Home Buying in 33155>Question Details

Dslhju, Home Buyer in vdlfivhj vjd fvkj df

Should I still buy in Miami?

Asked by Dslhju, vdlfivhj vjd fvkj df Thu Mar 6, 2008

I heard real estate is over priced in Miami now. I want to buy a condo to rent.

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You should never ever ever buy in Miami. I wouldn't acquire a property in Miami even if it was 80% marked down. Why? Porque?

Because Miami is not worth the high price of homeowners insurance and the property taxes are out of this world compared to the services that local government does not provide. Utilities and maintenance costs are through the roof. I've never seen electric bills as high as those in Miami. Also, the costs of repairing what's usually an annual hurricane damage are nothing close to being realistic.

Most importantly, Miami's condos are built by the lowest bidder. Meaning that construction is lacking all aspects of quality and durability. In my condo, on Brickell Avenue, I can hear my upstairs neighbors as if they were living in my unit. I can even hear then as they sit down for dinner since the thrull of dining chairs travels down from their floor, which is also my roof.

Save yourself the agony and the frustrations of owning anything in Miami and buy elsewhere. You'll get more bang for your buck if you buy in Bethesda, Maryland and an even bigger return if you buy in Washington DC.
2 votes Thank Flag Link Thu Apr 17, 2008
Miami is a fabulous dynamic growing city. Today is a great time to buy. Single family homes, condos, small apartment buildings are all on the market in sufficient numbers that you can search carefully and make very wise long term investments. You will be well rewarded financially and if you live in your purchase you have the added benefit of living in one of the most exciting cities in North America. Go for it!
2 votes Thank Flag Link Thu Mar 6, 2008
This is a great time to invest in Miami's real estate market. Actually, condos' prices have been coming down lately due to an over suply of them. Once the market is able to absorb these condos, then prices should start coming back up, as it has happened before. Besides, this is the capital of the Americas, and hundreds of people come to live here on a monthly basis. You can actually get great deals below market value in today's Miami condo market. You can also rent it letting the condo pay by itself in most cases and depending on your individual situation.
Feel free to contact me at your convinience for more information.
realejoubert@aol.com 786.285.4962
2 votes Thank Flag Link Thu Mar 6, 2008
check out who is giving you the answers - realtors. The one person that was flatly honest is not. I have seen condos, especially on Brickel being advertised for next to nothing . however, if you or a few are the only ones buying, who is going to pay the expenses of maintenance?, are you going to be living in a skelton building?, what is the resale value when there are currently 7 towers in different forms of construction and a plethora of condos already built that are half empty? Is a renter going to live in a condo that doesn't offer the amenities? I was in Miami late February 08 looking and saw for myself. Conduct your research and do what is best for you. be logical and unemotional with your purchase. There are some fantastic buys out there, especially foreclosures BUT don't expect to earn equity. It has not hit bottom yet. If you plan on living there for 5+ years go for it, but still you need to do your homework. Who is going to buy a condo where the tower is almost empty? This is scary to most house/condo buyers. Good luck.
1 vote Thank Flag Link Thu Apr 17, 2008
Simple answer to this question is: If you are planning to hold for at least 3-5 years or more, then BUY. Then the term "overpriced" becomes irrelevant. Don't plan to buy a condo and "Flip" it or hold for 1-2 years and be successful. Contact me to get more details on what areas are bringing the best rent/lowest vacancy rates etc. I'll be happy to help you find a good investment.
1 vote Thank Flag Link Thu Mar 6, 2008
There are condos that are overpriced and there are even more that are well below market value.
NOW is certainly a great time to sort out the opportunities and dive right in.
I have not seen great deals like I see today in over 15 years!
1 vote Thank Flag Link Thu Mar 6, 2008
Hello D,
I see many coments and i wanted to add one more thing.
It depends where and what condo, let me tell you , i had a friend ask me to find a condo for rent. When i found that buying in the place where he would like to be was saving him around $ 400 versus renting for
$ 900. a month. Yes buying can be worth it ! !
Web Reference: http://www.rosiemorot.com
0 votes Thank Flag Link Fri Sep 18, 2009
