Coming soon to a skyline near you….
The number one most popular story on nytimes.com this morning, entitled “As Condos Rise in Florida, Investors Try to Flee,” reads:
MIAMI, May 25 — As dozens of condominium towers conceived during Florida’s real estate boom near completion, investors who snatched up units in the preconstruction phase in hopes of turning a quick profit are increasingly trying to break contracts, even walking away from fat deposits….In Miami-Dade County alone, 8,000 new condo units will be completed this year and nearly 12,000 more in 2008. But demand has dropped markedly, and people who thought they could “flip” condos — buying, then selling for a steep profit before construction is done — are parting with that fantasy.
Cranes loom large over the Austin skyline as our “next generation” real estate developers trade in sprawl for the oh-so-politically correct “density”. Condos condos everywhere, at very high price-points — do they reflect an enlightened vision for urban renewal or the same old same old (debt-fueled real estate speculation) re-lensed to suit the current discourse? There’s nothing new under the sun.
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About The Unforeseen
The Unforeseen, executive produced by Terrence Malick and Robert Redford, premiered at the 2007 Sundance Film Festival. Called "the best film at the festival, hands down" by Film Comment's Gavin Smith, the film documents the struggles between development and preservation of Austin Texas.