South Florida Real Estate: Boom & Bust - Reflections on the Past and Realistic Perspectives on the Future
No one can argue that the widespread U.S. real estate slump has hit South Florida especially hard. In fact, some say Miami has been hit harder than any other major real estate market in the nation, if not the world. Home prices in Miami dropped nearly 27 percent from April 2007 to April 2008 according to the S&P/Case-Shiller 20-city Home Price Index, the worst plunge in the nation for that period. Construction cranes still dot the Miami skyline, but many of the high-rise condos that went up over the last several years are dark, with thousands of units unsold or in foreclosure.
So what went wrong? And what can South Florida look forward to in the months and years ahead?
In April 2008, the University of Miami School of Business Administration brought together 12 leaders from the region’s real estate development, banking, government, and education sectors for South Florida Real Estate: Boom and Bust – Reflections on the Past and Realistic Perspectives for the Future. The forum provided an opportunity for a candid assessment of the state of the South Florida real estate market among many of the industry’s key players.
An executive summary, transcript excerpts and three expert opening presentations have been made available on this Web site. A PDF version of the full report is also available. To request the report, please contact Rene Sacasas, director of the School's real estate programs.