Comments on: How the Crash Continues to Reshape America

By: Is this the future for Miami? "Luxury" condo nightmares. - Florida (FL) - Miami-Dade County - Page 12 - City-Data Forum

Fri, 17 Jul 2009 03:49:03 +0000

[...] I don’t think that any of that is impossible. I personally see a lot of opportunity in Miami. Anyone who wants to analyze its potential in depth should read Richard Florida: "Miami is a [...]

By: Deep

Deep — Tue, 07 Jul 2009 20:55:39 +0000

Michael,

Portland has a more integrated relationship with its suburbs, than Detroit. The stability of home prices in Portland is a sign of sucess of the urban growth boundary. Whatever capital investments that are being made in the Portland MSA are going to be directed into the city center and adjacent areas, rather than areas on the fringes. Thus property values are more less preserved.

Detroit on the otherhand has an inverse relationship with its suburbs. For most people in Detroit’s suburbs, outside of the Red Wings, they rarley venture into Detroit. Detroit’s ‘burbs look at the decline of Detroit as their gain. For decades this worked, Detroit’s slow death was seen as a positive thing for the city’s suburbs. However I would like to see how Detroit’s suburbs are faring in the decline of the auto industry and the Michigan economy.

By: Jim H

Jim H — Mon, 06 Jul 2009 13:14:12 +0000

Michael,
You bring up a good comparison of Detroit and Portland. Since you’re on the ground there in Portland, what sector do you think will employ all those (unemployed) college grads moving there? All we hear is that they are college grads, but no mention of their majors/specialty is ever made. Just curious…

By: carlos9900

carlos9900 — Mon, 06 Jul 2009 11:49:06 +0000

That chart is very interesting. I knew that Detroit was in bad shape, and Las Vegas and Phoenix too, but it surprised me to see the sunny San Diego, San Francisco and Miami so bad. The worst thing is that this might be only the begining, even if people are tired to talk about it.

By: Rishona

Rishona — Sun, 05 Jul 2009 14:37:26 +0000

I left Miami for 2 years ago to come to Pittsburgh. The economy seems to have hit both areas; and I am still trying to decide where the situation is worse. In Miami, you had out of control housing and cost-of-living expenses. Jobs are easy to get, but may not pay well or be stable/ethical. Here in Pittsburgh, the cost of living is very low. However the job market is incredibly tight, with few openings (although the openings that are out there pay a decent wage). Also the region seems to be at a “negative growth” stage (stores closing, people leaving, suburbs deteriorating). I have been struggling with unemployment for 2 years, and I feel that it is easier to live here in Pittsburgh and be unemployed than it is in Miami. However I also wonder if I am not missing out on a lot of opportunity that may be available elsewhere throughout the country.

By: Michael Wells

Michael Wells — Thu, 02 Jul 2009 23:36:00 +0000

Cleveland breaks the pattern…

We’re going to be in Cleveland this summer for the first time, part of an extended family drive around vacation and so I’ve been looking at it. It’s not your typical rust belt city. Large Jewish population, Case Western, Rock & Roll Hall of Fame, Cleveland Clinic, etc. I’m guessing that there’s a significant creative class presence that maybe doesn’t show up in the studies?

By: Michael Wells

Michael Wells — Thu, 02 Jul 2009 19:07:07 +0000

The economy’s pieces are decoupled, which may not be unusual. Detroit and Portland have the nation’s highest large city unemployment rates. Both are affected by being manufacturing centers. But housing in Detroit has plummeted, median price is $6,000! Housing in Portland has held up relative well, median price is around $225,000. People are leaving Detroit but moving to Portland.

Detroit’s manufacturing is centered on the moribund auto industry which will need to be completely reorganized and repurposed before it comes back. Portland’s manufacturing is down because electronics and construction are down, but will probably rebound when those sectors come back. So Detroit may be in a depression and Portland a recession, both as part of the national/global reset.