No Looming Disaster Is Big Enough to Stop the Miami Condo Boom
Parts of South Florida will be underwater before you know it. Nevertheless, Florida is busily building new condos all the way down the coast, because fuck it, they can $ell them. Or can they?
Bloomberg today reports on the financial status of the Great Miami Condo Boom:
Developers have broken ground on more than 7,600 new condo units since 2011, when construction resumed after the last crash, according to a report scheduled for release next week by the Miami Downtown Development Authority. After starting 16 major downtown towers in 2014, builders began work this year on just one. Sales of new condos slowed and prices flattened in the first quarter, the report showed.
More than 3,000 condo units planned for construction are at risk of delay, said Anthony Graziano, senior managing director at Integra Realty Resources Inc., which prepared the report. He estimates that international buyers account for as much as 95 percent of downtown’s new-condo market.
Will this be an unwanted blessing for the idiots who would have made the mistake of buying expensive luxury condos in Miami shortly before global warming passes the tipping point and drowns them all? Probably not! The slowdown is attributed to exchange rates dissuading Latin American buyers, which is something that will inevitably swing back in the other direction eventually. Also: “The developments most at risk [financially] may be those away from the water.” When the rising seas swallow up the popular developments that are on the water, the unpopular developments that are not on the water now will be on the water, and will become popular, and get snapped up by various filthy rich businessmen from Brazil, so that their developers can cash out with a tidy sum just before those developments are, in turn, swallowed by the thirsty seas.
Just hold on long enough and you are guaranteed to have oceanfront property.
