct to buy and sell the earth and they also knew after we killed them off we would turn and rend each other. Time to share the earth.
prices will fall until housing is affordable based on average household income--not on speculation, or from money from selling ur old house. In south florida that means single family average houses should be about $215,000--wait and watch it happen
how do i find out about these units for auction, what does everyone think about broward county , i am thiking of buying there a 2 bed 2 bath ,, jesus this is insane
You would be better than the idiots that bought the last 4 years thats for sure. How low can it go? Close to rent then just buy it. Otherwise rent it.
There will be blood in the streets soon! Those 99 people who paid "full price" for their units should be leaping to their deaths over their balconies any moment now.
It's beautiful how this is unfolding as time marches onward.
EconCat88 11 months ago
Basically, owning a house is not a right and a primary residence is a liability. Scams are not Deals.
JackOffVille 1 year ago
Even at half price the vast majority of homes are still overpriced. No home should cost more than the lowest wage earner can afford to buy.
BazzNewYork 1 year ago
he paid $176, 000. what's it worth today, Dec 2010?
JohnnyHorton 1 year ago
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ZacariasNaima 1 year ago
until they let the market find the bottom this will continue. When the avg home gets to around 70-$80 k, we will be getting close as no one has jobs and money. My county in Florida has been hovering at %15 unemployment for 3 years now.
schlabresfan 1 year ago
well, that was 2007! 3 yrs later, miami real estate has not recovered and the double dip is yet to come!! in 2011, miami real estate will crash for the second time. so wait for a deal till 2015!! dont buy no condo in miami till 2015 if u have any brains!!
premsome 1 year ago
Yuk, why would people buy into a condo. Just the HOA fees are huge.
monkeyman1140 1 year ago
@monkeyman1140 what is a HOA fee? I live in a condo and it is hundreds cheaper a month than living in a home (in this area)
inkey2 1 year ago
ia there alot of niggas in flordai?
MegaJoker808 1 year ago
miami is the world's corrupt capital. it is unbelievable that this is america. that is why we r in iraq and afghanistan so that we can turn attention away from our own backyard. the real terrorists live rite here in miami and throughout america who prey upon vulnerable people. if i were president of usa, i would pull all troops out of foreign lands and deploy them here inside america to fight these terrorists. only then america will be safe.
premsome 1 year ago
I cant believe these suckers are buying one bedrooms for 176 k!!!!!!!!!!
gr8melinko 2 years ago
in metro boston a one bedroom basement unit can go for 200,000. I paid 73,000 for mine 17 years ago.
inkey2 2 years ago
@inkey2 17 yrs ago 73 grand bought you about 200 grand. If ya follow.
ssike0 1 year ago
@ssike0 you mean 200 grand in "todays" money? 200 grand in the city I live in is nothing. Most homes sell here for 700,000 to a million now
inkey2 1 year ago
@ssike0 you mean 200 grand in "todays" money? The condo I bought was way below market price at the time. In fact it was under tax assessment price. The sellers were desperate to sell it....they had money troubles.....baby on the way, paying a mortage on the condo and the house they just bought
inkey2 1 year ago
@gr8melinko in some areas of the country 176,000 for a condo is unheard of. That would be considered a real deal
inkey2 1 year ago
Everybody seems to forget that Bushkevic pres #1, said he was going to turn America into a service nation. This is all planned.
The over 42 million illegals here, who are crimminals for breaking our immigration laws, just as the employers who hire them are crimminals.
Heck I heard the unions went down to Methaco and brought them here.
Slave labor, makes American workers outcasts in their ouwn country.
Where is the loyality?
v44forme1 2 years ago
asdfsdfaasdfsfasdfsdfsdfasdfss
latkeeeeeeee 2 years ago
why did u americans have to screw the whole world economy up by getting sucked into loans which u knew u couldnt repay, how stupid can u get, and you guys think your the leaders of the free world?
more like destroyers, your idiotic actions in the usa have caused people to suffer all around the world, my own mortgage repayments have gone up because you clowns ruined your economy and me on the other side of the world am affected, thanks for nothing
beswick1111 2 years ago 2
to beswick1111: not all Americans are like this...from what I have seen....it seems to be mostley the young stupid douche bags that were raised by ex-acid head hippie parents. Seems generational to me. There is substantial segment of the American population that never bought into all that. We lived below our means, paid our mortgages off, saved our money and invested a good portion of it in precious metals.....we were considered fringe, lunatic survivalists...well whos the loonie now? LOL...
inkey2 2 years ago
- I do not see end in sight , it is just getting started...
aviomaster 2 years ago 2
"I should've bought a condo"- me 2009
jandean61 2 years ago
@jandean61 im about to move to miami. should i NOT buy?
