Wednesday, January 22, 2014

Florida Real Estate Bubble

Florida Real Estate Bubble
 Between the winter of 1924 and the autumn of 1925, Florida’s real estate sector witnessed an unprecedented level of activity. The boom led to the creation of beautiful landmarks, most notably Boca Raton, which carried an estimated price tag of $100 million. By 1922, the Miami Herald had become the most-circulated newspaper in America due to its massive classifieds section. In 1926, the government of Florida withdrew state income and inheritance taxes on real estate, thus boosting the bubble. The media soon started portraying Florida’s real estate sector as a bad investment. Investors who decided to sell their holdings could not find buyers – despite land prices being at an all-time high. The ensuing panic caused land prices to crash.
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