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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: David Jones who wrote (25009)11/4/2004 10:27:27 AM
From: John VosillaRead Replies (1) of 306849
 
David these new condo developments going up in south Florida are all on the high end and are way overpriced with cap rates that appear to be under 2% so relative to incomes and rental rates are much more overpriced than even the average Bay area property. They are expecting an oversupply of 25k high end condos here by 2006-07. Many of these are going up in borderline neighborhoods that truly makes you wonder how crazy the speculative frenzy is these days and who will be left holding the bag when this blows up. The average 2 bedroom condo here used to be just $60-70k in the late 1990's and is perhaps double that today.
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