Miami Beach Datapoint of the Day

By Reuters Staff
March 27, 2009

Josh Giersch finds a Zillow map of the SoFi district of Miami Beach – a five-by-five block are south of Fifth Street which has 317 properties for sale, including 21 in just one building.

The problem is that with that kind of oversupply, prices are sure to continue to fall, which means that no one’s going to buy at these levels, which means the oversupply will only get bigger, and so on and so forth. I have no idea what can turn this around, but for the time being, always remember: things will get worse before they get worse.

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