What is happening in Realestate in Miami
How very grim is the real estate situation in Miami and florida what it really means for budget shortfalls:
Walking away:
http://www.miamiherald.com/251/story/1298873.html
Miami area Homes to fall ever further in 2010:
http://www.miamiherald.com/101/story/1292086.html
Florida budget shortfall could reach 7.5 billion
http://www.redcounty.com/sarasota/2009/03/florida-budget-shortfall-could/
Miami dade county budget shortfall: 427 million news release of cut services
http://www.miamidade.gov/district01/releases/09-08-12_budget_meeting_post.asp
Who is Ben referring to?:
http://yglesias.thinkprogress.org/archives/2009/10/resolution-authority-asap.php
Duration : 0:8:54
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April 10th, 2010 at 11:28 pm
Great video! …
Great video! Looking forward to more videos from you. Thank you
April 10th, 2010 at 11:28 pm
3.38 “real estate …
3.38 “real estate experts” LMAO
Those are the same one that always tell you to buy.
Realtor= Professional liars
April 10th, 2010 at 11:28 pm
thats cause there …
thats cause there so much fraud in Miami it’s not even funny. I love miami, but it’s a cesspool of people and crime, course, out side of the beach ofcourse. Most people I know walked away from there homes and they could’t give a about anything. In Cuba, they had nothin, you think these people lose sleep over this shit. PLZ ………
April 10th, 2010 at 11:28 pm
That true. I am …
That true. I am from California too. You could not find less than $300,000 for a 1 or 2 bedroom at 900sq feet. And that was in the poor greater LA area. It was madness to attempt to get a descent house in descent area. But one can always count on Riverside area for dirt cheap houses
April 10th, 2010 at 11:28 pm
Very true demcad. …
Very true demcad. I will be commenting as usually on your channel today. Keep up the good news.
April 10th, 2010 at 11:28 pm
We have some …
We have some neighborhoods that are considered upscale that do have a few foreclosures. The prices have come down, bu not enough reflect their true worth. They are still over valued. Then in the working mans section of town the prices are still being held down. The funny thing is they are down a bit too low. It is starting to look blighted. The taxes here have caused such a mess, folks can no longer afford to keep up with property repairs. Many mowed their grass less often than usual.
April 10th, 2010 at 11:28 pm
The flashy they are …
The flashy they are, the harder they fall.
California and Florida are not even closer to the bottom in the real estate market.
April 10th, 2010 at 11:28 pm
Welcome to the …
Welcome to the Depression 2.0. We in Canada are experiencing bubble as well. It hasnt popped yet.
April 10th, 2010 at 11:28 pm
I’m in California …
I’m in California and it sounds like Florida is under water at the rise of it all California average medium house was crazy $615,000.00 and California has extended unemployment benefits @ a cost of 3billion dollars, this coming year state tax rape!!!
April 10th, 2010 at 11:28 pm
We’ve had that for …
We’ve had that for the past year now.
It’s all about the slavery.
April 10th, 2010 at 11:28 pm
quite a few …
quite a few properties in my area have sat vacant for monts for sale, now we are beginning to see more and more FOR RENT signs….
April 10th, 2010 at 11:28 pm
yep, rest assured …
yep, rest assured the elite banksters & white shoe boyz on wall street will go unscathed.
April 10th, 2010 at 11:28 pm
Thanks for sharing. …
Thanks for sharing. Wow… amazing drops out there. I’m in Missouri, and there isn’t near that kind of drop, in fact some areas are thriving and going up. Course, usually what starts on the coasts comes to get us eventually. Appreciate the heads up. Bankers are making a killing around here, because there has been many foreclosures but resell is good. However, you’re right about the clamp down if people take advantage of walking away.
April 10th, 2010 at 11:28 pm
I would beginning …
I would beginning searching. of course beach front would be expensive still but inland (also great if you don’t want to mess with hurricane evacs) you can find nice condos. If you want me to describe an area once you find a listing let me know.
April 10th, 2010 at 11:28 pm
It use to be that a …
It use to be that a home was a place that lived in almost all your life , paid off and could offer to live in when you retired. Then it became a nest egg for your retirement.
then it became an investment that you could flip and get a easy 30% return.
Now it’s a debt trap.
April 10th, 2010 at 11:28 pm
do they live on …
do they live on those lots? If it’s an investment property then expect major tax hike in 2010.
But for the price that they purchased it it wasn’t too bad. Is it rural or city?
April 10th, 2010 at 11:28 pm
If you read the …
If you read the article you will notice that commercial realestate is beginning to go through the same thing. Debtors are walking away as well…I think like you that come mar of 2010 this will be a huge problem.
April 10th, 2010 at 11:28 pm
so many seniors at …
so many seniors at the moment that will not stand for it unless we begin to feel the bad times of major service cuts. Maybe in 2011/12 we will have a income tax imposed.
We have already increased the millage tax rate and the property onwers are screaming bloody murder.
We might have to increase our sales taxes.
BUT one thing is for certain, major service cuts for next year.
April 10th, 2010 at 11:28 pm
actually that is …
actually that is what I want to post my next video about…in regards to credit dislocation and related information to physical cash. It also has to do with the tightening regulations that seem to be coming soon.
April 10th, 2010 at 11:28 pm
Rural area in …
Rural area in florida are going to have MAJOR shortfalls. But go figure it’s also harder to purchase land there. For one thing Florida has these rural laws the a min arce lots must purchased. AND you must build on it not trailers.
We(family) have two plots of land in Sebring total 4 acres.
Me and Hubby want to buy land so looking at some spots.
April 10th, 2010 at 11:28 pm
Yes, exactly!! …
Yes, exactly!! Those that are making the “choice” to be in foreclosure are going to create a very bad atmosphere for those that couldn’t help winding up there. Keep your chin up Carmen. You’ll never be homeless. You have too much gumption and smarts, not to mention friends. I’d take you and yours in in a heartbeat — if you could stand the “lake effect” (read: snow) up here 5 months out of the year. : )
April 10th, 2010 at 11:28 pm
I would not buy …
I would not buy anything till summer of 2010. We have another wave coming, but also I would be very carefull of services being cut drastically next year. I’d wait to see Florida’s budget shortfalls (annouced around june july 2010)
I could pick up property easy in ft myer’s & palm bay area but to be honest I wouldn’t to live there.. crime is on increase.
April 10th, 2010 at 11:28 pm
this is very …
this is very dangerous, once this gets full blown the bankers are not going to take it lightly… meaning those of us that did try and couldn’t will be punished the same way. I purcashed my house 16 years ago and for 87K it was once worth 420K now I’d be lucky to get 180K for it.
Doesn’t matter it was and will always be my home. SO if I do ever go underwater for it things are going to be so terrible around here, it won’t matter. I won’t walk away if I can help it.
April 10th, 2010 at 11:28 pm
Yeah, the days of …
Yeah, the days of the flippers are gone. But the article touches on this saying people stopped thinking of houses as homes and started viewing them as “investments”, just like people stopped viewing autos as transportation and instead, some kind of personal statement or extension of themselves. (Ick). At any rate, I still like my little 1200 sq. foot house, that was purchased for and remains, a home first and foremost.
If we get what we paid for it 20 years ago, great. If not, oh well.
April 10th, 2010 at 11:28 pm
i have a feeling …
i have a feeling that plan C is to introduce a new currency, cause they’re not going to leave THEMSELVES hanging with no new chapter in their saga called the “21st century”.