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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: SouthFloridaGuy who wrote (32980)	6/9/2005 8:05:14 AM
From: Tradelite	Respond to of 306849

What you describe about the condo in Miami is actually a phenomenon that plays out time and time again in just about any market and any type of housing, but especially with condos. Anytime a new condo project is underway, existing condos seem to be relegated to second-class status by buyers. It's the "new" thing, not the "quality" thing that seems to motivate them to want it. Granted, in Miami right now, the new ones may have sold out faster because of speculation by flippers who want to resell their units before even closing on them, but this situation might also exist in the absence of speculation. It has always amazed me to see a brand new house built on the crummiest of lots outsell better-quality resale homes located nearby. Again, many people just insist on having "new".