ok its not bad if your going to have 5-10 people working and living under the same roof to help pay every bill that comes.If one person gets sick its going to be hard for the person and you will never be able to go to the beach are get a beer.Because your trying to pay all your bills are pay your part.Every home has 5- 10 living under the same roof helping with what should not be(just to keep the house out of foreclosure.You can live nice in other cities of Florida and live NICE and pay your bills and never need 5-10 people to help pay the bills.Because the property value is low and any joe can afford to buy.even if you work at wal-mart..I HATE TO SAY IT BUT some say folks buying here will bring money to the town,,, wrong the only money that your making is the money that your trying to pay for your home and car and you will never enjoy because your always working.But if you lived in a lower priced city in Florida you can make ends meet and enjoy a walk and not worry....
0 votes Thank Flag Link Tue Sep 8, 2009
Mr.Ramesh your wrong about investing in Miami IT MAYBE GREAT IF YOUR IMPORTING ARE EXPORTING ARE SHIPPING.Miami is a over-priced place to own a home.An is in deed trash and some homes are not fit for pigs to stay in and there asking over a million dollars for.You and the folks here in Miami must have something wrong with your thinking today...oh i am sorry but you may own one of these properties that looks like a shed and your holding out for your million...People here are also greedy and need someone to lower your property values where people can afford to live here and not just wish that they could...folks keep it real.....Mr.Ramesh were in Miami can a single mom working one job at big lots.Where can she buy a home if she could afford it in the range of $75,000 to $90,000 not a downpayment. where in Miami can she pay cash for this value home....YOUR NOT......and for the most parts of Miami the homes are over-priced.if you can't find people everyday workers a place to live at this price.....forget it. its over-priced... I do not care, every town should have this price range.....for the low income to live here also.....THATS FUNNY
0 votes Thank Flag Link Mon Sep 7, 2009
Yes...reverse the question: if you are planning to buy real estate, why WOULDN'T you buy here? Forbes magazine recently picked Miami/Ft. Lauderdale the #1 place in the nation to recover from the housing market.
We are and will continue to be a destination for tourism and foreign investments--in other words, this is the place--and the time--to invest, as long as your strategy is long term..have a minimum 5-year holding agenda, and if you can, stay away from condos for now, and buy a duplex or single family home.
0 votes Thank Flag Link Mon Sep 7, 2009
Dslhji,I would say no to both the home and a condo you did hear right everything here is"' OVER PRICED'' our market is so full of trash and over priced junk that sellers are trying so hard to dump just for a few million dollars..and some will set on there lot and wait for that million ..Dslhju junk in other cities this would be called slums and junk some of these homes would not be! That is know more than a sheds in other places is well over priced in Miami alone the market value on this stuff should be less a whole lot less.Like a small sqft home are condo should be less then 75,000 to 100,000 not and a few million are just under and I don't care where its at the price is well over priced and thats not all if your value on the shed are your home is of a market value of close to a million do you even know how much your taxes on that property will be for the year(now this is not funny) and then the County, states that you need full insurance and this will not be cheap,then you have your bills like water,light,phone,and thats not all...Now if I was in some other city I could have a builder build what I wanted and add just about everything and on a huge lot and have sheds and barns and still keep it under what some of these homes thats just junk are selling for...oh I forgot if the home has a problem and Miami dade county building dept is needed OMG now this is some unreal fees...so i would add and do alot of math,ask around ...THE COST OF LIVING IS TOOO GREAT FOR WHAT THE PEOPLE REALLY MAKE with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good luck and you had better have some money put away in a shoe because its just too over priced here in Miami...I wish someone would make some changes,but thats not going to happen.everyone already has there hand in the fish bowl so again good luck. clay
0 votes Thank Flag Link Mon Sep 7, 2009
The time to buy is NOW!. Of course, for investment purposes we still have to do homework based on your return expectations versus cost plus expenses, but the market is full of bargains. I have investors snatching undervalued properties left and right.
0 votes Thank Flag Link Mon Jun 30, 2008
This is the perfect Time to Buy you can look for a great inventory of low prices homes and Foreclosures. If you need a list just email me at kat_valverde@yahoo.com
0 votes Thank Flag Link Sun Jun 29, 2008
Dslhju,