Breetastic 2 years ago
no,rent. buy in 2011 or 2012. do what u like but I wouldn't.
jandean61 2 years ago
@jandean61 wow thanks for the advice. I got told the SAME EXACT thing today. I own a house in Myrtle Beach SC right now. I want to sell and buy something in Miami. But I guess im renting for the next year or 2. Do u like it down there?
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sniderlmdxi 2 years ago
" I didn't, i thought I would be out before this happen"
Fuck me! They know don't they, they know about the debt cycles. It should be illegal.
fox20012 2 years ago
At 2-12 the commentator said "More than half the price".
It was LESS than half the price........DUH!!!
PonziMadoff 2 years ago 2
I think he was too excited to say the last word in that sentence -- "off" -- good observation, though. Definitely sounds stupid.
patricknelson 2 years ago
Condo Fools--Check the maintance fees. When! Vacant units don't pay their share of fees--guess who gets stuck with the fees--the new fools and the idiots that remain.
:^(
geo1671 3 years ago 2
This is true but my condo was purchased for $260,00 less than it sold for in 2003 when it was brand new. That will cover the fees for 10 years. Thing is its the lower end condo taking a beating. Upper end are not doing nearly as bad. Same is true for the upper bracket homes. When you have money to buy one of these you can ride out the down times. It is only the fools who did not know what they were doing that got screwed. Many like me are making a killing off trier ignorance.
UMTAPIR101 2 years ago
to Geo1671: Condo living can be great if you buy into the right type....buy into only pre-existing developments that have been around for 20 years or so.....AND....don't buy into an area where they are building 100s of them. I bought a one bedroom basement unit in an afluent suburb of Boston 17 years ago,,,,paid 73,000 now worth about 200,000. I get all my heat and water for $236 a month condo fee. I have saved a fortune from living so cheap
inkey2 2 years ago
Still to much money. Those boxes are not even worth $50.000!
thetruthisoutnow 3 years ago 3
yeah they're worth about 50,000 today I bet most are currently bank owned because the buyers are so far underwater!!!
jekyllhyderacing 2 years ago
Just because you guys cant afford to live in SoBe, don't hate on it. Its warm here year round. I hope you all freeze up in the rest of the country when it gets real cold (like now), then we'll see who's really laughing. haha
xMiamiMichael 3 years ago
Yea...most of the Cubans are not dat friendly
locobwazo 3 years ago
A lot of them are!
xMiamiMichael 3 years ago
Southeast Florida is a joke...ridiculous prices for condos a 1 bedroom for $300..smdh I am so glad I no longer live there. And the area the condos are located in is not safe esp. at night [shivers]
locobwazo 3 years ago
Me too, i lived in Sobe, and paid $1000.00 a month for a studio, and another $150.00 per month, for a roach invested box. And worse, were the god damn, rude ass Cuban immigrants. I hate Miami, and everything in it. Wish i would have never moved there, but i believed the hype.
teagarden8650 3 years ago 2
Hello teagarden8650 im from chicago and I'm thinking of moving to Florida is there anyway place you reccomend to live, I need to get away from winter for ever.
hotmasked1 3 years ago
i live in miami florida and it is hot there all year
sarra2009 3 years ago
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Evaushke 3 years ago
ROFL...South Florida is a Zoo! Wait for the 8 thousand dollar home! The Magic City LOL!! What a JOKE!!!
ckekinit 3 years ago 2
I cannot wait to get out of this cespool orlando florida area! I fucking hate this state and everyone in this state, The weather is never comfy. The people are all ghetto ass trash or ignorant rednecks or rich stuck up faggots. I hate this hell hole. The traffic, Nothing to do unless you want to spend mad money. Fuckit. Fuck this stupid state. PA I miss it and can't wait to get my snow back and friendly people to say hi to.
