South Florida's Housing Crisis Leaves Behind Ghost Towers

[flintlock]

Re: South Florida's Housing Crisis Leaves Behind Ghost Towers

Virtually nothing down here in the way of green shoots. Best I can say is that a high end shopping project was cancelled in Ft Lauderdale on Las Olas. The old buildings were razed and then the money dried up. The developer just sodded it and turned it into a park. An ironic form of green shoots.

Back in 2005 I was getting nervous about the housing market here just as we were hit with a rash of hurricanes. Part of the reason for the collapse of the Florida housing boom in the 1920's was a killer hurricane in 1927. History doesn't repeat but it does rhyme. That's when I began advocating an immediate sell of all RE here.

One last anecdote. On a drive up to north Broward County (metro Ft Lauderdale) to visit a friend recently. I passed through the town of Pompano Beach, which even in good times was a little seedy. Even though I have become immune to the downturn I was shocked to see that easily,about 25% of the retail establishments on US 1 were shuttered. And not just closed but entire buildings abandoned, sometimes even entire blocks, signage hanging down, vandalized, windows broken etc. A scene right out of the rust belt.

Some areas around Atlanta are the same way. Huge number of retail establishments shuttered or sitting empty. Yet one county over( mine) they are still building new stuff. And as soon as they finish the units sit empty and they go to building the next. What's with that? Who's lending them the money and why?

[Wild Style]

Re: South Florida's Housing Crisis Leaves Behind Ghost Towers

Downtown Hollywood was always pretty seedy, right? I haven't been there since college ('93-'97) when I lived in Pasadena, but my recollection is that it was pretty bad then.

I am not from here originally so I am not sure how bad it was back in the day. But it is crazier than cat shit these days. They tried to build up the downtown and they found themselves on the wrong side of the depression. They have tons and tons of homeless shelters and halfway houses in the area now too. I feel bad for the residents living over there.

[D-Mack]

Re: South Florida's Housing Crisis Leaves Behind Ghost Towers

You should go to downtown Hollywood. That place is so seedy. We saw a man with the look on his face like devils had infested his brain. Well, this guy was standing their urinating all the while shaking his twig all over the place. Had to have gotten a fair bit of urine on himself. Then you go into the heart of the downtown and MANY of those stores are boarded up. There is also a entire block that is fenced and boarded up. Supposedly they were going to build condos on the site and never got around to knocking the houses down. Now it looks like something I would have seen in Mott Haven (S. Bronx) growing up in the early 80s.

you probably meant Hollywood, Florida

[touchring]

Re: South Florida's Housing Crisis Leaves Behind Ghost Towers

Some areas around Atlanta are the same way. Huge number of retail establishments shuttered or sitting empty. Yet one county over( mine) they are still building new stuff. And as soon as they finish the units sit empty and they go to building the next. What's with that? Who's lending them the money and why?

It has to be from the banks. Commercial mortgage backed securities. I would guess they have not been written off yet.

[Wild Style]

Re: South Florida's Housing Crisis Leaves Behind Ghost Towers

you probably meant Hollywood, Florida

Yeah, Hollywood Florida. That place is one of the oddest places I have ever seen in my life. It is like every crazy, half crazy and semi crazy mother effer decided to congregate in one area. Also, since when should water front (read: ocean front) property look as bad as government housing projects. Hell, Tompkins Houses and Marcy Houses (govt. housing projects in Brooklyn) look cleaner and less run down than a lot of the water front property in Hollywood Florida. I am not exaggerating either.

The mayor of Hollywood is also a lawyer. He had his law firm in the downtown area. Well it was burglarized and I think they may have robbed his wife or something like that. Either way he packed up and moved his business further west; interesting thing to do seeing as he is the mayor. In my opinion that doesn’t bode well as a vote of confidence as to the viability of that area long term.

[ASH]

Re: South Florida's Housing Crisis Leaves Behind Ghost Towers

Yeah, Hollywood Florida.

Ohhhhhhhhhhh. I get it now.

[Serge_Tomiko]

Re: South Florida's Housing Crisis Leaves Behind Ghost Towers

Hell, Tompkins Houses and Marcy Houses (govt. housing projects in Brooklyn) look cleaner and less run down than a lot of the water front property in Hollywood Florida. I am not exaggerating either.

Well, in all fairness, NYCHA does an ok job of maintaining housing in the city. The interior of the units occupied by tenants? That's a whole other matter though...

[Wild Style]

Re: South Florida's Housing Crisis Leaves Behind Ghost Towers

Well, in all fairness, NYCHA does an ok job of maintaining housing in the city. The interior of the units occupied by tenants? That's a whole other matter though...

I have a lot of family in Marcy Houses. believe me, some of those units in there look better than some of the middle class apartment complex units I have seen down here in Florida. I am referring to how the tenenats keep their units up. Don't get me wrong, some of them keep their places looking like dog dens but then again so are some of the nasty apartments dwellers I have seen while here in Florida.

I remember when my wife and I got our first apartment down here. That place looked like they allowed the entire miami dolphins team to have practice in there. How you get toothpaste in the carpet in the living room and a hole over the bathtub the size of a baskball is beyond me. This was in a area down here called plantation which would be sorta like canarsie (if you are from Brooklyn). With in a year of being their mice had moved in and I guess one of the tentants bought their own roach circus because the place was over run with them. My point is, don't think just because those are govt. housing projects that eeryone in there are living like bums.

I have a feeling though, before this R.E. fiasco is done, some of these condos out here are going to look like govt. housing projects. I pass the condo tower mentioned in the article every day. It is a real crazy sight to see. Two huge ass towers empty as hell. I like the tactics they use now though. They like to switch on different units lights every so often to make it look semi lived in. However there are no cars in the garage over there (well besides the guard at the gate) so you know damn well no one is living there.

back on the NYC government housign thing. Last time I was there (last summer) I actually saw whites living in Marcy along the nostrand side. I guess history is repeating itself.

[BiscayneSunrise]

Re: South Florida's Housing Crisis Leaves Behind Ghost Towers

Ohhhhhhhhhhh. I get it now.

When us locals mention Hollywood (FL) most people of course, think of Hollywood, CA.

Both offer interesting juxtapositions.

Both have main boulevards that are dirty, grimy and filled with party-ers looking for a place to puke.

Just off the main road both also have homes built in the golden age of the 1920's: beautiful examples of the art deco movement, each and every one a national architectural treasure.

[touchring]

Re: South Florida's Housing Crisis Leaves Behind Ghost Towers

I have a feeling though, before this R.E. fiasco is done, some of these condos out here are going to look like govt. housing projects. I pass the condo tower mentioned in the article every day. It is a real crazy sight to see. Two huge ass towers empty as hell. I like the tactics they use now though. They like to switch on different units lights every so often to make it look semi lived in. However there are no cars in the garage over there (well besides the guard at the gate) so you know damn well no one is living there.

back on the NYC government housign thing. Last time I was there (last summer) I actually saw whites living in Marcy along the nostrand side. I guess history is repeating itself.

why won't the banks rent out the apartments instead of leaving them empty?

[flintlock]

Re: South Florida's Housing Crisis Leaves Behind Ghost Towers

why won't the banks rent out the apartments instead of leaving them empty?

Just my opinion, two main reasons. No demand means rent so low it would bring in people who might trash them. Also, takes personnel banks are not set up for. And they are frankly too lazy to bring them in. Bankers are used to holding all the cards and sitting back and calling the shots. Becoming a landlord is not something bank executives want on their plate because you lose a lot of that control. It can be a real hassle.

[touchring]

Re: South Florida's Housing Crisis Leaves Behind Ghost Towers

Just my opinion, two main reasons. No demand means rent so low it would bring in people who might trash them. Also, takes personnel banks are not set up for. And they are frankly too lazy to bring them in. Bankers are used to holding all the cards and sitting back and calling the shots. Becoming a landlord is not something bank executives want on their plate because you lose a lot of that control. It can be a real hassle.

