Jeff Ostrowski
Alexandra Clough
Home > Real Time > Archives > 2007 > November > 13 > Entry
Miami: the new superstar
LAS VEGAS - Miami may be turning into a “superstar” city.
NAR economist Lawrence Yun said some extremely attractive cities can sustain home prices far higher than what seems realistic, i.e., average prices exceed what average residents can afford, based on monthly income. But high prices are sustainable in some cities because people with deep wealth want to move there. San Francisco, London and New York fit that description, he said.
Today, a lot of people believe “Miami must be overpriced,” he said. But when baby boomers start retiring in big numbers, many of the wealthy ones may move to Miami, driving prices there even higher, he predicted.
Permalink | Comments (4) | Categories: 2007 NAR convention
Comments
By Get in the Game
November 13, 2007 5:52 PM | Link to this
What a job Mr. Yun has! God Bless the guy…
I like, even love Miami…
But Miami is not included in the same sentence (or the one thereafter) with London, NYC, and San Fran.
Those three cities are truly gateway cities with a diverse economic structure, solid Fortune 500 companies, and are financial meccas.
Miami?
Sorry guys, just not there yet. Not even close.
Just do not see this massive surge of Baby Boomers flocking to Brickell, South Beach, and the like.
The next 3+ years shall tell with Miami w/ re to prices.
Unless you MUST have a house in Miami right now, just wait.
Plenty of places to rent.
By To Get in the Game
November 13, 2007 6:23 PM | Link to this
I’m curious. I’m in the same camp you are for the most part. However, you seem to get much enjoyment from true doom and gloom. You actually appear to revel in providing data that will make some people, like average joes just looking to sell their house and move somewhere else, cringe, cry, and panic. Why do you take pleasure in seeing other people get hurt financially? I agree with the general trend that you cheer on, maybe not the exact timeline, but I do not agree with your apparent happiness in the bad news.
Are you the type of person who can’t wait to see the crash site on I95 and hope to see a corpse or badly damaged car? Do you relish in reading stories of the Great Depression and bankers jumping out of windows leaving wives and kids to fend for themselves? Did you hope for more deaths when the towers came down?
That may be harsh, but by god, that’s the way I read you loud and clear. You seem to be psychologically not all there.
There have been many extreme windbags on this blog on both sides of the argument that relished in the gloom, or the opposite when it was the other way, and they all have gone away. You are one of those extremes, so I take it you will wander away one of these days as the others have.
The sad thing is I don’t think I’m alone in my belief of you, and sir, I’m no cheerleader. Just calling it like I see it.
BP in Manalapan
By Get in the Game
November 13, 2007 8:07 PM | Link to this
BP
Need to re-read my post on Miami vs. NYC/San Fran/London…
My comments are on track and state it all…
BTW, the Great Depression stuff, never brought any parallels to that era.
By WRITING FOR DOLLARS
November 14, 2007 11:14 AM | Link to this
What will help is for The Palm Beach Post to STOP SCAREING AWAY BUYERS with fabricated horror stories like the PHANTOM 100,000 condo’s being built in Miami. A Miami Herald investigation concluded that only 23,000 condos were built or under construction in all of Miami-Dade County AND that home and condo prices in Miami REMAIN STRONG and RISING! But The Palm Beach Post has been SUSPICIOUSLY SILENT in reporting THIS GOOD NEWS! The local housing market will improve when the POST REPORTER who sold his home in Delray Beach four years ago and MISSED the housing boom BUYS back into the market. Till then you will read nothing but fabricated DOOM and GLOOM horror stories DESIGNED to drive HOME prices lower for him!!