jeremysgonenorth 3 years ago
The Jewish bankers who caused this need to be held accountable:
Lloyd Blankfein: Chairman & CEO (Goldman Sachs)
Martin Feldstein: Director (AIG)
Alan Fishman: CEO (WaMu)
Richard S. Fuld, Jr CEO (Lehman)
Stephen Roach: Managing Director & Economist (Morgan Stanley)
James E. Cayne: Former CEO (Bear Stearns)
Alan Schwartz: CEO (Bear Stearns)
Alan Greenspan Former Chairman, Federal Reserve
Ben Bernanke Chairman, Federal Reserve
atencopic 3 years ago
chuuuuuuuuuttttt !!!!!! are you creazy ?
trollboys 3 years ago
Land prices have skyrocketed too, absolutely ridiculous. Developers buy land at $100 an acre, chop it up, resell it at $30,000 a 1/4 acre.
monkeyman1140 3 years ago
are the prices leveling off now in Miami?
dancing2sunset 3 years ago
LOL "only to find out you spent 150-300 thousand over market value today"
You mean "you BORROWED over 150-300 thousand over market value today"
labartic 3 years ago
In 6 months, they wont be able to sell them for 50 thousand.
labartic 3 years ago
How long ago was this video taken?
dancing2sunset 3 years ago
This has been flagged as spam show
about a year ago
matelotgeek 3 years ago
Your house/condominium has not gone down in value because it was not houses that went up in value. It is only land value that goes up since its supply is fixed and speculation in it can only result in higher prices for the same lot no more useful than it ever was. Houses only depreciate. Land speculation and the increasing price of land is the motive for investing in "housing" for profit and not just for use. Calling it a "housing" bubble merely obscures the scoundrel's game being played.
ourearthhome 3 years ago
Interesting perception, thanks for your point of view. I would agree with most of what you say, however, land is only as fixed as the supply (which seems like it's fixed, but it's not entirely). I used to live in Las Vegas during the bubble and the Gov't wouldn't issue BLM land unless the price was high. The issuance of BLM land added to the supply. If the gov't purchases land, they create BLM land and reduce supply. I like your take though, it got me thinking.
genyav 3 years ago
kind of like the interest rate relation to the T-note of which, they used to trash the money supply.
I live in NV. this land is desolate but usable.
There's crap laying all over from the silver boom 150+ years ago. no trees. but it has a beauty I'll admit. They once homesteaded here. That's what got me here. 25 acres for the cost of a well and power hookup.
uturniaphobic 3 years ago
Stupid using houses are income you world wide get what you deserver stupid fucks. The world has gone foolish.
Anothercoilgun 3 years ago
Imagine now - one year later, how much these apartments are going for ... probably nothing.
.
When I was in Miami last week I noticed that the blue glass exterior building featured in the vt., is still not completed and there are not many workers on site.
.
No point buying an apartment if you don't need one to live in -the service charges may still be quite high.
Cheers.
from,
del-boy.
DelboyMiami 3 years ago 2
All those fancy condos, will be Section 8 public housing 3-5 years from now. I wouldnt but a downtown condo for 50,000.
teagarden8650 3 years ago
With the number of Baby Boomers to begin retiring, there will be no shortage of people who will want to live in these high-rise buildings in beautiful Miami.
Jibbie49 3 years ago
The stats on boomers is staggering. Most of them are very poor. Only 1 in 10 can actually afford to retire.
ReliableSunPower 3 years ago
This is just the beginning- wait a few months and they'll have to give them away... The Related group & Co (D. Trumps friend & business associate) are in for a rude awakening! Over priced from the beginning and they're still pricing them like nothing is happening..Bushed!
habitataudio 3 years ago
What I find interesting is that many of these towers are being erected in communities that have no value-added ammenities, such as, a properly connected, public-transportation network, historic parks and well-kept water ways or world-reknown, government/public buildings. What's the allure? Okay, so I have a relatively nice apartment (and I love apartment living), but what is instore for me when I step outside. These kind of developments are bound to fail.
cosmicviewer477 3 years ago
c: That is reason why I design my housing over the existing highways. Eventually the electric cars makes the roadways even less noisy, meanwhile I use long span concrete decks to cover the noise and the fume. See my design in my website?---dancewu(dot)net
georgewu5 3 years ago
Miami has a lot of arrogant, cocky, conceited people, but otherwise, Miami is a cool, good city.
BogotokionadX6 3 years ago 6
Dear Bo.,
Yes, you are right; you are absolutely right, Miami is a really cool city.
