by Tanta on 7/20/2007 07:53:00 AM
Friday, July 20, 2007
From Bloomberg, "Miami Condo Glut Pushes Florida's Economy to Brink of Recession":
In the 1970s, when condos were a new product, Florida developers built 500,000 units and prices fell 50 percent, said Brad Hunter of MetroStudy, a research firm in West Palm Beach.
``The difference is, back then they were two-story condo buildings that had $50,000 units,'' Hunter said. ``Nowadays they are $700,000 units in 20-story buildings. Instead of building too much stuff that people could afford like we did then, this time we built too much stuff that people can't afford.''
Posted by Tanta on 7/20/2007 07:53:00 AM