|Quoting LAXdude1023 (Reply 49):|
Would not be surprised if the flight is mostly filled with East Asian traffic. No way. That flight is full of vacationing Finns. You average number of people traveling to Asia on that flight is between 0 and 5.
No. No airline will start a flight just to help Miami fill vacant real estate that's anyways going to sink as the city sinks.
|Quoting thomacf (Reply 48):|
Miami needs this Asian service fast. It's been all over South Florida news. The main reason REAL ESTATE and that's all. The market is over supplied again and many projects are already being cancelled or scaled down. Latin American buyers have dried up with the state of their economies, the Russian market as well with the crash of the ruble and developers want cash buyers that will put down 30%-50% before they break ground. The weak dollar isn't helping either so it's hurting buyers from the EU as well. American's buy real estate differently and borrow more which is not what developers are looking for. The NYC market which is the largest US purchaser of Miami real estate can't assume all the supply and these folks are looking longer term for a second residents, not an investment property that they can flip or simply rent like many foreign owners. Latin American buyers are also now discovering other parts of Florida like FLL and Palm Beach which isn't helping matters. Miami needs to attract a larger market and that is the far East. Plain and simple. If you're not familiar with the E5 program, its another way Miami developers are trying to tap the Chinese market to drive development and this program is challenged by those needing to travel back/forth to China. There is also talk of Miami needing to develop a Chinatown district which it lacks.
They need a large population with people that will pay cash and it's the only market really outside of the Middle East that fits this profile. Yes the economy of China is not great, but there is still a large growing middle class that has been buying real estate on the West Coast of the US and Vancouver for quite some time. Miami wants this and knows it has been missing out. The city is becoming desperate for these flights with talks of another real estate bubble potentially bursting soon...