If the banks think they can make more money by selling toxic assets, this could only mean one thing - the financial crisis in the US is far from over.

[Wild Style]

Re: South Florida's Housing Crisis Leaves Behind Ghost Towers

why won't the banks rent out the apartments instead of leaving them empty?

Supposedly they started doing that (renting) in SOME buildings. I know for a fact they are doing it in this one condo in downtown Hollywood Florida called Hollywood station. Also you can get rents in Downtown Miami in condo buildings for what some may consider "decent prices" but in my mind they are still far to high for the local economy. Not sure if they are bank owned or builder owned though. The condo mess here is so huge and so unimaginable.

Let me give you a example. The paper here said there were a few condo buildings where unit owners went into foreclosure (say 15% of the building). As a result of this you have fees backed up for 1 years at the least. So they end up spreading the new association fees to the rest of the condo owners right. Well this puts pressure on the remaining people as they are already living check to check. Having to to pay for unpaid fees from other units ends up pushing them into foreclosure. In some cases water, electricity and trash pick were halted in these buildings because of a lack of payment. Then as a result the buildings end up being deemed uninhabitable and unit owners are forced to vacate the buildings

In light of all this it would make far more sense to rent these things out. It seems some of the banks (a very very small minority) are taking the smart route and renting. Others are late to the party. I don't see how they can hold out for much longer without renting these condos en masse. Owners are still being foreclosed on and I think there is a 67% occupancy rate per building (in some cases more) in the downtown areas (where most of the condos boom took place). They (the banks) can either be stubborn and let them (condos) sit, in which case squatters are moving in to some of these buildings. They could rent or knock the buildings down. Unless of course the banks can afford to let the condos sit there for the many years it will take to fill the buildings.

Have you seen the movie 28 days later? If so, that is what downtown Miami looks like at night. Downtown Hollywood on the other hand looks like that end scene during the batman returns where all the nuts broke out of the insane asylum. Downtown Fort Lauderdale is spotty. One area in particular called flagler village is block by block. One block you have condos which seemed to have a decent enough occupancy rate and then a block from that you see prostitution and drug deals.

[Wild Style]

Re: South Florida's Housing Crisis Leaves Behind Ghost Towers

When us locals mention Hollywood (FL) most people of course, think of Hollywood, CA.

Both offer interesting juxtapositions.

Both have main boulevards that are dirty, grimy and filled with party-ers looking for a place to puke.

Just off the main road both also have homes built in the golden age of the 1920's: beautiful examples of the art deco movement, each and every one a national architectural treasure.

Do you consider the homes on the north and south lake a part of the downtown area? I sort of don't to be honest. The people are to normal to be a part of the downtown proper. But that area just north and south of the circle is crazier than cat shit. I was there during broad daylight on a Sunday and saw some very very bizarre behavior. You could tell these were people with mental issues though. That area has a very high concentration of mental half way houses and the like. The residents have been complaining to the city about it though. They want the half way houses and the groups that feed the homeless to leave. Can't say I blame them seeing as how the behavior over there is so bizarre. I was going to rent a condo over there and when Is aw the guy with his twig and berries on display for all to see I said nope, not gonna happen.

[BiscayneSunrise]

Re: South Florida's Housing Crisis Leaves Behind Ghost Towers

Do you consider the homes on the north and south lake a part of the downtown area? I sort of don't to be honest.

I don't either, but when you are a resident of those neighborhoods, you can't help but be part of the downtown and the general community. You have to drive through it, do some of your shopping, interact with city services, etc. there. Like you, I briefly looked at Hollywood years ago. Fell in love with the art deco homes but couldn't stomach the downtown.

Even the neighborhoods around Las Olas, Coral Gables and Coconut Grove aren't that bad. Now that you have reminded me, I think I'd have to vote downtown Hollywood as the worst downtown area in the entire region.

Plus, Hollywood having an utterly dysfunctional city government is a minus.