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according to Bloomberg.  Not terribly surprising for the “ground zero of the housing bubble,” and launchplace of Condoflip.com.

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    16 Comments

    1. Widmerpool says:

      Solution: Congress must pass a Miami condo buyer tax credit of 40%.

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      November 20, 2009, 10:02 am

    2. sitzpinkler says:

      But . . . did Miami crash more spectacularly than Phoenix?

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      November 20, 2009, 10:52 am

    3. marc says:

      Solution: Securitize the inevitable reinflation of this important market, and sell derivative financial products based on these securities to pension programs backed by taxpayer guarantees and of course also securitize any hedge against default and swap those hedges off-book with other institutions.

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      November 20, 2009, 11:16 am

    4. NickM says:

      Inland properties (which in South Florida is pretty much anything more than 3 miles from the ocean) have dropped even more. It’s a nice time to be condo-shopping here.

      Nick

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      November 20, 2009, 11:51 am

    5. Dotar Sojat says:

      Great bargains, but you then have to be a member of a condo owners’ association, which is like being sentenced to Hell.

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      November 20, 2009, 11:59 am

    6. Mike McDougal says:

      Dotar Sojat: Great bargains, but you then have to be a member of a condo owners’ association, which is like being sentenced to Hell. 

      If you become board president, you’ll be Satan himself. And it’s better to reign in Hell than serve in Heaven.

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      November 20, 2009, 12:28 pm

    7. Steve says:

      My father was president of the condo association, and he found it is far far worse than being a mere member. You know what they say: Hell is other people.

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      November 20, 2009, 12:53 pm

    8. BT says:

      On occasion I have to do condition reports for condo units (these are vacant) and that means dealing with condo board members. So one night about 6 pm I called a board president to ask about access to a unit in her building and she screamed, I can’t talk to you now I am grading papers!!! I guess due to caller ID she had my number and the next day betweden 3 and 3:30 I had three messages asking why I had not called her back from her first message at 3:05pm. A friend of mine was intersted in bidding on the unit and I told him, you you may want to find another building.

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      November 20, 2009, 2:05 pm

    9. Scott Lazarowitz says:

      If Congress would just shut up and repeal that capital gains tax, you’ll see a housing “boom” and a major “stimulus” to the economy. But, nooooooooo, the fat trough-sucking little pigs won’t do that. Their thefts are doing nothing but making home-owners and small property owners as miserable as possible, as well as taking our whole economy down to ruins.

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      November 20, 2009, 2:34 pm

    10. troll_dc2 says:

      We will not have a recovery until the housing market totally tanks. So no rescue programs please. They just cause the problem to drag on longer than it would if the market were left alone.

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      November 20, 2009, 4:10 pm

    11. Mogden says:

      I can haz foolish and wasteful bailout from the Chinese money fairy?

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      November 20, 2009, 11:03 pm

    12. John Moore says:

      I know somebody who just bought a house in the Phoenix suburbs (Anthem) for $170,000 that its previous owner bought for $350,000.

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      November 20, 2009, 11:46 pm

    13. A. Zarkov says:

      The government will just print money and buy up all the vacant condos. Then it will bulldoze them to cut the supply. During the Depression farmers were dumping milk in the street to keep up prices while people went hungry. Footage of the milk dumping were used in Communist propaganda films put out in the 1950s. Funny thing, few in the Soviet Union believed the films as they just assumed it was all made up. Later when they immigrated here, they were shocked to find out farmers really did dump milk.

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      November 20, 2009, 11:48 pm

    14. Fub says:

      A. Zarkov: The government will just print money and buy up all the vacant condos. Then it will bulldoze them to cut the supply. During the Depression farmers were dumping milk in the street to keep up prices while people went hungry.

      In 1931, Louisiana (no matter how many words it takes to say it) Governor Huey Long pressed and got a bill forbidding cotton cultivation. Same reason: cotton prices had collapsed. Decreasing supply was supposed to increase prices.

      Approximate equivalent for today’s housing market would be state or local moratorium on building permits.

      I think all these sorts of government action are terribly wrongheaded and damaging to the general economy. But they do illustrate that state action to reduce supply need not be even worse, ie: “just print[ing] money and buy[ing] up all the vacant condos.”

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      November 21, 2009, 10:09 am

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      Quote

      December 2, 2009, 8:08 pm

    16. Latest miami payday loan news – KSM on trial in NYC: Treating terror like any old crime says:

      [...] The Volokh Conspiracy » Blog Archive » Condo Prices down 40% Year … [...]

      January 17, 2010, 11:50 am

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