Blueprint:Miami

Chicago to save Miami's bubble

Doomsday real estate "bubble" soothsayers can take a big breath, thanks to the Chicago Mercantile Exchange: last week they announced plans to begin selling futures contracts based on home resale prices, giving skittish homeowners a chance to protect themselves from the threat of a real estate market crash.

Here's how it is supposed to work: say you have a home in Miami, where real estate prices have skyrocketed over the past several years. Since all good things must come to an end, you worry that there's too much construction, prices will fall, and your home will depreciate in value (translation: you'll "lose equity"). What to do, intrepid homeowner? Buy a futures contract to protect yourself.

Before you start hearing the voice of Charlie Brown's teacher, wah waaaah, wah wah wah waaaaah, allow me to explain a few things about what futures are:

See The Lyghte

The Northeast Corridor rises from the ashes once again with the construction of Lyghte Tower, offering up a whopping 3,315 feet of posh living space in each unit.  Yes, that means you get the whole floor, complete with wrap-around decks.  And then there's that elevator lobby, most assuredly positioned to become the most famous in the city, illuminated by the "crescent-shaped void" slicing its way along the edge.

Architects say that exterior window looks like they cut the edge away with a giant paring knife, to give it a "raw," edgy feel; perhaps it's more reminiscent of the dark eye of Sauron from Lord Of The Rings, staring out into the ocean searching for hobbits.  Notice how it seems to follow you, no matter where you move?  Imagine being out on a boat, with Lyghte staring you down.  Be wary of socialites inexplicably throwing their rings overboard into the water.

Lyghte
Davis Heritage, developers
Belinson Gomez, architects