.
Some guy coming back from the beach last week told me that "the water is hot, too -there is no escape save for going back to the room; to sit in the airconditioning."
.
It was nintey-three degrees.
Cheers.
from,
del-boy.
DelboyMiami 3 years ago
Not all Miamians are cocky or arrogant. Peace to the world.
BogotokionadX6 3 years ago
@BogotokionadX6 That's true. I know because I use to live in Coral Gables back in the late 1990s.They cared more about their property value than they did about you as a person.
BazzNewYork 1 year ago
Debt Solutions Group can assist many homeowners with loan modification and renegotiations. For free consultation, please call 888.844.3557 ext. 6115 or 6103.
neil7d 3 years ago
L O L YOU YUPPY FUC KERS! HA HA
tomincal 3 years ago 2
I was one of the Miamians that was turned into a goddamn nomad because practically every building owner sold out to condo companies.
Suddenly you'd come home one day and find a letter posted on your door that read," If you don't buy your apartment from us, you have to go, lease or no lease.
caryhoneybee 3 years ago
This happened to me three times..
By the end it was hysterical to pass by infamously delapidated run down apartment buildings in seedy areas or former crack "motels" on your way to downtown or something and see a new "Condominiums For Sale" banner draped around them.
Paint and spackle do wonders, you'd be amazed.
caryhoneybee 3 years ago
Mortgage brokers, realtors, and the bankers ruined the real estate market. A lot of these people have NO financial knowledge or any kind of education in the banking industry. The government MUST create a seperate financial bureau to investigate all of the financial transaction which occured from 2001 to 2006. I guarantee you 90% of those transaction were completely fraudelent. In addition, those responsible for those transaction must be held legally responsible. A nice hefty fine should work.
rlink73 4 years ago
I love it
donaldsonb 3 years ago
Could it be that a lot of people went beyond thier means? That maybe a lot of people didn't pay any attention to what they were getting into? Maybe the buyers should be responsible?
madarchodus 3 years ago
Yes, indeed. Many buyers did over extend their 'purchasing power' during the 'real-estate boom'. In fact, a lot people were looking for ways to be the next Donald Trump and show off their nouveau riche way of living. At the end of the day, we should be responsible for our decisions. Whether it a buyer, seller, broker, realtor, bank president, appraiser..the list is endless. I do hope brokers are audited and financially penalized for this debacle. And I hope this mess is resolved.
rlink73 3 years ago
That's not true, the market has been ruined by the government rather than realtors, etc.
I guess yet another government bureau would be a good way to spend taxpayer money, but when did a government dept. fine the government? Even IF it did, the government would pass the fine to the taxpayers anyway, don't you think??
KKKrylov 3 years ago
The biggest mistake ws lowering the interest rate. I majored in business and I know. Second, once that was done the doors were wide opened for these vultures to start picking on the uninformed public about their financial future. Miami is a city that allows fraud in every aspect. The people who populate the city and the people who run it thrive on fraud. It is time to clean up the city and arrest those responsible and send those back to their homelands. Miami is due for a major cleanup!
rlink73 3 years ago
This has been flagged as spam show
Banks loan money they don't have. Then they foreclose on people's property when they don't get "paid back". Don't believe me? 14th edition Encyclopedia Britannica: "Banks create credit. It is a mistake to suppose that bank credit is created to any extent by deposits of money into the banks. A loan made by a bank is a clear addition to the amount of money in the community." More dollars = inflation, a secret tax on the people. Google: "Fractional Reserve Banking" and "Federal Reserve Fraud"
00643981 4 years ago 2
Imagine working to build this country, then finding out that you don't have enough money to buy what you have just created. Bankers have conned us all... We are forced to use a money system that is corrupt by design, stealing from those who do the real work and giving it to those who do nothing. "Wealth doesn't disappear, it only changes hands." Who has it now?
00643981 4 years ago 8
@00643981 Not only that, but after you buy the house you have to pay property tax or else you house will be taken. So you don't really own because it is like you are paying rent.
BazzNewYork 1 year ago
The "Fed" is an unconstitutional, illegal monopoly on the creation of money. Our constitution specifically states that only Congress can create money, only in gold coin. What has happened since the Fed has been running things is that wealth has been cleverly stolen from the working man and woman and funneled into the pockets of rich bankers. They run the show, not politicians! Google Video: "Money as Debt" and "Fiat Empire".
