Condos Fueling the Boom
When I used to own a condo, I distincly remember hearing stories that in the 80s, condos were the last to rise in value and the first to fall. I'm hoping that when this bubble has finally run its course, I'll be able to afford both a house at the shore, and either own or rent an apartment in NYC.
Snip...
"Lines of people waiting to buy condos for quick profits and white-hot real estate - it's all part of what some analysts are calling the biggest real estate bubble in America. In Miami, the construction crane could become the new state bird as some 25,00 new units are punching into the skyline - with another 40,000 on the drawing board. And with prices going up 27 to 37 percent per year in the past two years, some buildings' ownership is up to 70 percent investors.
The huge new supply of condos, combined with sharply rising prices, is causing some to break out the storm-warning flags."
Go...
Snip...
"Lines of people waiting to buy condos for quick profits and white-hot real estate - it's all part of what some analysts are calling the biggest real estate bubble in America. In Miami, the construction crane could become the new state bird as some 25,00 new units are punching into the skyline - with another 40,000 on the drawing board. And with prices going up 27 to 37 percent per year in the past two years, some buildings' ownership is up to 70 percent investors.
The huge new supply of condos, combined with sharply rising prices, is causing some to break out the storm-warning flags."
Go...
posted by Little_Silvered at 3:13 PM
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