The time couldn't be better. There is a large inventory of condos available and a surplus of motivated sellers that spells savings for today' s serious buyer.

The comps exist in most areas to bring the asking price down considerable and create savings for you.
The right opportunity may be waiting for you but if you don't start looking you will not know of its existance.
Find an agent and get started today. Remember you only have to buy if the deal is right for you. Many of our customers negotiate their purchace price down low enough to cover future price decreased finding comfort with this.
Good luck,

The "Eckler Team"
0 votes Thank Flag Link Sun Jun 1, 2008
Real Estate prices throughout South Florida and specifically Miami are at some of their lowest points since 2001.

Overpriced for an investment property isn't just about the purchase price but about the market rent as well. When you move into the purchase of an investment property you need to have a good mortgage partner that will help you digest how the numbers will work for you.

You need to cash flow... so it isn't always about the pretty features and the valet parking... but it is about how much you can take in vs how much you pay out.

so... the question then becomes - can anyone help you find a property at a good price that can produce positive cash flows.

I believe that answer is a yes

Check out my website - http://www.themortgagegotoguy.com

I have several articles geared towards investors which would help you.

If you have any questions or want to look at some properties - do not hesitate to contact me. I can get your mortgage started and get your preapproval to buy. I can also either help you with the Real Estate myself or refer you to one of my best realtor partners who happens to work in the Miami market. She can sniff out the best property to fit your needs.
0 votes Thank Flag Link Wed May 21, 2008
Did you buy anything yet? You posted this question two months ago, I'm just curious.

Buying to rent? The rental market is holding strong, I own a tri-plex in South Miami and is rented year round, that is 100% rental income for the last 3 years. I see a softening comming up, but if you can keep your prices competitive you should not have a problem as more and more homeowners are loosing their homes, many are too afraid to buy, some are waiting for the prices to come down further.
LOCation Location location , remember, that what you need is to stay close to areas where transportation is available. Remember that taxes, utilities and insurance are above national statistics, so do your math.
Z Orlando
0 votes Thank Flag Link Wed May 21, 2008
Some Real Estate properties are overpriced in Miami, but there are also amazing prices and opportunities and those are the only ones that are selling. If you are interested in buying something to rent and benefit from a future Real Estate appreciation, you must do a little homework. I don't know what your price range is but try to buy a property at a great price that also has a good location (waterfront, oceanfront). A good price and location will help you at the time of re-selling your property. In addition, you should purchase real estate in these times, only if you are willing to keep it for 4 or 5 years. If what you are you planning is long term ownership, then be prepared to carry part of the the expenses for the next few years. Buy in a building where there is not too many rental units that will compete with yours. Tip: There are a lot of buyer incentives these days, included free maintenance or free mortgage for the next two years! That way you can still rent your condo and generate an income that helps you cover your expenses or even give you positive cash flow. The infrastructure being built in Miami is so important that Miami has been name one of the "top ten cities of the future" in the country (Wikipedia). Infrastructure is what makes Real Estate prices to go up. In a couple of years, the Real Estate cycle will turn around and you'll end up with a great property in a great city where there is always sun-and-fun.
0 votes Thank Flag Link Mon Apr 21, 2008
another thing I just came across. If you buy a condo/townhouse make sure their are no liens. Sometimes there can be some drug deals made between the builder and the lender and you won't know there is a lien against your property. In fact make sure their are no liens with any house you look at. I would check the city/county and not just depend upo the title companies - they make mistakes once in a while. No one can afford to be ignorant when purchasing a house today, anywhere. Do your OWN research. don't trust any builder, lender or realtor that they have your best interests - they don't. They are only looking at the bottom line and want you to sign, seal and deliver.
0 votes Thank Flag Link Sat Apr 19, 2008
It's a great time to buy in Miami if you do the homework. Make sure you have a professional guiding you and giving you the advice you need. Buying a home in Miami is a little tricky right now. Some buyers think that homes that sold for $600,000 and now are offered at $300,000 are a great deal. But the truth is that some of those properties had mortgage fraud, so you need to do your homework before you buy. Not only in Miami, but also anywhere in the country. For more information visit my website. I help buyers and sellers throughout the South Florida area.
Web Reference: http://www.ForSaleAgent.com
0 votes Thank Flag Link Fri Apr 18, 2008
Don't waste your time asking a Realtor if it's a good time to buy. It was Realtors who were spouting off two years ago that "it was a great time to buy" and "prices never go down." We all know how foolish that advice was. According to Realtors, every day during the past 100 years was a great time to buy OR sell real estate -- and remarkably the same will hold true for the next 100 years.

Realtors may be knowledgeable on current and past prices for their area, but they are NOT experts on future price trends. Realtors are not economists and very few have any business or economic training to speak of. They are SALESPEOPLE. The reality is that they only get a commission if you buy, so they have an incentive to be less then accurate as to their assessments. The few compotent Realtors with integrity would admit that prices are going down in most parts of the country and most buyers could save money by simply waiting for the bubble to further deflate.

NewportFiji
0 votes Thank Flag Link Thu Apr 17, 2008
Most Miami condos are no longer overpriced, and it would appear all are open to offers! Once you have decided on how much you are willing to invest, choose an area within your price range, then look at the condos available. Take great care to calculate the maintainance fees into your carrying costs. The fewer the amenities the lower the costs should be. Try if possible to buy a 2 bedroom 2 bath condo, they are easier to rent. Check the building for other rentals (what are they receiving), how many investors in the building (too many makes finding a mortgage very difficult), past due maintainance accounts, foreclosures, assessments (present and planned for) and condo reserves. Only when you have a complete picture of the building will you know if it is a good investment or not. Hard work and hard questions will pay off for you. Be very curious and unafraid to ask. Good luck.
0 votes Thank Flag Link Thu Mar 6, 2008
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