Here's a headline that may sound familiar: Miami is in the middle of a condo boom.
Just seven years ago, Miami had a similar surge in condo construction. But it all came crashing down. There was an international banking crisis, and the Florida real estate bubble burst — taking down investors and many developers.
But new towers are once again reshaping the city's skyline.
Peter Zalewski, a real estate consultant with Condo Vultures, says 19 condo towers are now in the works in Miami, with 7,000 total units.
In the Marketplace Morning Report's second Wednesday segment, host Jeremy Hobson wonders if home ownership is still part of the American Dream. He speaks with Miami's billionaire condo king, chairman George Perez of the Related Group, and introduces WLRN's Karen Burkett with a story about the challenges that home buying poses to normal-income people competing with investors for the same properties.
The Miami-Fort Lauderdale-Pompano Beach metro area remains on the bleeding edge of the nation's still-critical foreclosure problem, according to new rankings from the Center for Housing Policy. It has, by far, the highest rate of homes in foreclosure -- but the rest of the state is not far behind.
In the 13 metros with the highest percentages of homes in foreclosure, only one is not in Florida. It's number two.
NOT MUCH TO SEE: Michael Rosenberg lives on the Calusa Country Club Golfcourse at Southwest 130th Avenue and North Calusa Drive but can't even see the golf course since the owners of the property fenced it off.
What is the value of living on a golf course? Michael Rosenberg isn’t sure. And though he doesn’t play the game, he likes the idea of sitting on his deck and looking out at serene green fairways, not someone’s rusty barbecue pit or swing set.
It’s why he bought his home on the Calusa Country Club in South Dade, paying a premium for his four-bedroom home.
There's been a big consumer protection settlement for people who lost their homes to foreclosure and checks could be on the way early next year. Did you lose your home to foreclosure? And was your mortgage serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase or Wells Fargo? The Sun-Sentinel is reporting you may be eligible for a $2,000 check.