User:Daniel Christensen/sub-pages/2000s South Florida land boom

The 2000s South Florida land boom was a development boom (real estate bubble) that took place in South Florida (the Miami area) from 2000 to 2007. It led to and exacerbated its own downfall, the 2007 subprime mortgage financial crisis and the late 2000s recession. During the period, many homes and high-rise luxury condominium buildings were constructed with highly inflated prices based on speculation that demand would keep up. Before the boom ended, it was well known that the level of development was unsustainable. By 2006, banks began to reign in their lending, and many were able to predict that the boom was coming to and end. Many projects began to loose investors in 2007 and 2008, years in which many developments were cancelled, with some, such as Logik in downtown Miami and Solis in Sunny Isles Beach, being midway through construction and left as concrete skeletons. It wasn't until 2011 that the market began to return as condos were filling up and more were once again being proposed.