Home Buying in Miami>Question Details

HCInvestments, Home Buyer in Miami, FL

Are the prices on duplexes in S.W. Miami going to continue to increase? is this just another bubble?

Asked by HCInvestments, Miami, FL Sat Feb 2, 2013

I don't think it's possible for prices to increase more than what they already have, some of the asking prices are totally nuts.

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What factors are influencing our Supply and Demand?

Inventory shortages for quality investment properties

Delays in foreclosure processing

Increase number of potential Buyers. More Buyers create a competitive environment and that makes it more difficult to find quality investment properties

Investors are aware that the area has continued to enjoy steady appreciation

Increasing demand on rentals

Bubble?

An over-sized portion of the sales of multifamily properties in Miami Dade County have been ALL CASH deals, the current market conditions are NO BUBBLE my friend.
4 votes Thank Flag Link Sat Feb 2, 2013
I have read those "facts" as I am engage in the business. Fact is exactly as I posted in response to the thread,
Inventory shortages for QUALITY investment properties
DELAYS in foreclosure processing
INCREASE number of potential Buyers
Send me a list of quality bank owned properties offered at a fair value in Miami Dade County, then you'll prove me otherwise. BTW I got the Buyers.
Flag Fri Feb 8, 2013
4. 2012 foreclosure activity increased in eight of the 20 largest metros, led by Tampa (80 percent increase) and Miami (36 percent increase)http://finance.yahoo.com/news/2012-foreclosure-activity-57-percent-050100794.html

5. In Miami, Wondering About a Bubble
http://www.nytimes.com/2012/10/14/realestate/big-deal-in-miami-wondering-about-a-bubble.html?pagewanted=all&_r=0
Mr. Roth, who works for Keyes Realtors, he has no doubt that a flood of new foreclosures, after they exit the courts, will eventually push prices down again.

These are the facts my friend.
Flag Fri Feb 8, 2013
Sorry but these are the facts:

1. Despite recent concerns about a shortage of homes for sale, South Florida still ranks among the top 20 markets nationwide in which to buy foreclosures this year

2. Miami as No. 12 among the nation’s best places to buy a foreclosure (list compiled by RealtyTrac Inc.)
http://www.sun-sentinel.com/business/realestate/house-keys-blog/sfl-realtytrac-foreclosures-link-20130131,0,2868008.story

3. Miami has currently a backlog of some 53,668 foreclosure cases and with $626,000 in special funds for the fiscal year ending June 30, 2013, the court has added two senior judge slots and a staff of case managers to help clear a backlog of some 53,668 foreclosure cases.
http://www.miamiherald.com/2012/12/18/3148224/miami-dade-court-puts-foreclosures.html
Flag Fri Feb 8, 2013
Hello! That is a good question. We have the knowledge and experience but we don't have a crystal ball to predict exactly the way the market will react, thanks God is getting better and it seems that will continue that way, I don't think the prices will increase like before but they will in a steady pace. Remember where are in Miami, this is a beautiful city, everybody wants to live here or invest here and that helps to increase the prices. If you need my help, call me at 786-200-9375 or send email csbravo@att.net, I will gladly help you.

Best Regards.

Celia Bravo
License Realtor/Mortgage Broker
Realty World REC
786-200-9375
csbravo@att.net
celiabravo.com
2 votes Thank Flag Link Sat Feb 2, 2013
In Miami, foreign buyers with lots of cash are scooping up properties before local prospective home buyers even have the opportunity to apply for a loan.
If home prices drop off, those same foreign buyers will no longer view Miami's housing market as place to make money. The difference between the price they are paying and the price they are selling the home for will be minimal, and at that point, they could take their money elsewhere.
If that occurs, local buyers looking to purchase a home the typical way – with a mortgage financed through a lender – will no longer be competing with the out-of-town investors. With less competition, demand for homes could drop off, meaning inventory will increase and prices will decrease. But of course, only time will tell if Miami follows in Phoenix's footsteps!
1 vote Thank Flag Link Thu Feb 7, 2013
They already are ... and duplexes are also a rare commodity since they haven't built any since approx 1970 Miami. And they don't build them anymore. Its the Supply vs Demand formula and if the supply is fixed and low, while the demand is high, what do you think will happen to prices? As well, since rents are rising because many are unable to qualify for a mortgage to buy, yet alone compete with all the cash investors in our marketplace (over 83% of closed transactions in 2012 were for cash) and some prospective buyers have merely "given up" and are renting, again its a supply vs demand situation ... Landlord's market ... And just like any market it goes up & down, never constant, never static, just like the stock market sir, except less volatile and somewhat slower moving. With this said, I sent my Crystal Ball in for repairs and thet dropped and broke it :) so wouls you rather buy from the bottom on the way up? Or at or close to the top ... on the way down?
If you need anything further please feel free to call me during normal business hours at the contact info in our website link below. And please also send your email address and phone number, I'll be excited to help you with all your real estate needs and honored for the business opportunities.
1 vote Thank Flag Link Sun Feb 3, 2013
Well, these are the facts:

