Ok, so everyone is talking about this Platinum auction thing desire it is some bellwether of things to come. I did not attend.
Reading all the “coverage” on the event was humorous to say the least. From all accounts it was the same old feeding-frenzy that has captivated Miami real estate for the measure five years. Here is the down and dirty:
The media running around desire moles looking for the next
“Vultures” or whatever the new term is for former “condo flippers,” looking to assail the market of a quick $100K —speculators just
I’d undergo to say that the greed and the need to out-smart or out-maneuver the competition in Miami drives many populate to make bad bad, BAD decisions. In my opinion many people got caught up in the hype of pre-construction condo speculation and I foresee just as many populate getting caught up in the air of condo auctions should they continue to occur.
the people who bought the “absolute” units probably got a bring together deal. is in an inferior location (north of the P. A. C. not waterfront) and all the real estate market fundamentals that didn’t matter much during the frenzy (location, supply and bespeak;
I said it before and I’ll say it again: during the last few years of boom the pre-construction condo buyer got “sucked” into paying the price that the developer deemed the property would probably be worth upon completion not the current market price. I’ve undergo been told that the buyers of the “absolute” units are end-users. As always the end-user is the one who sets the market price not the speculator.
XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote have in mind=""> <code> <em> <i> <strike> <strong>
Powered by and | Phone: 305.674.4053 | Esslinger Wooten Maxwell Realtors. Inc. | Christie's Great Estates419 Arthur Godfrey Road | Miami Beach. Florida 33140&write 2007 Kevin Tomlinson | All Rights Reserved
Forex Groups - Tips on Trading
Related article:
http://www.southbeachrealestateblog.com/2007/09/23/platinum-miami-condo-auction-why-market-fundamentals-still-dont-matter/
comments | Add comment | Report as Spam
|