As Condos Rise in Florida, Investors Try to Flee

[Herman Munster]

http://www.nytimes.com/2007/05/26/us/26condo.html?em&ex=1180324800&en=90a789933b3a0b2f&ei=5087%0A

MIAMI, May 25 — As dozens of condominium towers conceived during Florida’s real estate boom near completion, investors who snatched up units in the preconstruction phase in hopes of turning a quick profit are increasingly trying to break contracts, even walking away from fat deposits.

“Motivated” sellers are flooding online forums like Craigslist with advertisements for condo units still months or years from being finished. And lawyers have been inundated with calls from people hoping to avoid closing on units they bought during the speculative craze of 2004 and 2005.

“I get two or three of these calls a day,” said James Ryan, a lawyer in Boca Raton who said he had 40 clients looking to get out of condo contracts. One, Mr. Ryan said, abandoned a $340,000 deposit rather than close on a $1.6 million unit that lost its appeal as the market faltered.

The numbers suggest that it will only get worse. In Miami-Dade County alone, 8,000 new condo units will be completed this year and nearly 12,000 more in 2008.

[wakeme2008]

1. All this Florida Boy can say is

:rofl: :rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl:

I moved out of my 500 sq ft 40 yo apartment because it was going Condo at starting price $125,000. Six months of empty units later the owner is going back to apartments and out a lot of money.

[aquart]

2. Housing market crash, anyone?

But this economy is sound. That's the ticket.

[WCGreen]

3. New HGTV show....

Help me flip this FUCKING OVERPRICED CONDO... QUICKLY, I MEAN, TODAY... HELP.... I'M GOING DOWN.....

[KoKo]

4. LOL's.....They might even start to push the "Time Share" option.

as the Latest Craze. Bring in some of their crazy decorators to create some interest. :D

[formercia]

5. Vacation Properties

Cash-strapped homeowners are having to dump their vacation properties to stay afloat. Hang on folks, it's going to be a bumpy ride. The boys always make out. They will wait until prices bottom out and pick up a lot of bargains.

[acmavm]

6. Exactly! That's how the richest families in America scored bigtime off

the Great Depression.

They're not called the 'predator class' for nothing.

[HysteryDiagnosis]

7. Is that why they often "drone" on and on by the pool about this

or that??? Drone, predator class..... nevermind. :)

[Madspirit]

10. Exactly what will happen! What always happens...n/t

[Madspirit]

8. OT...I'm Sorry

I'm sorry to OT this...but just wanted to say, when a person gets older they often start needing to wear glasses...presbyopia...

Anyway, to read I need glasses but I was scanning the Discussion Titles and didn't have my glasses on. I thought it was something about Condi (Condoleeza)...fleeing. I got a slight happy out of it.

My apologies again and back to the Subject at Hand. I just thought it might give others a slight happy too.
Lee

[kurth]

9. "A love affair with Miami because of its ambience"?

Thought it was for queers and steers...

[RB TexLa]

11. I wouldn't be making any offers right now. Wait till they have their property tax bill in hand.

Gets people to come just a bit more off their asking price.