If The Miami Herald business section is right, Miami's cratered housing market is going to be saved by international investors scavenging the remainder bins of empty condos and ghost suburbs. The Herald features a few of the developers who are chunking for investor/vultures, including one of the county's top lobbyists, Sergio Pino-- founder of US Century Homebuilders and US Century Bank.
The badly weakened US dollar and perception that Miami is a "safe" place to invest (R. Allen Stanford, BankUnited, and dozens of other lending institutions in Florida, excepting) are all features that the Herald notes, without value judgment. Think of it: the political and business leadership in Miami, including their conservative mantra that the "free" market protects taxpayers and the environment better than regulations, lead to this claim to civic pride: we're cheap, we're broke, and we're wide open for business!
5 comments:
For condo buyers, seems like it could lead to some nightmare scenarios because so many are underfunded condo associations reeling from years of undersold or abandoned units. Who is going to oversee the management of these buildings when the owners are absentee?
Today in the Miami Herald it was reported that Onyx on the Bay Condominium Association, went bankrupt.
Taxpayers will fix the leaks in the condos... we're fixing everything else.
Taxes.
Miami-Dade County Property Tax Appraisor and the idiot County commissioners are still assuming the taxpayers have a never ending pile of money hidden away. Wrong. People are broke and Real Estate Taxes ie Property Taxes are too high. Much too high. Many more overpaid useless employees must be fired. No more $300,000 per year firemen. Elected officials need to stand up to the 100% pension fireman crowd and just say No. No way.
Ever escalating taxes could keep this depression here permanently.
Ever increasing public payrolls and bloated salaries and benefits for part-time government employees will keep South Florida down indefinitely. Elected officials need to vote for the public and not just to insure their re-elections.
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