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277 comments on DrumBeat: March 30, 2008

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westexas on March 30, 2008 - 9:57am Permalink | Subthread | Parent | Comments top

Interesting story from Florida:

http://thehousingbubbleblog.com/?p=4333
They’re Going To Have To Give Them Away In Florida

The Herald Tribune reports from Florida. “The crowd filed in to the large white tent behind the Bahia Mar resort for Friday’s real estate auction organized by Sotheby’s and Daniel DeCaro Auctions as a four-piece jazz band played a peppy rendition of ‘I Feel Good.’ Only a handful of the properties would be selling absolute, where any bid would be accepted. The rest carried a non-disclosed reserve, or minimum bid. The auction, which was anticipated to take four to five hours, wound up clocking in at barely two.”

“The first property out of the gate was not a good omen: auctioneer Daniel DeCaro tried opening the bidding for 1850 South Treasure Drive in Miami Beach, a waterfront lot, at $1 million. There was no response.” “He then tried to get something started at $500,000, but again, no dice. $250,000? Still dead air. $100,000? Silence. At that point, DeCaro threw in the towel and passed the property by.” “‘Please come see us afterwards,’ he told the crowd.”

“By the time it was over, 67 of the 99 properties on the block had no bids. ‘This was a disaster,’ said Fort Lauderdale broker Paul Merlesena following the auction. ‘They’re basically going to have to give them away now.’”

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River on March 30, 2008 - 10:10am Permalink | Subthread | Parent | Comments top

Yes, they will have to give them away...or, bulldoze them. Another big problem are the huge condo projects that were started during the housing boom that are now nearing completion...Or, in some cases, work on the condo towers has ceased in mid construction.

Since local banks provide a lot of the construction loans for contractors to build these high rise condos, local banks are left holding the bag.

In some cases the new condos are being converted to rentals but that is not good for banks that were expecting the loans that they provided to be paid back in a lump sum upon completion of the condos.

Due to budget constraints in Volusia County seven school closing have already been announced...and that is merely the tip of the iceburg.

As Rosanne Rosanna Danna would say 'It's a real mess.'

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TrueKaiser on March 30, 2008 - 1:10pm Permalink | Subthread | Parent | Comments top

I say they should bulldoze the ones near the coast and try to re-create the natural area's to give some better protection to the inside of the state till the rising sea floods it out. Though thats not going to happen in any real world, what will most likely happen is the area's will become the slums of the 21st century letting the rich move to higher ground.

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ptoemmes on March 30, 2008 - 11:37am Permalink | Subthread | Parent | Comments top

Ayup - spittin' distance from where I live. Come on down - there's lots more of 'em too.

The crane accident in Miami last week? Still building those high six and seven digit condos on the shoreline. Mayeb we can use them to start the seawall we're gonna be needing.

Too lazy to grab the link, but a few weeks ago there was an article about how the population was declining in Broward County (one county North of Miami) and the same in general in Florida. Couple that with talk about - ahem - property tax reform (FOR THE THIRD TIME) only this time it's really about moving some tax sources from property tax to sales tax. Now population decline is not necessarily a bad thing to a Peak Everythinger - like me - 'casue after all we aren't exactly swimming in potabale water down here (we pump good rainfall - when it happens - into the freaking ocean. But the impact on (sales) taxes...

And we ain't even started to hurt...wait until the cruise line industry collapses. Airlines are already cutting back. Long time "bigger" industry like Motorola will shrink even more if not disappear all together.

Even Shaq left!

Pete

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River on March 30, 2008 - 1:17pm Permalink | Subthread | Parent | Comments top

Those of us living in Florida 'Are Freakin' Doomed'. We are represented in Tallahasse by a bunch of usedtobe realtors and real estate promoters. Now that RE is dying they don't have a clue. Yeah, raise the sales tax...again...That'll fix everything. My guess is their next move will be to legalize gambling casinos anywhere in the state...It would have already happened if not for the various hard shell protestants protesting.

Ptommes, I noticed recently that lots of cruise ships have moved from S Fl ports to Canaveral Seaport. Reason given was to be nearer Dizzy World and take advantage of people visiting Dizzy that want to go on a cruise. The cruise ship operators might want to consider drilling holes to the keels and stepping masts for sail power.

Daytona Int Air Port is losing flights almost daily. Meanwhile the kids at Embry Riddle AU are flying their little Cessna 172s to death, trying for enough hours to solo cross country and take their FAA written. I wonder how many of the students will ever get a berth as pilot of a major airline? The airlines are howling for more pilots but only because they fired the well paid senior pilots to hire younger lower paid pilots. Now passengers are being flown around by greenies. Not me.

Meanwhile, shrub and vader seem to think an attack on Iran will solve all problems for the US. I shouldda' built that bomb shelter.

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Dryki on March 30, 2008 - 4:19pm Permalink | Subthread | Parent | Comments top

It seems to me the state legislatures are typically populated with developers. In a shrinking economy that is going to be entirely *illegitimate*; they won't be representative of anyone.

cfm in Gray, ME

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KAYAKGUY on March 30, 2008 - 6:44pm Permalink | Subthread | Parent | Comments top

Florida is on the path to soon be a Dead Zone. I'm outta here ASAP. If you stay, keep the Zombies south of Georgia please.....

The World turns, with or without U.S.

BZ

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NZSanctuary on March 30, 2008 - 6:49pm Permalink | Subthread | Parent | Comments top

"Meanwhile, shrub and vader seem to think an attack on Iran will solve all problems for the US."

Is this some recent news over the last week or so, or are you referring to past comments? Any links if recent?

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710 on March 30, 2008 - 7:40pm Permalink | Subthread | Parent | Comments top

http://news.bbc.co.uk/2/hi/middle_east/7311565.stm
According to General Petraeus, Iran may have been behind the Green Zone attack on March 23.

http://www.debka.com/article.php?aid=1342
US military option on Iran is back on the table.

http://www.opednews.com/articles/opedne_richard__080328_saudi_newspaper_...
Saudi newspaper warns to protect against radioactive fallout from US nuclear attack on Iran.

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NZSanctuary on March 31, 2008 - 6:58pm Permalink | Subthread | Parent | Comments top

Cheers

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