Real estate bust turns South Dade suburbs into modern ghost towns

Matthew Haggman reports on the devastation facing the Miami suburbs.   Subdivisions are being abandoned half-finished, with weeds growing on the vacant lots and vagrants living in the unfinished homes.  Some homes have lost almost 80% of their value.  The city core, on the other hand, has lost about 30% (which could be expected in an area with a lot of tourists and snowbirds).  They quote noted New Urbanist Victor Dover, who says that the fallout is indicative of a change in values, where the baby boomers are wanting to downsize their living space and the millennials are wanting to be closer to the center of action at downtown.  James Howard Kunstler, in his book “The Long Emergency,” hypothesizes that many cities in the future will be surrounded by a ring of abandoned suburbs as the country is re-urbanized.  Local suburban developers see this as a hiccup, and think the system will return to what it was.  We shall see.


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