Miami real-estate speculators upon signing their preconstruction contracts are now being issued "safety masks" in case of a continued implosion of the local real-estate market.
"Right now, the condo market is a disaster," says Lewis Goodkin, a respected Miami economist and real-estate analyst. The Miami Herald story also quotes him as saying, "These markets were essentially propped up by speculators."
According to a 2004 study by Esslinger-Wooten-Maxwell Realtors, "as much as 80 percent of the preconstruction purchases of luxury condos in Miami" were done by speculators.
Although demand has "dried-up" for luxury condos, many are still in the pipeline. For those speculators who still believe in Santa Claus, unicorns, and that demand will catch up with supply quicker than most observers predict, brokers are including free "safety masks" at the sale in case it doesn't.
Reggie Realltor of the real-estate brokerage firm Dewey, Cheatem, & Howe, said the "safety masks," are meant to be an "'in your face' statement to all the naysayers. They've become symbolic of our collective courage in the face of adversity in the local real-estate market where our mantra is 'There is no bubble. There is no bubble,' which, if you say it long enough, becomes the truth. In fact, besides chanting our credo and burying giant St. Joseph statues at condo preconstruction parties, many of us are wearing our implosion safety masks at the parties with the development logo printed on them. Ha-ha, we be laughing all the way to the bank."