Price Per Square Food In Miami

Hey Patrick,

Thought I would send you a chart I made of $ price per square foot paid in a
typical Miami condo development over time. I used public records because the MLS
doesn't list all sales. My chart starts in 2007 (which isn't even the true
peak). The somewhat unique thing about Miami is the level of fraud perpetrated
here. Note that late sale for $848/sf; this is most likely fraud. Unfortunately
the banks were and are very slow to reform lending standards. As you probably
know, the usual scam involves purchasing a property and then paying a straw
buyer (who likely doesn't speak English) a nominal sum to take out a NINJA loan
to pay whatever you ask.

However, the real question is, what are those people that bought at the left of
the graph going to do when they find out they paid 5 times too much? I'll tell
you what - dump their properties resulting in prices being further pushed down.

Regards,
MS, M.D.