What is going on in Miami? - Page 2

jokerthief · #11 03-23-2007, 11:41 PM

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two words:

HO MO's

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Well, at least one post made me smile in this useless thread.

Perhaps no one thinks this interesting like I do or perhaps no one has insight on this puzzle. However, this [censored] is simply amazing. No where else in the world is there this level of development save China and Dubai. The development in China is being fueled by the industrialization of 1.3 billion people. In Dubai it is being fueled (foolishly IMO) by oil money. What the hell is going on in Miami that could possibly warrant the tripling of it's skyline in five years? It's even more stark when you consider how much the skyline has grown in the last five years.

I almost feel like Neo when he saw his first glitch in the Matrix.

DonButtons · #12 03-24-2007, 01:04 AM

I love it.

Can't wait to grab a penthouse somewhere 500 ft high in a year or two off all those broke people foreclosing.

jokerthief · #13 03-24-2007, 03:34 AM

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I love it.

Can't wait to grab a penthouse somewhere 500 ft high in a year or two off all those broke people foreclosing.

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This is actually a wise post. I can't see how this level of development can be economically feasible. Like I said before, there are only two other places in the world that are developing as fast as this. One is due to a huge populace the other is due to a ridiculous amount of oil money (my bias is clear, I think Dubai is grossly over developing).

How the [censored] is Miami able to grow as fast these two areas? It doesn't add up, yet it is happening.

NU Star · #14 03-24-2007, 03:37 AM

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In Dubai it is being fueled (foolishly IMO) by oil money.

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Why foolish?

Brainwalter · #15 03-24-2007, 03:43 AM

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How the [censored] is Miami able to grow as fast these two areas? It doesn't add up, yet it is happening.

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If you build it, they will come.

jokerthief · #16 03-24-2007, 04:00 AM

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In Dubai it is being fueled (foolishly IMO) by oil money.

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Why foolish?

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This is a great question.

UAE only has a population of 4.5 million people. Dubai has a population of half million. I can not see the economical justification to expand the city faster than cities ten times it's size. To me it seems that Dubai's development is more about ego than it is about economics. It is very reminiscent of other boom bust phenomena. The development that is going on in to Dubai right now could only be justified, IMO, if it were to become a top 3 city in the world. There is no way of that happening, therefore, it think most of Dubai's development is ill advised.

NoSoup4U · #17 03-24-2007, 04:02 AM

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How the [censored] is Miami able to grow as fast these two areas? It doesn't add up, yet it is happening.

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There is a extraordinary demand for condos in Miami. Many of the new skyscrapers are primarily condo developments and all of them sell every unit before construction is completed. 50 Biscane completely sold out Building 2 in four days. I don't know if it is sustainable, but the real estate market in Miami is still through the roof.

With rents of $300-$650 ft2, there is still room to grow when you compare to other big cities. It does seem nuts, though. It is unclear to me how much represents people moving to Miami and how much is fueled by real estate speculators.

ThePenguin · #18 03-24-2007, 03:23 PM

Isn't much of Miami projected to be underwater in 100 years?

decigam · #19 03-24-2007, 03:41 PM

Its not local growth. Miami imports many people from the rest of the country and more importantly South America.

South America is going through a combo of an economic boom and a political decline. This makes people want to buy property abroad, mainly Miami.

Going back to importing people, people who relocate to Miami are mostly very wealth (both from Northern US and SA), so they can afford these expensive skyscrapers, its not locals getting in over their heads.

z28dreams · #20 03-24-2007, 03:46 PM

For those that don't read El D's forum, check out the Cocaine Cowboys documentary.

There is a pretty cool story about how all the coke smugglers grew this city out of control earlier and most of the city development was built on this money.

I wonder what it is this time around.