Miami Property Values Exposed
I own property in Miami Beach, which is one of the nineteen cities, six towns, and nine villages in Miami-Dade County. Some of those cities, towns and villages have been growing in popularity, and as a result, real estate values are going up.
Lately, it’s come to light that some well-known foreigners, from celebrities to politicians, have invested in Miami-Dade properties. Of course I’m referring to the notorious Panama Papers, described by TheGuardian.com this way, “The leak of 11.5m files from the Panama-based law firm Mossack Fonseca continues to create upheaval around the world.”
In other words, quite a few foreign nationals have managed to purchase real property in the Miami area, because they had plenty of money to invest and because they had lawyers helping them circumvent US laws, as well as laws in their own countries.
So these investments have driven up the property values in Miami, which happens to benefit other people, including those of us who did not seek to shelter income and assets through off-shore lawyers and financial institutions.
MiamiHerald.com reports, “Miami historically has been a welcoming city for people from all over the world where we don’t ask questions,” said William Hardin, a professor of real estate at Florida International University… While the wave of foreign cash has boosted property tax revenue and created jobs, it has also driven housing prices out of reach for many locals. South Florida is now one of the least-affordable housing markets in the United States.
“We’re not building for local demand. We’re building for external demand,” Hardin said.
OK, I am not a disinterested bystander in this situation. Assuming the market continues to grow or remains stable, I will make a significant profit on my property someday when I sell. And of course I’m happy about that.
But I’m not happy about the situation in general, meaning the false real estate market, intentionally and strategically fueled by world-class corruption. This comment, also from MiamiHerald.com, says it all, “On a single day in 2005, an official of Mexico’s powerful teachers’ union and his relatives spent $6.3 million on 11 luxury condos at a Brickell high-rise.”
That was more than a decade ago, so there have been years and years of real estate sales in Miami-Dade, “where we don’t ask questions.” Over the years, I’ve been a victim of plummeting real estate values in Oklahoma City, where the oil business heavily influences real estate values. But, I’ve rolled with the punches and come out on top.
And now it appears I’m a beneficiary of soaring real estate values in Miami Beach, where many rich and famous people have chosen to invest through off-shore shell companies. At least that’s the way it appears right now. I guess time will tell how it all works out, for all of us.
Lately, it’s come to light that some well-known foreigners, from celebrities to politicians, have invested in Miami-Dade properties. Of course I’m referring to the notorious Panama Papers, described by TheGuardian.com this way, “The leak of 11.5m files from the Panama-based law firm Mossack Fonseca continues to create upheaval around the world.”
In other words, quite a few foreign nationals have managed to purchase real property in the Miami area, because they had plenty of money to invest and because they had lawyers helping them circumvent US laws, as well as laws in their own countries.
So these investments have driven up the property values in Miami, which happens to benefit other people, including those of us who did not seek to shelter income and assets through off-shore lawyers and financial institutions.
MiamiHerald.com reports, “Miami historically has been a welcoming city for people from all over the world where we don’t ask questions,” said William Hardin, a professor of real estate at Florida International University… While the wave of foreign cash has boosted property tax revenue and created jobs, it has also driven housing prices out of reach for many locals. South Florida is now one of the least-affordable housing markets in the United States.
“We’re not building for local demand. We’re building for external demand,” Hardin said.
OK, I am not a disinterested bystander in this situation. Assuming the market continues to grow or remains stable, I will make a significant profit on my property someday when I sell. And of course I’m happy about that.
But I’m not happy about the situation in general, meaning the false real estate market, intentionally and strategically fueled by world-class corruption. This comment, also from MiamiHerald.com, says it all, “On a single day in 2005, an official of Mexico’s powerful teachers’ union and his relatives spent $6.3 million on 11 luxury condos at a Brickell high-rise.”
That was more than a decade ago, so there have been years and years of real estate sales in Miami-Dade, “where we don’t ask questions.” Over the years, I’ve been a victim of plummeting real estate values in Oklahoma City, where the oil business heavily influences real estate values. But, I’ve rolled with the punches and come out on top.
And now it appears I’m a beneficiary of soaring real estate values in Miami Beach, where many rich and famous people have chosen to invest through off-shore shell companies. At least that’s the way it appears right now. I guess time will tell how it all works out, for all of us.
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