Rent in Miami fell 2% last year and is still going down. I wonder why…
“Not really affordable but may cause some of the older buildings to see price drops hopefully.” Exactly. New luxury housing supply makes old housing stock more affordable (we’ll documented phenomenon known as “filtering”).
“Not really affordable but may cause some of the older buildings to see price drops hopefully.” Exactly. New luxury housing supply makes old housing stock more affordable (we’ll documented phenomenon known as “filtering”).
@AlecStapp i move in next week. it's everything DC isn't. it's going to be fantastic
Market here is insanely inefficient. A 7-story development with no water view is 70% sold out (it has barely just broken ground) with asking prices of $900-$1,000/sf sold to foreigners. Meanwhile a condo unit of the same quality/size and with the same amenities, on the water with unobstructed views, can't sell for $600/sf.
@AlecStapp It's almost like they care about the middle class! Unlike SF City Council which virtue signals while pursuing the most regressive policies for ordinary working people.
@AlecStapp @DanielleFong have they checked the risk factors 🤔
@AlecStapp I have been reliably informed that high rents LIC are the result of building shiny new towers. Imagine how much rents in Miami would have dropped without all of those buildings!
@AlecStapp @Jesse_Livermore Won’t stop until it’s ruined