Word: condos
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...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...
...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...