Word: cranes
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...last piece of the last residential construction crane in Miami is coming down, and locals don't expect to see another one for a while. Developers threw up some 23,000 housing units along South Beach and its environs beginning in 2003, many of them bought by speculators who thought they could flip the 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...
...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...
...Then the music stopped. "Our best guestimate - 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," Zalewski told TIME. "Well, at least seven years," he said before modifying his forecast yet again. "Let's go with a decade," he finally concluded. Let's. The latest Case-Shiller Home Price Index for a 20-city composite showed that prices recorded a 1% drop in August and were down 16.6% for the past 12 months. Miami had a 1.8% monthly drop...
Upon our arrival at the Business School, first-year student A.J. Crane overhears us talking about the turkey, and points us to where he’s seen it hang...
...attacks people!” Crane says. “I’ll hide from...