"...Here’s a sunny take on the bevy of empty condos cluttering up downtown Miami: The area may become a renter paradise. Investors and second-home buyers account for a stunning 60% of the nearly 13,000 new condo units sold in downtown Miami since 2003, according a report by real estate consulting firm Condo Vultures LLC. It could become the largest concentration of tenants in the Southeast–if not... [more]
"...Here’s a sunny take on the bevy of empty condos cluttering up downtown Miami: The area may become a renter paradise.
Investors and second-home buyers account for a stunning 60% of the nearly 13,000 new condo units sold in downtown Miami since 2003, according a report by real estate consulting firm Condo Vultures LLC. It could become the largest concentration of tenants in the Southeast–if not the country, the firm says...."
http://blogs.wsj.com/developments/2009/04/27/downtown-miami-is-renter-paradise/
A bit like parts of NYC, though not as extreme. But surely this is happening already to large swaths of Fidi, Harlem, LIC, Brooklyn, and even in Chelsea and other new-condo-heavy but "prime" areas. A quick perusal of streeteasy rental listing proves that.
[less]
Response by mutombonyc
almost 17 years ago
Posts: 2468
Member since: Dec 2008
jason,
Don't say that too loudly SE is full of defendants.
Ignored comment.
Unhide
Response by julia
almost 17 years ago
Posts: 2841
Member since: Feb 2007
i lived in Miami.. you can rent a beautiful 2 bedroom with wrap-around terrace for $1500k...unfortunately service is terrible because condo fees aren't being paid...it's just a mess.
Ignored comment.
Unhide
Response by alpine292
almost 17 years ago
Posts: 2771
Member since: Jun 2008
in no way is Manhattan comparable to Miami. One look at the foreclosure number for the 2 cities proves this.
Ignored comment.
Unhide
Response by julia
almost 17 years ago
Posts: 2841
Member since: Feb 2007
alpine...you're absolutely correct..bldgs. were being built so quicky it was amazing...very different than Manhattan.
Ignored comment.
Unhide
Response by mutombonyc
almost 17 years ago
Posts: 2468
Member since: Dec 2008
alpine & julia,
NYC mass foreclosures happened later then other cities and don't forget the moratorium that's still in effect. Warren Buffet said when the rest of the country comes out of this depression NY will still be in the depression. NYC has a lot of descending in time Manhattan will be comparable to Miami.
Ignored comment.
Unhide
Response by alpine292
almost 17 years ago
Posts: 2771
Member since: Jun 2008
what do you mean "NYC mass foreclosures happened later"? Do you have any idea what your talking about? There are currently no mass foreclosures in Manhattan. PERIOD. And please don't cite Warren Buffet. Considering he has lost half his net worth, hsi credibility has diminshed. If he's so smart, then he should not have lost all that $$$.
Ignored comment.
Unhide
Response by mutombonyc
almost 17 years ago
Posts: 2468
Member since: Dec 2008
alpine,
NYC is not only Manhattan LOL. If Bloomberg and developers were so smart NYC would not be in a housing crisis so cut the BS.
Ignored comment.
Unhide
Response by alpine292
almost 17 years ago
Posts: 2771
Member since: Jun 2008
For all intensive purposes, when people here refer to "NYC" they are referring to Manhattan. Do you really think anyone here is interested in RE in the Bronx or Staten Island?
Ignored comment.
Unhide
Response by mutombonyc
almost 17 years ago
Posts: 2468
Member since: Dec 2008
alpine,
You of all people should not be the spokesperson of whats interesting to people in RE. Afterall, you are from NJ what you know about the five boroughs making up NYC.
Ignored comment.
Unhide
Response by alpine292
almost 17 years ago
Posts: 2771
Member since: Jun 2008
I'm from NJ? Really? I was born and raised in Manhattan for goodness sake! I lived in Manhattan much much longer than I lived in NJ.
Ignored comment.
