ECONOMIC TIME MACHINE

Miami real estate: big bubble, but also resilient

 

South Florida real estate fared better during the last decade than you might think.

dhanks@MiamiHerald.com

Here at the Economic Time Machine, we enjoy turning numbers on their sides to look at them in different ways.

And while the Case-Shiller housing index paints a dramatic picture of South Florida’s epic housing crash, the numbers also can show the market in a more favorable light compared to other metropolitan areas.

The chart below shows the 20 cities tracked by Case-Shiller, which measures real estate appreciation since January 2000. (A Case-Shiller reading of 120 would mean that market’s residential real estate increased, on average, by 20 percent since 2000.)

The chart ranks the markets by changes since their peaks. In other words, how far the market has crashed since the bubble burst. South Florida -- called “Miami” by Case-Shiller -- fares poorly in that category with the third-steepest crash behind Las Vegas and Phoenix.

But look at the other column, measuring changes in property values over the past 10 years. Miami performs better there, gaining 11 percent. That’s the eighth best gain on the list.

The Miami Herald’s Economic Time Machine tracks 60 local indicators in an effort to chart South Florida’s recovery from the Great Recession. By comparing current conditions to where they were before the downturn, the ETM attempts to measure how far back the recession set the economy. The answer so far: September 2002. Visit ETM headquarters at miamiherald.com/economic-time-machine for the latest updates.

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