Home Buying in 33141>Question Details

Sabrina, Home Buyer in Miami, FL

Grand View palace in NBV has amazing prices, foreclosures go for as little at $140! for a 2 by 2.

Asked by Sabrina, Miami, FL Wed Jul 30, 2008

I know the building has issues and noone can sell at this point for more than $200. Is this still a good investment??

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Laura Graves’ answer
Are you looking at this for investment purposes or are you an end user? I don't know this building very well but you need to find out how many units are in foreclosure. Are there any active or pending special assessments. Is the building in good condition? How high is the maint. etc..
0 votes Thank Flag Link Sat Aug 2, 2008
The building did have a serious hit by Hurricane Wilma; then, with the mortgage meltdown and the decline in values- Grand View got hit again!

Is it a good investment?

I'm not sure if it ever was a "good" investment- but, the views are incredible and the apartemnts do get rented for a decent amount. Between the mortgage, maintenance and taxes- even at $140K the numbers may not add up to a good enough return on investment.

There is certainly a potential for appreciation.
0 votes Thank Flag Link Mon Sep 22, 2008
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