Thursday, December 13, 2007


One of the areas hit hardest in the recent housing market crises was the city of Miami. What was once a sea of building cranes amidst the Miami skyline is now just a reminder of over-development, in-factual speculation, and shady lending practices.

Many areas that were formally lower income neighborhoods, seen the start of a demographic change with High-End condominiums popping up faster than new reality shows on your favorite network. However this gravy train of accelerating property appreciation has crashed in a high speed collision with reality. It is estimated that more than 50% of the new condominiums will never be completed leaving the city full of modern day ruins.

Mean while, New York was one of the areas not to be as affected by the real estate crash as others. Recently while developer Mike Namer was working on one of his most recent renovation projects, which is a luxury condo conversion, he stumbled upon a piece of recent cultural history. He found a graffiti covered wall that was created by graffiti's earliest pioneers in New York City. Artists such as Jean-Michael Basquiat, Futura 2000, and Fab 5 Freddy.

Photo Sharing and Video Hosting at Photobucket

No comments: