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PRELIMINARY: Empire World Towers


Aessotariq

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It might get built (most likely not), but with today's real estate market it will most likely remain empty. Sorry, but there is already an OVER-SUPPLY (and that is an understatement) of condos available in Miami. Adding this amount of real estate to the city will just put the developer in debt. Not even investors are stupid enough to invest in new condos in an over-saturated market. Like I've mentioned in some previous posts, there was a huge article that came out about a month ago talking about how Americans are fleeing the big cities for mid-size and small cities. Miami would have lost residents this year if it had not been for foreign immigration. Most immigrants aren't exactly able to spend $500,000+ plus for luxury living so I don't know where they expect the residents to come from. On a side note, Miami has the largest amount of vacant residences in the nation. The city completely depends on investors to snatch up condos and sit on them for a while. Investors are not going to be snatching up condos right now considering the condo market was hardest hit by the real estate slump.

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