South Florida Real Estate Analyst Face Off
Two real estate analysts face off to discuss the future of the South Florida real estate market.
Michael Cannon, a real estate analyst who has studied the South Florida market for four decades, called the housing bust in the 1980’s, but isn’t ready to call our market a collapse. His case includes:
- Sales has stopped sliding
- Failed projects are isolated
- Fewer people walked away from pre-constructions than predicted
- Our economy is strong
He predicts prices will rollback to 2004 levels and that if you plan on keeping your place for 7 to 10 years, now is still a good time to buy.
Real Estate Analyst Jack McCabe claims this market is going to collapse. His points include:
- Exotic mortgages with teaser rates fueld the boom
- Investor speculation was rampant
- The oversupply is getting worse
- There’s just not enough buyers
His prediction? Prices will drop between 10 yo 15 percent each year until 2010. He suggest definitely renting
Read more about these South Florida real estate analysts’ predictions at the Miami Herald.
