Monthly Archives: August 2007

What the iPhone and the Miami Real Estate Market Have in Common

Certain topics and products somehow make their way into our consciousness and onto the front page spot of newspapers and websites. The iPhone and the declining Miami real estate market seem to have both garnered a lot of headline ink. Interestingly enough, the current status of both seems to depend on whom you are talking to and what they have read.On the iPhone, I hear rave reviews, read articles that make statements like “1 out of every 3 Americans want an iPhone” and ” the iPhone is revolutionary”. But then there are also the contrary statements like ” the iPhone is overamibitous”, “the return rate is high” and “users are disappointed”.

On the Miami Real Estate market you can read that the ” bubble is bursting in the riskiest real estate market in the country” and that the economy here is “tanking”. Meanwhile, I see real estate practioners in our market having the best year ever. Go figure…

So what is the truth?

The fact of the matter is no one really wants to read the truth – whatever it is. The reader will latch on to sound bites that suit their predisposition. Sensationalized statements polarize opinions and the truth is lost somewhere in the discussion.

Everyone I know that has an iPhone thinks it is the greatest gadget they have ever had. I anxiously await having one myself. I understand the biggest problem initial users have had with the iPhone is with the phone service provider. But then again, most people I know that have one are iPod loving, text messaging, visual voice mail kind of people. The iPhone is not a blackberry and it never will be- it really is two different products.

As for the Miami Real Estate Market, we have seen better days. We have an oversupply of condo inventory that will eventually be absorbed – for how long and for how much are the big questions. As the crystal ball is broken at this moment, my opinion is that prices for new construction will go down on marginal buildings in marginal areas, making much of what is in crane city affordable. Not such a bad thing, overall. Some buyers who purchased condos to speculate will get burned and I am sure they will be much quoted as it happens. But for those who bought in good locations in buildings that have vibrant amenities and good floor plans with the intent of living the new urban life in Miami for a few years – you will be glad you did. After all, a home purchase is not about making a quick buck and for most people it never has been. They really are two different products.

Flickr: Photos from butler.corey

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Filed under South Florida Real Estate Market, Tech Talk