March 12th, 2008
Miami Realtors Confront Plummeting Condo Sales With In Your Face Safety Masks
Miami real-estate speculators upon signing their preconstruction contracts are now being issued “safety masks” in case of a continued implosion of the local real-estate market.
“Right now, the condo market is a disaster,” says Lewis Goodkin, a respected Miami economist and real-estate analyst. The Miami Herald story also quotes him as saying, “These markets were essentially propped up by speculators.”
According to a 2004 study by Esslinger-Wooten-Maxwell Realtors, “as much as 80 percent of the preconstruction purchases of luxury condos in Miami” were done by speculators.
From September 2005 to September 2006, existing Miami condo sales have fallen by 45 percent according to the Florida Associates of Realtors.