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Karate Kid 2 In Development: THAT Was Quick!

Following its $56 million grossing weekend (based on a $40 million production budget), the new Karate Kid has been earmarked for a sequel.
Reports Mike Fleming at, "Agency sources tell me that Columbia Pictures execs are meeting with writers to pitch their ideas on where to take the second installment. This will mean shortly that Will Smith won't be the only man in the Smith household making sequels."

That kind of speed is pretty impressive -- though one would imagine the clock is on since Jaden Smith will likely go through a lot of physical changes in the very near future.
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