The Miami Canary in the Dublin Coalmine

[2Pack]

orlandosentinel.com/business … 1796.story

Just how many other speculators face the same dilemma in the nation’s most glutted condo market will become clear **during the next two years. That is when 25,000 new condo units, most of them rising in or near Miami’s downtown, will flood an area already saturated with 23,000 condos listed for sale. **An additional 40,000 units have been approved, but analysts doubt the majority will break ground

Now Miami is about 2.5 times the size of Dublin .

closings in Miami are about to become somber days of reckoning for electricians, waiters, retirees and other amateur speculators who counted on making a quick killing in a market they thought would rise forever.

No one knows how many units speculators bought. But as early as 2004, McCabe and Lew Goodkin of Miami-based Goodkin Consulting warned that up to 70 percent of the condos rising in Miami were being snapped up by people who didn’t plan to hold on to them, much less live in them.

Thats so familiar to us . We will see lots of panicking flippers for the next year or two.