Word: condo
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Dates: during 2000-2009
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...indicator of the severity of the crisis is the number of homes ending up in the hands of banks, which really don't want to be in the real estate business. These properties are known as "real estate owned" or REOs, which is typically a house or condo that gets repossessed by the lender, usually after failing to sell at a foreclosure auction...
Aside from providing homes for fish life and plants, coral reefs also produce billions of dollars in related eco-tourism and thousands of jobs in South Florida. They are also a buffer for beach erosion, a problem exacerbated by each new oceanside high-rise condo, as well as the storms and hurricanes that have battered Florida over the last four years. A joint federal and state study released in 2001 showed the reef-related economy - including money spent by eco-tourists for diving, chartering boats and the like - resulted in a $4 billion industry and more than 35,000 jobs...
...reproduce the hotel's original French gardens. In the background, a 60-piece orchestra and A-list acts like Robin Thicke will perform. Add to that a new 40,000-square-foot spa (where you can warm the marble of your Turkish hamam bed), an adjoining hotel-condo tower, upscale restaurants, clubs and boutiques as well as spectacular lobby chandeliers created by Ai Weiwei, who designed the Bird's Nest stadium for the Beijing Olympics, and you've got a bash the cast of Entourage would die for. (See pictures of the 2008 Beijing Olympics...
...single-family home here. The in-your-face lifestyles of Miami's rich-and-famous have encourged the not-rich to emulate their ways - creating the kind of credit-driven nightmare that has sapped the nation during this crisis. Much moreso than in other U.S. cities, profligate values, from condo-flipping to Jaguar-leasing, hold sway here. In that sense, this weekend's Fontainebleau fete is pure Miami: the dysfunctional creed, to quote the title of Lapidus' autobiography, that Too Much Is Never Enough...
...properties for a quick profit. Then the music stopped. "Our best guesstimate--and we've talked to lenders and developers--is that you will not see a residential construction crane in the sky in downtown Miami for a generation," says Peter Zalewski, a real estate broker and founder of Condo Vultures, a realty-intelligence service. "Well, at least seven years," he says before modifying his forecast yet again. "Let's go with a decade," he finally concludes...