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Thursday, May 20, 2010

"Stunning Overbuilding"

Richard Green:

Stunning Overbuilding Fact of the Day, by Richard Green: I am listening to a presentation at the Homer Hoyt meetings on the condo meltdown in South Florida. Developers planned on building 95,000 units in the city of Miami between 2002 and 2007. In the 2000 census, the whole city had 163,000 units.

Unless the old people who move to Florida and buy these condos are partying so hard they destroy them in a few years -- maybe golf and bingo really bring out the wild side -- then that is, as noted, some "stunning overbuilding." Makes you wonder about the claim there is no way to tell if a bubble is developing until it pops.

    Posted by on Thursday, May 20, 2010 at 12:09 AM in Economics, Housing | Permalink  Comments (32)


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