Unhide
Response by jason10006
almost 17 years ago
Posts: 5257
Member since: Jan 2009
No alpine, in you twisted mind NYC = Manhattan below 96th and not including RI or the LES or anything above Chanbers. In other words, 90% of the people in the City you no longer call home don't matter, but your bridge and tunnel ones are supreme.
Ignored comment.
Unhide
Response by jason10006
almost 17 years ago
Posts: 5257
Member since: Jan 2009
(that's NOT above Chambers...)
Ignored comment.
Unhide
Response by spinnaker1
almost 17 years ago
Posts: 1670
Member since: Jan 2008
People come up to me and say, with seeping vats of ironic naiveté: "Well, we're off to Florida, again!"
God, will somebody please just sever this appendage and let it drift out to sea already?
Ignored comment.
Unhide
Response by dwell
almost 17 years ago
Posts: 2341
Member since: Jul 2008
"NYC mass foreclosures happened later then other cities" What, where & when?
lol, spinnaker.
Ignored comment.
Unhide
Response by jason10006
almost 17 years ago
Posts: 5257
Member since: Jan 2009
He means in the 90s, in the last downturn. Home price declines and forclosures lagged the rest of the US by 2 years. But they were not the level we are seeing in FL, LV, etc because of so many coops and rent controlled units.
Ignored comment.
Unhide
Response by jason10006
almost 17 years ago
Posts: 5257
Member since: Jan 2009
Speaking of devils: "As many as 90,000 city apartment units could go into foreclosure as the housing crisis spreads from single-family homes to rental properties, city officials warned yesterday...."
jason,
Don't say that too loudly SE is full of defendants.
i lived in Miami.. you can rent a beautiful 2 bedroom with wrap-around terrace for $1500k...unfortunately service is terrible because condo fees aren't being paid...it's just a mess.
in no way is Manhattan comparable to Miami. One look at the foreclosure number for the 2 cities proves this.
alpine...you're absolutely correct..bldgs. were being built so quicky it was amazing...very different than Manhattan.
alpine & julia,
NYC mass foreclosures happened later then other cities and don't forget the moratorium that's still in effect. Warren Buffet said when the rest of the country comes out of this depression NY will still be in the depression. NYC has a lot of descending in time Manhattan will be comparable to Miami.
what do you mean "NYC mass foreclosures happened later"? Do you have any idea what your talking about? There are currently no mass foreclosures in Manhattan. PERIOD. And please don't cite Warren Buffet. Considering he has lost half his net worth, hsi credibility has diminshed. If he's so smart, then he should not have lost all that $$$.
alpine,
NYC is not only Manhattan LOL. If Bloomberg and developers were so smart NYC would not be in a housing crisis so cut the BS.
For all intensive purposes, when people here refer to "NYC" they are referring to Manhattan. Do you really think anyone here is interested in RE in the Bronx or Staten Island?
alpine,
You of all people should not be the spokesperson of whats interesting to people in RE. Afterall, you are from NJ what you know about the five boroughs making up NYC.
I'm from NJ? Really? I was born and raised in Manhattan for goodness sake! I lived in Manhattan much much longer than I lived in NJ.
No alpine, in you twisted mind NYC = Manhattan below 96th and not including RI or the LES or anything above Chanbers. In other words, 90% of the people in the City you no longer call home don't matter, but your bridge and tunnel ones are supreme.
(that's NOT above Chambers...)
People come up to me and say, with seeping vats of ironic naiveté: "Well, we're off to Florida, again!"
God, will somebody please just sever this appendage and let it drift out to sea already?
"NYC mass foreclosures happened later then other cities" What, where & when?
lol, spinnaker.
He means in the 90s, in the last downturn. Home price declines and forclosures lagged the rest of the US by 2 years. But they were not the level we are seeing in FL, LV, etc because of so many coops and rent controlled units.
Speaking of devils: "As many as 90,000 city apartment units could go into foreclosure as the housing crisis spreads from single-family homes to rental properties, city officials warned yesterday...."
http://www.nypost.com/seven/04282009/news/regionalnews/foreclosing_in_on_90_000_apartments_166519.htm