Think things are bad? It's about to get a whole lot worse. So said 60 Minutes last night during a piece about the mortgage meltdown and pending Grapes of Wrath-style doom that faces us all.Long story short: A second mortgage disaster is on the horizon, and no place will be hit harder than Miami-Dade, where $2 million luxury condos have lost $1 million in value in the past year and entire subdivisions have more or less been taken over by squatters. 60 Minutes even came up with a new name for the
Bryan Sereny via Flickr CCRenters have revived the Miami condo bust, the Herald reported today, but we're not really buying it. According to our favorite daily, 62 percent of new condos built since 2003 "are inhabited by humans." When did that number become a good thing? And what about all the near-finished empty towers hanging in limbo? They aren't included in the study.
Out of curiosity, we stopped by Icon Brickell on Forth Street and Brickell Avenue to see if things are picking up.
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Whenever the national media parachutes into Miami to write about our Chernobyl disaster of a condo market, they usually turn to one man, our own cheerful soothsayer of real estate doom.It's Peter Zalewski, founder of the delightfully named Condo Vultures. The former Daily Business Review reporter is quick with a funny quote and is unabashed about his company's "bottom-feeding" philosophy of making money off foreclosed property.Well, Zalewski has officially taken his shtick to the next level. It
Riptide was feeling all warm and fuzzy this morning. No, it wasn't just from all the vodka in our coffee. (What, like you don't start your day with a little 'Russian java'?) Flickr / CC BY-SA 2.0​The latest employment numbers came out this morning, and it looks like our Kanye-on-the-VMAs-esque disaster of an economy is finally on the rebound. The ArmaRecession may finally be hitting rock bottom. Yay!But then we talked to Peter Zalewski, head of Condo Vultures and both Riptide and Michael Moore
