Florida Caught In Eye Of Burst Real Estate Bubble

New York Times:

Two years ago, when Eric Feichthaler was elected mayor of this palm-fringed, middle-class city, he figured on spending a lot of time at ribbon-cuttings. Tens of thousands of people had moved here in recent years, turning musty flatlands into a grid of ranch homes painted in vibrant Sun Belt hues: lime green, apricot and canary yellow.

Mr. Feichthaler was keen to build a new high school. He hoped to widen roads and extend the reach of the sewage system, limiting pollution from leaky septic tanks. He wanted to add parks.

Now, most of his visions have shrunk. The real estate frenzy that once filled public coffers with property taxes has over the last two years given way to a devastating bust. Rather than christening new facilities, the mayor finds himself picking through the wreckage of speculative excess and broken dreams.

Read the whole story: New York Times

Comments

[drblack]

What makes me sick and angry is all the beautiful and pristine land that has been destroyed by putting up cheaply made , but pricey housing and other buildings.
What a waste.

[Wiredwilly]

Karma.

[MilwaukeeDan]

I read the whole NYT article and I'm a little suprised and amused. Where are the baby boomers? Could it be that the economy isn't as good as advertized? Did the boomers not prepare for retirement? I'm shocked! I think the whole market in Florida was being set up for the boomers set to retire. What happened? My family has been vacationing in Western Florida since the 1980s. The development from Clearwater to Marco Island(Naples), over the last 15 years has been crazy. The problem is, there are no jobs to support these cities(unless you want a McJob), no middle class. There is no manufacturing/industry to speak of, all service sector jobs with low pay. Florida is only the start, I think the whole country is headed in this direction.

[ExRepublican]

The question is, why the surprise? This was inevitable. We KNEW this was going to happen - we just didn't know the exact date. But it WAS going to happen and yet the masses went into a frenzy - THINKING they've got it made - forever.

So why, once again, did the masses act dumb as dirt and allow themselves to be led off a cliff?

This happens in e-v-e-r-y aspect of life - it just keeps repeating itself time and time again since day one. You'd think the majority would learn. Hell, look at the neocons. SAME DAMN THING. El Busto. Get in on what's popular and REAL HOT (with no facts backing it up)........and get burnt. Holy Smoke, time and again.

Quit following the idiotic herd and look ahead. Be independent in every aspect of life. It's the only way.

AND, ya taint seen nuttin yet re: the real estate/homebuilder bust. Look 5-10 years out. Not a pretty sight.

Watch for the DJ30/SPX to do the same. SAME THING. Hell the tech sector still has not recovered or I'd lump that sector in there too. When is dj/spx etc going to bust and bust big? I don't know. 6 months, 1 year, 5 years, 10 years (absolute max)....but it's going to rape 98% of the nuts involved in the scam.

Welcome to pyramids.

[realitytrumpsbull]

http://rationalrevolution.net/war/bush_family_and_the_s.htm
http://householdwatch.com/wp/2005/07/01/jeb-bush-supports-hfc-and-beneficial-loans
http://www.businessweek.com/magazine/content/05_14/c3927054_mz013.htm
http://householdwatch.com/wp/search/florida+said

[larry278]

Fl cities & counties will try to get by during this bust by cutting services as they did in the 1920's & 1930's when the bubble last broke. Only 1 in every 4 to 10 street lights will be on at night, there will be wage cuts & lay offs for public servants, etc. Maybe cities & counties in other states will have to emulate Fl when the bubble breaks for them. Municipal bonds will go unsold after a few cities go into default.

[mpgarr]

I am glad the bubble burst--it was exacerbating the gap between the "haves and have nots" in this society to such a degree, that if it kept up, could have had some very bad consequences for the society--of course we still have other elements in that area which sitll exist--but having housing prices go down in my view is a good thing--as far as those who got burned playing that game--I don't have one whit of sympathy---it is like going to Vegas--you may win for a time--but keep up and and the house ALWAYS WINS!!! For those who kept up playing the speculative housing price game and lost---too freaking bad!!!!!

[mrcontinental]

This is only the beginning. This scenario will be repeated over and over again nationwide before long.

[1man1voicenovote]

From the Office of the Governor,

Merry Christmas, SUCKERS!