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Dumping Properties In Miami As Mass Exodus Leaves Load Of Supply, Air Travel Continues It's Collapse

Published on Wed, Aug 26th 2020 People & Blogs Rectangular HD

There is a ton of condo supply in Miami as the mass exodus continues to take wealthy buyers out of the Cities. Miami is dealing with a vacancy problem there's a lot of new apartments and condos it were recently finished and according to Industry experts soon we could see them fighting over scraps and cutting some big deals to win the buyers. A lot of people compare what they're experiencing in Miami's property market as reminiscent of 2007. We see nationally home prices have been cooling off and the entire nation is led lower by States like Florida which have seen their tourist dollars just evaporate over this summer. The National Association of Realtors frequently discusses this lack of supply when anything ever goes wrong in the housing market. They point to supply claiming that there's not enough houses but for many of the nation's hottest property markets that's no longer going to be the case has people pack up and move just about as fast as they can it's leaving behind waves of vacancies that are sure to put negative pressures on real estate prices. We also see there was another big announcement from American Airlines they said their plan so far is to cut 19,000 more jobs on October 1st the day when they're moratorium on firing staff comes to an end. Now that would also mean since March American Airlines would have cut approximately 30% of their staff the problem is they were anticipating this big V shaped rebound but travel demand is falling once again and now many of them a warning they're just not going to survive without more handout programs. It really seemed like a letter to gain political support to have their bailout pushed through Congress so they could be embellishing a little bit about their condition the squeaky wheel gets the bailout Grease.