Home Prices Boom in New York, But Have Yet to Recover in Miami, Reveals Profit Confidential Submitted by: Profit Confidential 2011-12-29 05:36:04
Home prices in the Miami condo market are still not rising, as a glut of home foreclosures on the market are keeping prices down. This is in stark contrast to Manhattan, as the city shows no signs of the economic after-effects, reports Michael Lombardi, lead contributor to Profit Confidential
Home prices in the Miami condo market are still not rising, as a glut of home foreclosures on the market are keeping prices down. This is in stark contrast to Manhattan, as the city shows no signs of the economic after-effects, reports Michael Lombardi, lead contributor to Profit Confidential.
"I was in Manhattan this weekend and I've never seen it so busy. The city is booming," quotes Lombardi. "The most popular restaurants are full and hotels have jacked-up prices as hotel occupancy is high."
When Lombardi looked at the retail stores, he found lots of evidence that the economy was doing well in New York. "The line-up at well-known toy store FOA Swartz at Central Park starts around the block. You'll have to wait a long time to get into the Apple Store next door, as well. Soho is booming, with shoppers walking the streets, hands full of bags from their favorite retail stores."
When he compares New York to his recent trip from Miami, the differences are huge. "Last night, I returned from Miami. Hotels are lowering prices to attract customers. Any of the popular restaurants had lots of empty tables. The strip plazas and malls, plenty of empty stores. It's like the Great Recession of 2008 is only starting to end here."
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Michael Lombardi, MBA, the lead Profit Confidential editorial contributor, has just released his most recent update of Critical Warning Number Six, a breakthrough video with Lombardi's current predictions for the U.S. economy, stock market, U.S. dollar, euro, interest rates and inflation. To see the video, visit http://www.profitconfidential.com/critical-warning-number-six