00643981 4 years ago 2
"If the people understood the rank injustice of the money and banking system, there would be a revolution by morning." - Andrew Jackson "Our goal is gradually to absorb the wealth of the world." - Cecil Rhodes. "The Federal Reserve is the most corrupt institution the world has ever seen." - US Congressman Luis McFadden. "Banks loan money they DO NOT HAVE" - John Maynard Keynes. "A "loan" made by a bank is a clear addition of money into the community." - Encyclopedia Britannica, 14th ed.
00643981 4 years ago 2
"The hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency;
their sole object is gain." -Napoleon Bonaparte
Puzzoozoo 3 years ago
This has been flagged as spam show
to this day citizens dont have the freedom nor the human right to own tax free land! you cant be taxed to prosperity and you cant be governed freedom! lets fight for for tax free land! 2gether we can stop the extortion! this message is of no political bias! Tax free land is land no liberal goverment and no eminent domain cant take away from you, its land wallstreet cant price inflate you off of! plz do something if you can! If you pay yearly and inflating taxes on land, YOU DONT OWN IT!
braunsteiin 4 years ago
Great video. Almost sent my photographer to this event. Really wish i had. I will post this video to my site though under the Platinum Condos.
jake7338 4 years ago
dien phan, is a total player, brings two girls to an auction, plus buys a condo at a good price, i do not know the guy but i like to see a little guy get a good deal,,
nyuhwm 4 years ago
Ron Paul!!!....no, of course not...he won't be able to pull us out of this debacle....it's just that his value's would never have lead us into this predicament to begin with.....people need to harden the f__k up...and vot RON PAUL
lerelaisdesarts 4 years ago
This has been flagged as spam show
If you buy now, you will find a house like the one you bought for $100K or more less than what you paid. You effectively will be catching a falling knife and become instantly underwater on your mortgage! Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now.
lennyfest 4 years ago
think you have real estate agents marking your post as spam ..lol
lerelaisdesarts 4 years ago
because its not spam , its reality,,,dont listen to real estate agents they are liars ,, real estate agents all have the same story they tell everyone is a great time to buy ,, if it was such a good time to buy why then is no one buying anything , there liars there worse than used car salesmen ,
lennyfest 4 years ago
I remember these idiots lining up and then showing up at parties "bragging"..."OHHH, just bought four condos and in six month they went up 30%.....I sat and saved for I knew this day was coming....time for me to go shopping!!
Yayapilo 4 years ago
Someone must be getting rich, if real estate is dropping.... the real estate gurus?
dan020350 4 years ago
The historical norm for a basic 3brm house is about 2 or 3 times median income. Over the last 50 yrs, that ratio has been pushed to 4 to 15 throughout the US. There is a long way to go down in many areas, esp. since median income has been going down, not up in many areas.
pandemonious 4 years ago
The condos will all become thriving ghettos in disrepair. The construction was shotty to begin with; 100% illegal labor. The low price buyers will not pay the maintenance fees.
texan176 4 years ago
They can't even auction the fricken units away. Its going to get much worse folks and you better listen to Ron Paul. Vote for any of the other idiots and were through.
mgilbo1 4 years ago
Ummm, no...Paul is going to let the collapse take place, so the true value of the property will be what is bid.
If you think he's got some magic pill that's gonna make all of this go away...you're dreaming. NONE of the candidates can stop this from happening. All they can do is further devalue the dollar to make it LOOK like things aren't so bad.
cecilbdml 4 years ago
The collapse is going to happen whether you like it or not. Delaying will make it even worse. The dollar is crashing and real estate was artificially bloated by low interest rates and lax lending practices. Trust me, I do mortgages and its HARD to get almost anyone approved these days. Prepare for your property value to drop considerably.
mgilbo1 4 years ago
It's sad,but your posting is so true!Two of my neighbors re-financed and took equity out when home values were inflated,both have since LOST they're homes.They signed an option arm,they hit the floor when they're mortgage payments balloned.One French family,and one Canadian family have since bought the foreclosed homes.I live in a small town,pop around 7000.Europeans have actually been going door to door asking people if they want to sell they're homes.Welcome to the new America.
b2flyer1 4 years ago
He's not a magic pill but he's the ONLY candidate who understands the situation were in as a country. This isn't politics, its who has the education behind them to handle it and I'm proud to say its Ron Paul.
