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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: gregor_us who wrote (20165)1/2/2005 4:45:48 PM
From: mishedlo   of 116555
 
Gulf coast condo bubble?
flippers talking about 100+ percent appreciation rates for pre-construction purchases
dealmakerscafe.com
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Hot, Hot, Hot
The market continues to sizzle. A bubble isn't likely in most places in Florida, but Miami's condo market bears watching.

residential real estate ? especially in Florida ? has replaced the stock market as the favorite "get-rich-quick" investment strategy for many Americans. As a result, many new condominium developments in markets like Miami, Fort Lauderdale, West Palm Beach and Orlando report long lines of buyers when their sales offices open. The developments announce "sellouts" within a few days ? even though it may be two or three years before those "sales" are actually closed.

In fact, a significant portion of those buyers are investors who plan to reserve several condominium units at preconstruction prices, then resell, or "flip," their units to new buyers at a substantial profit as the project nears completion. At some fast-selling projects, speculators account for as much as 80% of sales......The clear danger is that Florida developers may face serious financial difficulties if thousands of condo units hit the market in 2005-06 and produce something like a giant margin call.

lots more here:
floridatrend.com
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