1. Despite recent concerns about a shortage of homes for sale, South Florida still ranks among the top 20 markets nationwide in which to buy foreclosures this year

2. Miami as No. 12 among the nation’s best places to buy a foreclosure (list compiled by RealtyTrac Inc.)
http://www.sun-sentinel.com/business/realestate/house-keys-b…

3. Miami has currently a backlog of some 53,668 foreclosure cases and with $626,000 in special funds for the fiscal year ending June 30, 2013, the court has added two senior judge slots and a staff of case managers to help clear a backlog of some 53,668 foreclosure cases.
http://www.miamiherald.com/2012/12/18/3148224/miami-dade-cou…
0 votes Thank Flag Link Fri Feb 8, 2013
4. 2012 foreclosure activity increased in eight of the 20 largest metros, led by Tampa (80 percent increase) and Miami (36 percent increase)
http://finance.yahoo.com/news/2012-foreclosure-activity-57-p…

5. In Miami, Wondering About a Bubble
http://www.nytimes.com/2012/10/14/realestate/big-deal-in-mia…
Mr. Roth, who works for Keyes Realtors, he has no doubt that a flood of new foreclosures, after they exit the courts, will eventually push prices down again.

These are the facts my friend.
0 votes Thank Flag Link Fri Feb 8, 2013
Hi HCInvestments, If it's anything like Washington, DC the prices will continue to rise. Doesn't look like a bubble.
0 votes Thank Flag Link Sun Feb 3, 2013
-

We're in another 2001!

Prices are going back up ay a predicticed 6% in 2013!

Buy NOW, as much as you can....then let's all sell at the RIGHT TIME...THIS TIME!! Right?

When anybody that has a pulse and a desire tor buy can get a Mortgage Loan again in 10 yrs from now...LET'S ALL SELL!!!!!!!!!!!!!!!!!!!

At least all of us that has been thru this last 8 yrs nightmare will know when to bail next itme !!

===
0 votes Thank Flag Link Sat Feb 2, 2013
Fannie Mae Short Sales are requiring 20% ABOVE market value to sell.... If you look at http://www.HomePath.com you will see that Fannie Mae is pricing property well above market value but they're still selling. Fannie Mae has a special HomePath mortgage that doesn't even require an appraisal.

I think they have a mandate to boost Real Estate prices and it seems to be working!

Buy now, it's your last chance...
0 votes Thank Flag Link Sat Feb 2, 2013
Definitely going up. I have a Duplex in South Miami if interested. $4200/month rental income.

http://www.simonemiami.com
simone@simonemiami.com
0 votes Thank Flag Link Sat Feb 2, 2013
I believe the the prices will continue to rise; however, they will rise modestly. I do not foresee them appreciating at the boom levels. We are seeing a drop in foreclosures which will attribute to a drop in inventory in general. Additionally, the HAFA programs (loan modifications) is being expanded to include investment properties. This should have more impact on reducing foreclosures as loan modification will take their place. Keep in mind that many duplexes and other multi-families properties were purchased as investments.
0 votes Thank Flag Link Sat Feb 2, 2013
Hi ,

I may have some properties for you. The market continues to go up on a daily basis. I receive a lot of properties that are not listed on the MLS, and ca be bought at reasonable prices. I work wit a lot of investors, so if you are looking for reasonably priced investment properties you can contact me and I can put you on my mailer list of avaliable properties, that are wonderful income producing properties. I look forward to hearing from you.

Thank you,
Tamika Moses
Keller Williams Realty Partners SW
954-404-4646
tmrealtor@yahoo.com
0 votes Thank Flag Link Sat Feb 2, 2013
I am looking specifically in S.W. Miami only under $300k
Flag Sat Feb 2, 2013
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