South Florida Real Estate Crash: 8/2/09

Tuesday, August 4, 2009

Did I not say to keep a low profile , Well didn't I...

Goldman CEO told employees to avoid making high profile purchases

http://finance.yahoo.com/news/Goldman-employees-told-no-big-rb-1995811470.html?x=0&sec=topStories&pos=7&asset=&ccode=

TIC TOC TIC TOC TIC TOC TIC TOC TIC

Wheres Denninger and Durden ! We need leaders !!

(CRE) Commercial real estate crash in pictures . Florida real estate is in crisis. Headlines mean nothing so how about some pictures . What is really amazing if you notice the time and date on each picture . I was able to shoot a picture about every 45 seconds while all alone driving in traffic including stopping for traffic lights and parking in a safe place each time for each shot . Everywhere you turn something is for lease or rent.

These are just a small portion of whats out there in one area and I missed more then I took because I did not want to do any U-turns . These are condensed from all the albums below for easier reference in one spot .

PICTURE ALBUM

http://gs168.photobucket.com/groups/u191/KLMGVE6P6T/?albumview=slideshow

PICTURE ALBUM

http://s218.photobucket.com/albums/cc205/pictureserverphotos/Ocean%20Property/?albumview=slideshow

PICTURE ALBUM

http://s218.photobucket.com/albums/cc205/pictureserverphotos/?albumview=slideshow

PICTURE ALBUM

http://s218.photobucket.com/albums/cc205/pictureserverphotos/Oceanside/?albumview=slideshow

PICTURE ALBUM

http://s218.photobucket.com/albums/cc205/pictureserverphotos/on%20street%20with%20no%20names/?albumview=slideshow

Picture Album

http://s218.photobucket.com/albums/cc205/pictureserverphotos/on%20street%20with%20no%20names/ocean%20location/?albumview=slideshow

Photo Album

http://s218.photobucket.com/albums/cc205/pictureserverphotos/on%20street%20with%20no%20names/ocean%20location/larger%20properties/?albumview=slideshow

There are some duplicates .

PICTURE ALBUM

http://s218.photobucket.com/albums/cc205/pictureserverphotos/on%20street%20with%20no%20names/ocean%20location/larger%20properties/2%20blocks%20in%20pompano/?albumview=slideshow

LAST EXIT BEFORE THE NEXT WAVE

‘Crisis Not Over’

“We were struck by the 44 percent increase in problem loans in the quarter,”

http://www.bloomberg.com/apps/news?pid=20601085&sid=aUKAk1bKBVl8

Miami-Dade Property Appraiser creates a false impression

http://blogs.miaminewtimes.com/riptide/2009/08/miami-dades_property_appraiser.php

Monday, August 3, 2009

" PUBLIC SHAME " THATS THE GOVT. PLAN . Are you kidding me !

The Obama administration wants to shame the mortgage industry !

Banks have no Shame !

Officials are counting on public outrage to get the industry on track.

Honey , where did you put my pitchfork and torch !

http://finance.yahoo.com/news/Govt-counting-on-public-shame-apf-249224605.html?x=0&sec=topStories&pos=7&asset=4ad330459a77e0dbcb54e2f40e65a7ca&ccode=1

BREAKING STORY...FBI and Treasury agents RAID COLONIAL BANK in ORLANDO FLORIDA.

UH-OH , a rogue regulator on the loose . I guess someone did not get the memo to pump the market up today .

http://www.orlandosentinel.com/news/local/breakingnews/orl-bk-bank-orlando-080309,0,3976052.story

http://www.myfoxorlando.com/dpp/news/orange_news/080309_fbi_raids_building

Mellon Bank foreclosure actions

Developer only sold 14 out of 115 units . Miami’s Jenny Tower . Miami-based Mellon United National Bank lost $110.1 million last quarter and sells itself to a Spanish bank..

http://bankimplode.com/viewnews/2009-08-01_MellonUnitedloses110MinQ2.html

http://www.bizjournals.com/southflorida/stories/2009/07/27/daily87.html

Miami Dade has 174.8-month supply of vacant developed lots

Miami-Dade County has 5,126 vacant developed lots . This represents a 174.8-month supply of vacant developed lots at the current annual starts. That's 14 years my friends .

Broward County Florida had 2,725 vacant developed lots at the end of the second quarter, a 105.1-month supply

http://www.bizjournals.com/southflorida/stories/2009/07/27/daily29.html

"In Broward County, there were just 17 housing starts

I dont want to hear about or read anymore articles about real estate percentages unless they report with actual numbers . If Broward county Florida had 78 housing starts which we did we would have a huge percentage increase from the previous 17 . But we have a population of about 1.8 million people . Now how does the number 78 sound in relation to 1.8 million people .

http://www.bizjournals.com/southflorida/stories/2009/07/27/daily29.html

Commercial mortgage delinquency rises 585 percent

Cmon how hard can it be to lease or sell commercial real estate in this economy !! Ask these South Florida landlords in all the picture albums I have posted for just Broward county Florida !! Go ahead you see all the phone numbers !!

http://www.bizjournals.com/houston/stories/2009/07/27/daily18.html

Honey get the checkbook !

WOW 40% off and only 2 left ! Honey get the checkbook !

Sunday, August 2, 2009

How did the Cash for Clunkers program work out for this 35 year old dealership

Two Blocks of Oceanfront in Pompano Beach Florida

PICTURE ALBUM

http://s218.photobucket.com/albums/cc205/pictureserverphotos/on%20street%20with%20no%20names/ocean%20location/larger%20properties/2%20blocks%20in%20pompano/?albumview=slideshow

If I only had a dollar for every picture I would be a rich man !

I took another drive today and ignored all the smaller properties for sale or lease and tried to concentrate on larger properties and plazas. For every large property in trouble there are probably 10 smaller ones and this is only Commercial real estate in 1 small area . These pictures are pretty much limited to several main roads out of thousands in South Florida. With all this devastation its nice to see Wallmart is the ONLY one doing any business . So the score is Wallmart one , Main street nothing !

Photo Album

http://s218.photobucket.com/albums/cc205/pictureserverphotos/on%20street%20with%20no%20names/ocean%20location/larger%20properties/?albumview=slideshow

There are some duplicates .

In Real Estate its , LOCATION LOCATION LOCATION !!

Well then there goes the neighborhood !

Picture Album

http://s218.photobucket.com/albums/cc205/pictureserverphotos/on%20street%20with%20no%20names/ocean%20location/?albumview=slideshow

An Oceanfront luxury hi-rise in Fort lauderdale built years ago and what has happened to everything else on the block. A million dollar view of a multimillion dollar mess .