Some Doom, Some Gloom, but Plenty of Optimism

August 17th, 2008

South Florida cities rank high in foreclosure volume, commercial deals are hamstrung by the credit crunch, and property values are down 6 percent, said Matt Haggman, a real estate reporter at The Miami Herald, who keynoted Friday morning’s South Florida Property Opportunities Conference, presented by CPN. Nonetheless, Haggman remains optimistic about South Florida’s commercial real estate prospects.

Despite Time magazine’s recent headline that asked “Is Florida the Sunset State?” – an in-depth feature article that explored the worst real estate meltdown since the Great Depression – Haggman looks at the Tri-County area through the lens of transition.

South Florida, he said, is in an evolutionary period. The region is making strides to move from suburban bedroom communities to more livable, urban regions marked by walkable communities and mixed-use developments ala New York or Boston.

“The suburban model is terribly broken and unsustainable,” Haggman said. The latest boom delivered on the promise of high-density development, he noted, and embraced principles of urban revitalization that will bode well for South Florida’s future.

Click here to read the rest of this story on Commercial Property News.

Entry Filed under: Hot off the Press