The latest edition of Businessweek contains an interesting article entitled "How the Beach Ball Burst" by Roben Farzad. The article, told in a timeline style about the period March 2001 to March 2008, tells of the boom and bust of the property market in southeast Florida, particularly in Miami. It's especially interesting because it depicts the massive growth in the region in the early part of this decade - with cranes rising high above the city skyline; developments appearing everywhere - even on a former landfill site, in one case; and everyone and their dog becoming property investors or estate agents (realtors). Farzad even tells how, during one check-up, his hygenist promoted her new sideline business she was starting as an independent real estate agent by tucking a stack of her business cards into his shirt pocket.
Whilst the majority of you will certainly appreciate the favourable market conditions (weak property market, weak dollar) Brits can enjoy when buying in Florida nowadays, it's engaging to read how it was all so different only a few years ago.
Here's the article: How the Beach Ball Burst (Businessweek, 10th April 2008)
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2 comments:
I remember this period well: some greedy people in SE Florida waited for days to put a deposits down on unfinished apartments, hoping to resell them later at a huge profit. Crazy!
This is funny: "Cecilia Mendez. Independent real estate agent. Specializing in the Beaches and Downtown...I'm starting my own business. Give a few to your mom, and, you know, any peeps in New York who are tired of the cold." Classic.
Tony
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