Daily Archives: November 24, 2006

Miami’s Pre-Construction Market a Sleeping Giant

By: Jenny Juliano
http://www.turks.us

It is safe to say we have all seen the endless display showcases at the malls showing pre-constructed condos and estates adorned with beautiful model-looking sales women and drop-dead gorgeous salesman.

Entering into their un-chartered waters shall leave you with the same questions: How can I be sure that the property is legitimate and my investment will be safe? Are they fly-by-the-night property agents; and can I be one hundred percent certain that my money will not end up being sealed away at a private bank account in the Cayman Islands? It is a fact that no investment is one-hundred percent certain, even in real estate or pre-construction projects. Every investment comes with a risk because if it didn’t, it would not be called an investment. Instead, it would be nothing less than taking candy from a shop. Still, considering pre-construction property sales would not only be beneficial, it could end up in an enormous profit taking.

For starts, take a closer look at one of the fastest growing communities on the planet, Sunshine Miami, Florida! Home of the sun, sand, the Dolphins and the endless amount of Northeast snowbird retirees who come for their flu shots at the supermarket and the early bird special at Denny’s by 4pm. Not to mention the tremendous growth of pre-construction properties that is growing in an alarming rate; well above the national housing boom.

Make no mistake about it, Miami’s housing boom in the past decade was simply on fire that was not from the sun! More than ever before, people are flooding into Miami from all corners of the Earth with families to raise and cash to spend and everything from luxury cars to multi-million dollar homes. With weather like 75 degrees when it is 30 degrees in New York, who could resist purchasing property in Miami?

True, it can be admitted by even the staunchest pre-construction proponents that risk is always involved before the finished product is reached but let’s remember that Miami is a place governed by the rule of law, not warlords and guns. Investing in pre-construction homes in Miami is not exactly like investing in Beirut, Lebanon with its political uncertainties or Sri Lanka which unfortunately is still healing from the devastating 2004 Tsunami.

Although Miami real estate pre-construction market nowadays is slowing down because of numerous supplies of pre-constructed and completed homes and condominiums beyond customers’ demand, realtors remain positive that Miami property has and would always be pivotal within the spectrum of the American housing market. Real property developers engaged in some pre-construction projects might soon be obliged to lower the cost of units due to rigid competitions in the market— an incident that would be favorable to the buyers. The proliferating rate of preconstruction projects in Miami shall lead to some advantageous end results favoring none other than the buyers themselves.

http://www.turks.us/article~story~Miamirealestatepreconstructionmarket.htm

Advertisements

Leave a comment

Filed under News

Time Magazine Bashes Miami Again!

 

First off, I have always had great respect for Time magazine. Secondly, I have some ideas for their editorial staff. How about this: the next time they write about Miami they should include the image of a turd. They should simply refer to the city as the “Banana Republic.” I know they want to. Might as well, considering the unsurprising and well-timed negative blow the magazine has laid on Miami once again. It began in 1981 with their expose of Miami as a crime-ridden city rife with corruption. The article “Paradise Lost” was a cover story. Sure, in 1981, that was true. Miami has had its share of big problems and has come a long way since the 80’s, except Time doesn’t seem to think so. The Magazine just relishes the chance of shining an enormous spotlight on Miami’s problems. Now, they do it again in 2006. So insurance premiums are through the roof due to recent hurricanes, and disgruntled people are leaving Miami due to the traffic, increasing land values, and other nuisances, but I simply don’t understand how that is worthy of the country and world’s attention. I don’t see how that constitutes “trouble in paradise”. Do people outside of Miami really care that insurance premiums are sky high in the city? Time Magazine seems to think so. According to Time, our city has quite a lot of corruption in the local government. This is old news. Hopefully, a salary increase will give less cause for embezzlement. Still, obvious problems aside, since when is it uncommon for people to leave Miami? I guess people didn’t leave Miami after the awesomely violent riots of the 1970’s and 80’s in the city’s black neighborhoods. During the Mariel boatlift, I’m sure everyone stayed. How about after Hurricane Andrew? Miami has been through enough blows. The city can take one from Time Magazine. It isn’t the first and it’s unlikely to be the last.

It’s a shame how such a reputable and influential magazine published such a misguided story. It made no emphasis on the city’s historic explosion in construction activity. There was not even a peep said about Miami vying for the secretariat position of the FTAA, because South Florida sees well over half of the trade between the U.S. and Latin America/Caribbean, excluding Mexico. Miami’s diverse population, culture, urban progress, and economic advantages were ignored. If the magazine is going to do a report on the city, it should have been a balanced one. Miami is widely considered one of the best, if not the best city to do business in Latin America. The indirect reference to Miami being the “Banana Republic” is a cheap shot. Is it necessary to describe such a culturally diverse and economically well positioned city in such a manner—even if it is an indirect quotation? Is the local government non-functional and inept? Are more people emigrating from Miami than are immigrating? Is the international immigrant inflow sustaining the city’s growth rate? Time Magazine would answer in the affirmative for all. That is unfortunate. Do Miamians really care when they have to wait for a drawbridge to allow a yacht to pass? Even this silly statement is made in the article. I mean how petty does it get? Of course there was the inevitable blow at the Cuban-American community. What have they done now? Exist? O yea, they still do. Bash them! So, Miami is “greedy” it seems. Presumably, NYC is pious. Maybe Las Vegas is puritanical. It could be that Los Angeles is modest. Is there no end to this pitiful waste of time and space on the magazine’s pages? The real story is that Miami is rising—literally and figuratively. The real story is that it will become one of the Western Hemisphere’s most prosperous and possibly even one of posterity’s most favored cities. Time Magazine knows, they just choose to ignore it. The irony is that as Miami’s destiny continues to unravel, it will inevitably run into more problems and Time Magazine will surely highlight them, but if the magazine wanted to do business in Latin America, where do you think they’d open up their headquarters? You guessed it, the “Banana Republic”. They can ignore Miami’s multi-billion dollar airport expansion, billions of dollars worth of historic development, and vibrant economy. It’s ok. At least Time Magazine got one thing right. Miami is paradise.

Post Script: Time Magazine reaches 173 million adults world wide per month.

Here is the link to the latest Time Magazine article:

http://www.time.com/time/magazine/article/0,9171,1561128,00.html

Here is the link to the 1981 article:

http://www.time.com/time/magazine/article/0,9171,922693,00.html

 

Leave a comment

Filed under BoB Articles, History, News