Alex, Home Buyer in Miami, FL

HELLO,WHAT ?DO YOU THINK TO BUY A OLD MEDITERRIANEAN HOUSE (YEAR BUILD 1922) IN CORAL GABLES FLORIDA ?!!?

Asked by Alex, Miami, FL Sun Sep 14, 2008

ALSO AS A FIRST TIME HOME BUYER ,DO YOU THINK IT IS SMART REAL ESTATE INVESTMENT??

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Answers

10
It would be far fetched for anyone to suggest that it will be a good investment or not. From the sound of things- in just might be. Historic properties are very attractive from many aspects.

There are many important things to consider- waht is the condition of the property- have it inspected professionally!
~ Roof, Structure, Plumbing, Electrical, Foundation, etc.

You may find that the property needs anywhere from a few thousand to severl thousand in modifiacation and repair. Do your homework and you will find the answer!

Mott Marvin Kornicki ~ Miami, FL
http://www.WaterwayRealty.com
1 vote Thank Flag Link Sun Sep 14, 2008
Alex,

Without a doubt, homes of this vintage have a place in the hearts of many, including myself. I presently own historical property, have rehadded historical property, and have followed this market for more years then I care to admit.

My colleagues comments are right on target and provide an accurate insight. With this said, I would like to offer my thoughts on the present status of the "historical home market."

All though there is appeal and appreciation for this unique market, we have seen a decline in the number of people that are actively participating in purchasing vintage homes. Perhaps this is a trend and will change with time but our thought is that people are now moving toward purchasing homes that play to their interest in current amenities and building styles.

An important note is that there has been a serious decrease in the number of serious buyers in this market segment.

Good luck with your decision. We hope our comments are helpful.

The "Eckler Team"
Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
1 vote Thank Flag Link Sun Sep 14, 2008
Alex,
unlike my esteeemd colleague Andre, I do not think that buying your primary residence should be foremost a business decision. Of course, the basic economic principles should be applied, but also the fact that it will be your home for many years ,is to be considered.
Old Spanish homes have an unparalled character and charme that cannot be duplicated by newer construction. It is paramount, however, to make sure that the house is structurally sound.
1 vote Thank Flag Link Sun Sep 14, 2008
Alex,
Spanish M homes in CG and other historic areas have a special place in the real estate market. Historically they sell for more than other comparable homes because of their historic relevance. What you need to look into is the condition and how original it is.

Some MR homes have been butchered through the years, some have been restored to perfection, some partially restored. It's important to do a structural inspection because 20's homes in SF usually have structural flaws (sometimes easily corrected, other times not).

Take a look at these articles I've written on SM homes since it is one of my specialties:

http://www.miamism.com/real-estate/Historic-Homes (you can scroll down the page and will find pages of historically relevant articles)

These are more specific to SM homes:

http://www.miamism.com/what-to-look-for-when-buying-a-histor…

http://www.miamism.com/comfort-vs-charm-buying-the-perfect-m…

http://www.miamism.com/historic-preservation-in-miami-shores…

good luck with your purchase!
ines
Web Reference: http://www.miamism.com
1 vote Thank Flag Link Sun Sep 14, 2008
Hello Alex,

As mentioned by a few of the other realtors, these houses are normally full of charm and character. At this moment, I have a buyer under contract for a Spanish style house, I have listed and sold Spanish style houses and I am about to list another one this week.
When it comes to the house being a smart investment, I cannot say yes or no to this until I know the house and what you plan to pay for it. In my opinion, no house is a smart investment if you over pay for it. Also, as you mention, many of these houses are older, so definately do your inspections diligently.
Myself and my business partner Janie, are both brokers, we have our office in the Gables, I live in the Gables and the majority of our clients are looking or selling in the Gables. Don't hesitate to give me a call or send me an email if you have any other questions. Both Janie and I will be happy to help you with any concerns you have. Have a great week!

Shelly
0 votes Thank Flag Link Mon Jul 27, 2009
Good morning Alex,
I believe that an old Spanish in Coral Gables is a great house to have. These houses have charme and character and are sought after. Think supply and demand. Some people will only live in old Spanish houses and not look at any other houses.
Hope that answer was of help. My name is Manon Mohammady and I am a Broker Associate with Coldwell Banker in Coral Gables. Please visit my web site to learn more about me and my business philosophy.
Your real estate resource,
Manon
0 votes Thank Flag Link Fri Jul 24, 2009
Alex,

I have just posted a very long, extensive, FUNNY blog about the current south Florida real estate market. I strongly encourage you to take the time to read through it and gain whatever insight you can there.

http://www.trulia.com/blog/barry_dunn/2008/09/beneath_the_nu…

Real estate is meant to be a LONG TERM investment, so make sure that is your objective before you buy ANYTHING in today's market.

Have a great day!
Barry Dunn
Keller Williams Realty Professionals
0 votes Thank Flag Link Sun Sep 14, 2008
Please allow me to clarify...purchasing a home is one of the biggest investments most people will every make. Whenever you are spending hundreds of thousands of dollars on a purchase of any type I recommend to all my clients to look at it from a business aspect and select a REALTOR® that's armed with the facts. Then again some buyers may have the luxury of making a decision based on impulse.

The fact that it will be your home for many years makes it more the wisier to calculate your approach. And incorporate the advice both my colleagues Ines and Manon suggested. One thing you do not want to get yourself into is a money pit.

Maybe if more agents and mortgage brokers approached and even encouraged homebuying and selling from this perspective foreclosures, short sales and a declining market wouldn't be our reality now.

If you or anyone have any questions please feel free to call me 305-788-6643. My cell is always on. Or you can email me your questions at WRPBradio.com for me to answer live this Wednesday, September 17 from 8-8:30 pm.
0 votes Thank Flag Link Sun Sep 14, 2008
Dear Alex,
Our firm is out of Chicago. We have clients form all over the world come to us for help looking for the ideal property in the southeast US. We are very knowledgeable about almost all of the southeast but decided a lot time ago not to try and become the micro-level expert on every area. We spent a long time sifting through realtors in key markets like Miami and we have decided to refer all of our Miami business to Rick and Ines (see their reply below). No disrespect to Manon, or any other realtor in Miami, just our humble option. Rick and Ines are truly fine people with strong convictions about their market and I believe having worked with hundreds of realtors across the country - Rick and Ines should be high on your list of considerations for a broker. By the way, there is nothing in it for us (yes we do get a referral fee when we fee them a client), this is straight from the heart.
Best of Luck
Marian Schaffer/Terry Molnar
The Schaffer Realty Group
0 votes Thank Flag Link Sun Sep 14, 2008
Whether to buy or not depends on the price, condition & no. 1 if it meets your objectives. As always purchasing a property should be a business decision. Don't allow your emotions to be the deciding factor. Do the numbers & you'll be closer to your answer. Call me 305-788-6643 if you need anything. Andre' Don't forget to listen to me live on the internet WRPBradio.com this Wednesday @ 8 pm.
0 votes Thank Flag Link Sun Sep 14, 2008
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