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  • Miami Condo Boom

    Posted by Jonathan on August 15th, 2014 (All posts by )

    Funny how this kind of thing sneaks up on you.

    Prepare to be overwhelmed with the most comprehensive bus tour of the nearly 60 new condo towers proposed for Greater Downtown Miami.
    Miami condo expert Peter Zalewski – who has been cited more than 1,000 times by local, state, national and international news outlets – is scheduled to narrate the 10 AM morning tour of the Greater Downtown Miami preconstruction condo market where more than 17,300 new units are proposed. The 2 PM afternoon tour of Greater Downtown Miami is narrated in Spanish by licensed Florida real estate broker Jenny Huertas. Zalewski will ride on the afternoon tour to answer any questions.

    17,000 new units. Of course it’s unlikely that all of them will be built, but still. And this time around the developers aren’t borrowing so much, and many of the buyers are paying cash, but still. Wasn’t it just last week that we were in the midst of an endless economic stagnation? Or maybe it was a bubble. It’s easy to lose track.

    It looks like there’s a lot more US dollars in Latin America than anyone thought. Or could it be inflation? Nah. If there were inflation we’d see crazy stuff like the Dow at 17k and $12 hamburgers. . .

    I’m sure it will all end well.


    8 Responses to “Miami Condo Boom”

    1. Robert Schwartz Says:

      “Peter Zalewski – who has been cited more than 1,000 times”

      So he is a world class scofflaw.

    2. MikeK Says:

      Miami gets all the refugees with money and California gets all the beggars.

    3. John Burgess Says:

      Not all of those looking to buy condos are from Latin America. There’s been a huge influx of Russians and Ukrainians over the past decade.

      Those with more modest budgets — like the Western Europeans — will snap up what they see as a good deal, but they’re not the ones buying the multimillion dollar condos.

    4. dearieme Says:

      Do you get many Chinese buying in Florida?

    5. Jonathan Says:

      There are some:

      Google search results: chinese+real+estate+buyers+in+miami

    6. MikeK Says:

      Hong Kong Chinese bought their condos in Canada. Twenty years ago, shop signs in Banff were in characters. Vancouver has huge condo projects that were 100% Chinese.

      In southern California, the Japanese bought lots of homes in the 70s but many had to sell them again after the 80s Japan real estate collapse.

    7. Michael Hiteshew Says:

      17,000 Units! At two people per unit, that’s 34,000 people. That’s a small city being added.

    8. Carl from Chicago Says:

      We are having a big boom here in Chicago but it is mostly apartments. A lot of the condo builders went bust the last time around so perhaps they think rentals are a safer bet.

      It is different in Miami since the buyers are likely foreigners who want to park their cash in the US. They don’t want to rent, they want to buy. Maybe they will rent then buy, but definitely want to own.