Monday September 25, 2006

Stuart Miller, president of the largest housing builder in Miami-Dade, is puzzled by the sudden downturn in the housing market: “It happened very quickly, very suddenly. I can’t identify the trigger.” That’s ‘cause you haven’t been reading, dude. “Miller plans to ‘keep the conveyor belt running’ and finish building new homes in projects already underway. He also plans to offer sales incentives and slash prices to get the homes sold.”

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  1. Tere    Mon Sep 25, 10:48 AM #  

    Ah yes, that oh-so-mysterious trigger. Let’s see if I can help him find it:

    1. Ever-increasing cost of living, from gas to utilities to basic consumer goods
    2. Wages and salaries staying the same or going up a paltry 2 or 3%
    3. Sky-high insurance rates
    4. Crazy-ass property taxes
    5. A popluation made up largely of immigrants and working poor, and all the financial hardhsips these groups traditionally suffer

    And some basic facts about the area Mr. Miller is building homes in:
    1. A huge chunk of the population cannot afford healthcare (so how can they afford a house?)
    2. Miami is the 3rd-largest poorest major city; surely that affects the county as a whole
    3. Repeated setbacks from damages caused by recent tropical storms and hurricanes places people who were already behind even further behind

    I know, it’s all really obscure, I’m not even sure how I put all this together. I can only assume that Mr. Miller may be part of that group of people who are so high on that “Miami is the next NYC” or “Miami is all luxury, all fun, all good times” mentality that these hard facts don’t even factor into their thinking and planning.



  2. gansibele    Mon Sep 25, 02:39 PM #  

    Tere, Mr. Miller is part of the “I’ll say anything to keep making huge profits selling overpriced mcMansions” group. Of course it’s not in his interest to “identify the trigger”. All he has to do is look down his arm and see his finger in it.