Comments on: Miami Real Estate Market Contradictions http://bobmiami.com/2007/05/11/miami-real-estate-market-contradictions/ Ongoing Coverage of Miami's Urban Transformation Fri, 11 May 2012 21:23:37 +0000 hourly 1 http://wordpress.com/ By: Xavier Zayas-Bazan http://bobmiami.com/2007/05/11/miami-real-estate-market-contradictions/#comment-3253 Thu, 31 May 2007 00:33:15 +0000 http://bobmiami.wordpress.com/2007/05/11/miami-real-estate-market-contradictions/#comment-3253 It’s already hitting the fan Marco. Unfortunately a large chunk of the market are flippers. Don’t count on them holding on for long (especially when they’re hit with inevitable regular assessment increases and unexpected special assessments). For many, the choice is going to be sell now and take a loss or face foreclosure. As the inventory shakeout continues, there will be a dip in the prices until end-buyers fill in the inventory. This will take time. There are factors that can stabilize the market, for example, a boost in office development will improve demographics, increase the MHI, and improve property values, but the progress is slow moving. Retail activity can help, but with occupancy incomplete and potentially seasonal, it doesn’t look encouraging at this point.

]]> By: Marco Hernandez http://bobmiami.com/2007/05/11/miami-real-estate-market-contradictions/#comment-3229 Wed, 30 May 2007 22:37:30 +0000 http://bobmiami.wordpress.com/2007/05/11/miami-real-estate-market-contradictions/#comment-3229 I believe Forbes is correct. The average household income for Miami-Dade County was $36,089 in 2003 (U.S. Census Bureau). The price of a median home in Miami-Dade County is over $270,000, more than twice what the average household can afford. Just wait until the foreclosures begin to stack up. Too many people have bitten off more than they can chew and it’s just a matter of time before it hits the fan. Buyers should wait it out. They have nothing to lose. Sellers (flippers) don’t want to take a loss and are keeping the asking prices high. Unless we see a large increase in salaries across the board, prices should logically decrease.

]]> By: Wall Street Journal: Florida is Housing Shakeout Epicenter « Boom or Bust: Miami http://bobmiami.com/2007/05/11/miami-real-estate-market-contradictions/#comment-2979 Tue, 15 May 2007 04:27:08 +0000 http://bobmiami.wordpress.com/2007/05/11/miami-real-estate-market-contradictions/#comment-2979 [...] recent comment posted here by a reader named Brad describes the current situation as a reflection of “the current [...]

]]> By: Xavier Zayas-Bazan (BoB) http://bobmiami.com/2007/05/11/miami-real-estate-market-contradictions/#comment-2910 Fri, 11 May 2007 19:21:04 +0000 http://bobmiami.wordpress.com/2007/05/11/miami-real-estate-market-contradictions/#comment-2910 CNBC Sources:
S&P/Case-Shiller Home Price Index, February 07′ and McCabe Research and Consulting

Forbes Sources:
National Association of Realtors (NAR), the U.S. Census Bureau and the Office of Federal Housing Enterprise Oversight

]]> By: mikeymia http://bobmiami.com/2007/05/11/miami-real-estate-market-contradictions/#comment-2909 Fri, 11 May 2007 18:22:19 +0000 http://bobmiami.wordpress.com/2007/05/11/miami-real-estate-market-contradictions/#comment-2909 Do you know where the articles were getting their data from?

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