There are still clowns on Miamicondoinvestments who are in denial that prices will return to 1999/2000 levels in Miami.
I have said it before and I will say it again.
PEOPLE DO NOT LOVE HOUSES OR CONDOS!
PEOPLE LOVE MONEY!
People did not pay 300 sq.foot for condos in Miami to enjoy the great view from their new home.
PEOPLE PAID 300 sq.foot because they thought in 3 months they could sell it to a bigger fool than they were for 350 a sq foot!
The music has stopped and the game of musical chairs is over and this time the last person who bought the condo is screwed! Because no one will pay the same price until 2035 when the median income catches back up with the ridiculous price you paid!
Ask yourself this question...
Who wants to live in a 800 sq foot 1 bedroom?
1)A rich single guy with a six figure income?…
NO… He will own a much larger, more luxurious place to impress the hoes because his income demands it.
2)A Young married couple buying their first home?…
NO…They will be planning on having kids and will either buy a house or a 2-3 bedroom condo.
3)A Married couple with children
HELL NO… The kids will have no where to sleep.
People who buy 800 sq foot 1 bedroom condos are college kids, poor single guys and girls just out of college working a 30k-60k a year job (THE MEDIAN INCOME FOR MIAMI IS 40K)
THEY WILL NOT PAY 200 or 300 sq foot anymore, those days are over because the flipping is over for good. They will buy a house to live in and they can afford 75-150k places.
Why people think that prices will not return to where they were in 2000 really flabbergast me.
THIS IS EXACTLY WHERE THEY WILL RETURN BECAUSE HOUSING IS BECOMING SHELTER AGAIN AND NOT AN INVESTMENT.
DEAL WITH IT!