Category Archives: Commercial Real Estate Collapse
The propagandistic American corporate pocket media is in all of it’s putrescence heralding the wonderful news that yes indeedy, the recession is nearing an end. The latest is the splendiferous, shouted from the mountaintops news that the stagnating heap of overpriced garbage that is the housing market is back after Monday’s pre-opening bell announcement that new home sales were up 11 % – hallelujah! In more of that newspeak that ‘hey, our results suck but since they don’t suck as much as we had originally thought that they would suck stuff’s gettin’ better’ the Ponzi scheme stock markets are once again churning at a furious pace as the DOW, that mercurial God of the American fascist state is on the way back to 10k and beyond…who knows, with helicopter Ben and the full weight of the Obama administration pumping money by the bargeload into the F.I.R.E. economy on a daily basis it may still hit 30,000 as some optimism opium addicted fool once said.
But it’s all an illusion my friends, even as there are increasing calls for auditing The Fed, so much so that Ben Bernanke is taking to the hustings on a public relations/politics tour just to show how important that it is to not scrutinize the temple of the moneychangers and to keep it free from political matters (GAG). Now the protector of Wall Street scum and his foul and unaccountable central bank are under siege as never before as the wonders of the internet allow people to see just how much that the Federal Reserve has rigged the game for the finance oligarchs. There is at this time a huge bi-partisan bill in Congress that is being jammed up by the crooked pigs just like health insurance whore Max Baucus to audit the institution. The entire establishment and their guard dogs in the bought and paid for media are ready to move heaven and earth in order to stop the thing as according to a recent poll the Federal Reserve is now the LEAST popular ‘government’ agency – even lower than the demon IRS and the terrorist CIA. Will it be much longer until The Fed has a less favorable rating than genital herpes?
My local morning newspaper touted the great housing resurrection but to a veteran bullshit detector such as myself was instantly debunked by the headline “Glimmer of Hope as New Home Sales SOAR“, the inclusion of the word “SOAR” is what gives it away as more centrally constructed McNews just as the PICKING UP STEAM, ROBUST, GREEN SHOOTS and a myriad of others that are regularly used tag the story as a Blue Letter (see Hudsucker Proxy for the obligatory pop culture reference) directly from the bowels of the Ministry Of Truth. So, to cut to the chase the pigs are partying on the taxpayer dime once again. Nowhere in my morning McNews fishwrap was anything about the market manipulation of high frequency trading and the growing inquiries about the advantage that it gives the wolves over the sheep. It has to be pretty bad when a longtime water carrier for the banksters like Chuck Schumer is making noise about it. Such a practice if it ever was able to rise above the flotsam and jetsam of ginned up racist crap, Michael Jackson stories and tawdry sleaze that fills the media would be a devastating blow to the looters and perhaps for once show ordinary investors who are getting fucked six ways from Sunday by a massive floating crap game on Wall Street that they are being robbed and the cops on the beat to stop it are on the take.
Anyway….just wanted to chime in over the morning cup o’ joe. For the REAL news about the wondrous economic resurgence stop by Zero Hedge (now at his own site, blogger is only going to serve as an archive) and check out the ugly photoessay on the coming wave of commercial real estate defaults. Note, as a Florida resident I can attest to this, I live in a different part of the state than the guy who did this and it’s the same here, FOR RENT, FOR SALE, FOR LEASE signs are popping up like green shoots and multiplying daily.
The Florida CRE Implosion Visualized
Submitted by Tyler Durden on Tue, 07/28/2009 – 00:13
A reader submits the following photo essay on the absolute commercial real estate carnage in Florida. Has to be seen to be believed: you will not see these pictures anywhere in traditional media.
He also provides the following color:
I took a drive this evening from 5.30 pm – 7.30 pm and shot over 200 pictures of Florida real estate in crisis. What is really amazing if you notice the time and date on each picture . I was able to shoot a picture about every 45 seconds while all alone driving in traffic including stopping for traffic lights and gas and parking in a safe place each time for each shot . Everywhere you turn something is for lease or rent.
All these headlines in the media dont seem to have any effect on people so here is one road in one town ( out of thousands ) in Fort Lauderdale Florida up to Pompano Beach ( about 8 miles ) I pretty much only shot the right side of the street because I did not want to do any u turns . Some pics I shot across the street . This does not even include office buildings .
There is something for lease or rent in almost every single plaza or strip mall without exception . I also missed a lot more because of traffic and buildings set back from the street. This does not even include offices , homes , condos etc, this is just stuff abandoned or had a sign in front of it and I missed a LOT of signs . This is not even all the empty lots that sit because the developer abandoned the project after buying up the whole neighborhood .
This is Fort Lauderdale Florida . The Gold Coast , The Venice of America the Yachting capital of the world folks.The pictures start at the Fort lauderdale beach on Sunrise Blvd. and go west to federal Highway ( rte 1 ) north to Pompano Beach about 8 miles and finish in a random warehouse district off the main road . After that it got dark and I had to stop .
You will see Exotic car dealerships Burger King, Wendys , Fuddruckers , Hooters , Pier one , furniture stores , restaurants , clubs boat dealers, Business that have been there 20 + years , Supermarkets , Saks 5th avenue ( big white building in beginning ) Macks groves , Flaming Pit , the old 50’s diner . A Ford dealer and a Dodge dealer . A golf course in beginning of slideshow . All GONE in just one 8 mile strip . Folks this is the good side of town with the money I did not even go to the other side of the tracks or to other streets just one !!!
It’s morning in America and another day of being played for chumps is just beginning…