mgilbo1 4 years ago
20 units sold, 20,000 to go! Bwahahahaha!
papatoony 4 years ago
Did you hear about The Club at Brickell- condos at 450k- unsold- pulled from market- magically sold at 800k- 200 condos- mortgage fraud How can the lenders be so stupid to give away this type of money? Don't they check or are they also in the take?
josecitomadera 4 years ago
I hope it drops to 50,000. Then my poor self can live alongside the rich. I'm going to pray to God for this to happen. I told my mother and she can't wait for it to happen. Gotta love America, land of opportunity!
josecitomadera 4 years ago 2
In that case your HOA fees will be more than your mortgage. HOA's on these places are insane.
papatoony 4 years ago 3
What is HOA?
josecitomadera 4 years ago
Home owner's association fees. It's money they collect each month for maintenance repairs. It's a giant rip off, honestly...especially on the newer luxury condos.
papatoony 4 years ago
I like it.
jackjacky2121 4 years ago
Everyone needs to keep in mind this was a planned event from the Fed. They gave green, green, green lights to all investors and citizens to invest/ or buy. But the lights were really red. This is systematic destruction of the middle class; as when this is over in years to come.....voila' Banana Republic. Don't buy housing...Buy Gold Silver bullion ,oil and water and hold it no matter what.
rezek71 4 years ago
The median income in Dade County is $32K, therefore the maximum the borrower can afford is $80K. Prices still have to drop before all these condos and houses can be re-absorbed and property taxes and insurance have to drop as well.
Queens1969 4 years ago 5
miami is in the spotlight because of the oversupply but keep in mind that its market is a worldwide. South Americans see it as a good place to park money in shaky SA countries, Europeans do the same to park their super high euros.
I would be more concerned about other cities with oversupply and NO global market. It is going to tank and stay at the bottom for a very long time.
gamana123 4 years ago
And they said the Great Depression could never happen again. Ooops!
Vote for Ron Paul for President in 2008.
kirkifer 4 years ago
This is the result of planned failure. The Fed dumped billions into the economy.Where else would you put your new money.Investers wanted something more reliable than stocks. Surprise. Overbuilding. And the wages for the work went to....Mexico. Pedro is the real winner here. Oh and Levy the banker, he can print money. Working americans, stay bent over.
profnasty 4 years ago
what an ugly building...no wonder he cant sell apartments in it...
sonakoya2001 4 years ago 3
Take the crooked Realtors out of the equation and this is what you get. The REAL MARKET VALUE based on peoples REAL INCOME.
LeftLiberalSoCal 4 years ago
This is relly a land price bubble and we need to stop speculating with the body of Mother Earth. The native Americans knew it was not correct to buy and sell the earth and they also knew after we killed them off we would turn and rend each other. Time to share the earth.
wtfitzgerald 4 years ago
prices will fall until housing is affordable based on average household income--not on speculation, or from money from selling ur old house. In south florida that means single family average houses should be about $215,000--wait and watch it happen
tonyzayner 4 years ago
should i buy or should i wait , that is the question ,,
lennyfest 4 years ago
how do i find out about these units for auction, what does everyone think about broward county , i am thiking of buying there a 2 bed 2 bath ,, jesus this is insane
lennyfest 4 years ago
You would be better than the idiots that bought the last 4 years thats for sure. How low can it go? Close to rent then just buy it. Otherwise rent it.
john67elco 4 years ago
This is when you pray that you did not put any money down on a condo that you pd 600k for. you just let the bank take over and move on.
notfit 4 years ago
Wow, and I don't believe things are close to their worst yet. Wait 'till adjustable switch up and the rest of the sub-prime teasers adjust up.
MaverickCentricity 4 years ago
@2:15 "More than half the price!" he meant to say "Less than".
ivionday 4 years ago
you are right!
backup000 4 years ago
totally agree. still is too early to get into, there's no blood in the streets yet.
juana4molina 4 years ago
Its coming.
ryphil4 4 years ago
There will be blood in the streets soon! Those 99 people who paid "full price" for their units should be leaping to their deaths over their balconies any moment now.
papatoony 4 years ago 5
$300K for the 2 bedroom is still probably $50K too much. The curse of crazy lending has doomed the developers in Miami.
rlgotting 4 years ago 3