Comments on: Condo Prices down 40% Year Over Year in Miami

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By: Myrtle Beach Attorney

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By: Fub

Fub — Sat, 21 Nov 2009 15:09:59 +0000

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."

By: A. Zarkov

A. Zarkov — Sat, 21 Nov 2009 04:48:26 +0000

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.

By: John Moore

John Moore — Sat, 21 Nov 2009 04:46:18 +0000

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

By: Mogden

Mogden — Sat, 21 Nov 2009 04:03:59 +0000

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

By: troll_dc2

troll_dc2 — Fri, 20 Nov 2009 21:10:18 +0000

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.

By: Scott Lazarowitz

Scott Lazarowitz — Fri, 20 Nov 2009 19:34:15 +0000

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.

By: BT

BT — Fri, 20 Nov 2009 19:05:37 +0000

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.

By: Steve

Steve — Fri, 20 Nov 2009 17:53:07 +0000

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.

By: Mike McDougal

Mike McDougal — Fri, 20 Nov 2009 17:28:55 +0000

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.

By: Dotar Sojat

Dotar Sojat — Fri, 20 Nov 2009 16:59:23 +0000

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

By: NickM

NickM — Fri, 20 Nov 2009 16:51:13 +0000

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

By: marc

marc — Fri, 20 Nov 2009 16:16:07 +0000

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.

By: sitzpinkler

sitzpinkler — Fri, 20 Nov 2009 15:52:40 +0000

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

By: Widmerpool

Widmerpool — Fri, 20 Nov 2009 15:02:38 +0000

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