The doom and gloom of bubble predicting still plods on...with the less than hopeful prophets trying their best to create that which isn't yet happening. I think that if enough of them say it enough times it will convince many investors that it's true, and unfortunately become true just from the negative publicity.
Thank goodness Myrtle Beach condos have a longer way to go before they price themselves out of existence. I won't believe in any of it until I see it happen in Miami, Vegas or one of the other hot-spots. Here's another little blurb I ran across today...
Signs Condo Craze in Las Vegas Cooling Off
Dec 19, 2005, 07:13 PM EST KLASTV.com
The condo craze in Las Vegas may be in a cooling down period. The advertising blitz for high-end condos is aggressive. But some projects, like the well publicized "Ivana Trump Las Vegas" are failing to just break ground.
The Ivana promised to tower over the Las Vegas skyline. But, experts say that if a high end project fails at first, that doesn't spell it's doom. There is a good chance that another developer will pick it up and be successful with it.
Linda Rheinberger, with the Greater Las Vegas Association of Realtors says rising construction costs, poor planning, and just bad timing are some of the reasons why some hi-end condo projects are not making it. But, Rheinberger says that more of these projects are making it than what was initially thought.
At first, experts thought only 20-percent would be successful. Rheinberger says "It's closer to 30-percent or 40-percent, so I think it's fairly normal." Some realtors are confident the trend to build upwards will continue and be successful.
Jeannine Cutter with Spanish View Towers says she's been experiencing successful sales, where the starting price for a condo is around $800,000.
Cutter says: "My thinking is there is no bubble."
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There's no slow down of condos for sale in Myrtle Beach or North Myrtle.
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