Big Unwind Begins in San Francisco, Miami, New York, Houston: Rents in “Primary Markets” Sunk by Apartment & Condo Glut
Soaring rents have hit the wall of reality.
This is how it is happening in Miami: A heroic building boom in Greater Downtown has created a phenomenal condo glut just when federal regulators decided earlier this year to track down money laundering in the real estate sector. It coincided with Brazil and Venezuela – Miami’s largest feeder markets – falling into political turmoil and economic chaos respectively. The “strong” dollar doesn’t help. And buyers from abroad have become scarce.
No one was prepared for this. The slowdown started a year ago when the resale inventory began to balloon. According to a new report by Integra Realty Resources for the Miami Downtown Development Authority, in May listings soared 58% from two years ago, to about 3,000 units, while monthly sales plunged 43%.
And new supply keeps on coming: In the second quarter, nearly 7,500 condos were under construction, with another 1,550 being marketed for sale.
Rest here…
~
Moreover there’s no loyalty with them because they’re SPIES therefore their credibility doesn’t exist.
They’re determined to destroy the U.S.under FALSE PRETENSES by targeting the family structure because that means nothing to them.
They can’t say it like it is they’re MOB RACKETEERING & the enforcers of their FRAUD hide the PROTECTION RACKET by FRAUDULENT CONCEALMENT of the fact they’re dirty dealing in FRAUDULENT SALES of INVESTMENTS in their own SECURITIES FRAUD.
They’re hiding their IDENTITY behind our stolen IDENTITIES so no one would never know who might be trying to knock them off & the JUSTICE SYSTEM is the main culprit in that.
They’re conducting themselves unlawfully no different than WAR CRIMINALS & that’s why WALL STREET EXECS should be criminally prosecuted by the U.S. STATES ATTORNEY for DERIVATIVES FRAUD because that was used to wage MOB WAR on WE THE PEOPLE.