Agree with your assessment, but it is may not as bleak as you point out. The fact that the projects are getting canceled actually helps buyers such as myself. I live at the Avenue, and plan to be here for a long time. Rents are increasing as people still want to live up-town, but can not afford to put 20% down. If supply is further limited, the value of the property from a rental or ownership perspective will at least stabilize. A major difference between Miami/Las Vegas and Charlotte is that Charlotte was just starting to boom uptown, and thankfully did not overbuild as much as these cities. Also, the rents are not completely out of line. If an investor puts down 20%, rents can get close to covering interest, HOA and taxes, with a little left over. In Miami, a condo with a mortgage of $3k a month, would rent out for $1k. Prices have to fall a lot in order for this to even out. I am not a pollyanna, but think some of the developments that people view as negative (projects not getting done), is better than a problem where all the projects got done but no one able to afford it and they sat vacant. Market is working itself out, and price depreciation will likely be no more than 5 to 10%.
