Miami serious-estate speculators on signing their preconstruction contracts at the moment are remaining issued "safety masks" in the event of a ongoing implosion on the area true-estate current market.
"At this moment, the condo current market is often a catastrophe," says Lewis Goodkin, a respected Miami economist and actual-estate analyst. The Miami Herald Tale also quotes him as indicating, "These markets have been basically propped up by speculators."
As outlined by a 2004 study by Esslinger-Wooten-Maxwell Realtors, "just as much as 80 % on the preconstruction buys of luxury condos in Miami" had been performed by speculators.
From September 2005 to September 2006, existing Miami condo product sales have fallen by forty five % based on the Florida Associates of Realtors.
Despite the fact that demand from customers has "dried-up" for luxury condos, a lot of remain within the pipeline. For all those speculators who continue to believe in Santa Claus, unicorns, Which need will catch up with supply a lot quicker than most observers forecast, brokers are including absolutely free "safety masks" on the sale in case it isn't going to.
Reggie Realltor of the actual-estate brokerage company Dewey, Cheatem, & Howe, claimed the "safety masks," are TMW Maxwell Showflat meant to be an "'inside your experience' assertion to all the naysayers. They have grow to be symbolic of our collective courage during the facial area of adversity in the area actual-estate current market the place our mantra is 'There is no bubble. There's no bubble,' which, should you say it extensive adequate, gets to be the truth. In reality, Other than chanting our credo and burying large St. Joseph statues at condo preconstruction functions, Many people are sporting our implosion security masks within the get-togethers with the development brand printed on them. Ha-ha, we be laughing every one of the approach to the bank."