Word: condo
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Dates: during 2000-2009
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...last piece of the last residential construction crane in Miami is coming down this week. Don't expect to see another crane in this city for a decade, says Peter Zalewski, a real estate broker and founder of Condo Vultures, a realty intelligence service. Miami is both a metaphor and model for once torrid real estate markets that melted in the subprime debacle. Miami developers threw up some 23,000 units beginning in 2003, many of them bought by speculators who thought they could flip them for a quick profit. Some...
...There's a lot to do over. Today in the greater Miami area, there are 110,000 single-family houses, condos and townhouses for sale. Some 55,000 new foreclosures were filed in the first nine months of this year, and an additional 19,000 properties were taken back by lenders. In many areas in and around the tri-county area of Miami-Dade, Broward and Palm Beach, the value of property has plummeted so much that in some instances, banks are willing to take less than one-third of a property's value just to staunch the flow...
...areas of the country are suffering equally. In Chicago last month, Donald Trump stood atop his new, 92-story condo-hotel tower just off this city's most prominent boulevard, Michigan Avenue. "There's an economic disaster going on in the country," Trump dryly acknowledged. "A lot of things you think will be built in Chicago and elsewhere will never be built. The banks are shut down. But we got this one built, and we're proud of it." Getting it built and getting it sold are two different things, however. Many of the gleaming building's units remain...
...national headquarters of John McCain's campaign are in northern Virginia, near the condo where he stays when he is working across the river in Washington. But McCain didn't get around to actually campaigning in the most pivotal part of this pivotal state - exurban Prince William County - until the weekend of Oct. 18. That's when he realized he was running about 10 points behind in a state that hasn't voted Democratic since...
...consumers everywhere are reeling. Christopher Adams is an architect who lives with his wife Rachel in a North Miami Beach condo project in which fully 25% of the 244 units are in foreclosure. That means higher maintenance fees for those - like the Adamses - who continue to pay their mortgages. And as his monthly payments have gone up, Adams' income has gone down. His firm has lost three projects over the past year as commercial developers canceled jobs. As a result, he and his wife make decisions that ripple through the economy. He cashed...