November 6th, 2011 | 
Author: Article by Half Price Tour Tickets
Miami Beach is the city that’s full of culture and life, its lavish style makes it one of the top destinations to visit and to live. Full of glorious high rises and beautiful people living here is definitely a luxury. The climate and beaches are impeccable in almost every way.
At one point this tropical paradise was a place where people would buy condos like crazy and own them, in recent developments architects built many more condo high rises all around Miami to meet the demand of the market. Everything was going fine, but then the economy started to go down and the realty market was going down as well. This means that the price of condo’s started to sky rocket, making these already pricey condominiums even more expensive. While the economy goes down, people start to save their money more than ever. With all this going on the beautiful high rise condos don’t sell, meaning the brand new ones that opened don’t get any sales. In Brickell here in Miami, there were a whole bunch of new condominiums that rose up at the wrong time, right when the stock market was going down dramatically. If you drive through there now you’ll notice there are a lot of pristine buildings that are almost empty, maybe with 1 or 2 taken.
It’s like driving through a high rise ghost town, this is bad news for the realtors, and a couple of the owners of the buildings had to file for bankruptcy due to them not making enough money because no one is renting or buying. One example is the maker of Everglades on the Bay, a condo project who’s dark and empty windows have become uninhabited, it has become the first of the downtown Miami condo developers to file for Chapter 11 bankruptcy protection.Cabi Downtown Developers, they’re builders of the 849-unit condominium on Biscayne Boulevard across from Bayfront Park. They filed for Bankruptcy on Tuesday in the U.S Bankruptcy Court on Flagler Street in a smart move to protect them from lender foreclosures, many more will probably follow behind him. Cabi’s largest creditors include Gryphon Construction in Fort Lauderdale, which is owed a disputed 2,272, followed by Miami law firm Siegfried.
Aside from huge high rises filing for bankruptcy, businesses also feel the stress of the economy weighing on their shops. Many businesses here in Miami have closed down because they weren’t getting enough traffic and sales because people want to save money. So some of the high end stores who sell luxury things started to decline in sales, and with the rent being higher due to the market, it makes it tough on them forcing lots to close.
In South Beach especially, you’ll notice that on some streets you see empty places where businesses used to be, it makes it look unattractive, so then nearby stores struggle because the area doesn’t look attractive ruining some of their sales. The tourists and Everglades tours available tend avoid places that seem abandoned, but eventually the market will bounce back and things will become normal again, hopefully.
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