Home Buying in Florida>Question Details

Djazzy, Both Buyer and Seller in Florida

Is the market going really down fast would buying an apt in Brickel Miami to resale in a year or less be good?

Asked by Djazzy, Florida Sun Mar 30, 2008

be a good investment?

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I would generally tell you that it would not be a good investment, but that could be a generalization. It depends on the price you are buying at, the building, location and view of the unit. I would also recommend that you look at average time on the market for closed sales in the particular building you are looking at.
Web Reference: http://www.miamism.com
2 votes Thank Flag Link Sun Mar 30, 2008
DJAZZY,
GENERALLY SPEAKING, THIS IS NOT THE MARKET TO BE CONSIDERING "FLIPPING." HOWEVER, THIS BEING SAID, OPPORTUNITY HAS THE ABILITY TO TAKE ON MANY DIFFERENT FACES.....THE OPPORTUNIST MUST BE ABLE TO MAKE THE DESTINCTION BETWEEN A GOOD RISK AND A BAD ONE TO BE ABLE TO SURVIVE THIS GAME.

THE "ECKLER TEAM"
CENTURY 21 ALMAR & ASSOCIATES
VENICE, FL 34285
1 vote Thank Flag Link Sun Mar 30, 2008
Unless you get an extraordinary deal - and even then you have to be extremely cautious and look what actually sells in the building you consider, and at what prices - I would strongly advise against what you inquire about.

On condos in Miami, a hold time of several years (plus a rental market flooded with unsold units) should be part of your entry and exit strategy. If that still sounds acceptable to you, picking a good local realtor in that specific market would be your next step.

All the best,
Tobias
0 votes Thank Flag Link Mon Apr 7, 2008
Djazzy

This would not be a good time in South Florida and probably not anyehere else. Besides the turmoil of the overall market if you were to make a profit there would be a 15% capital gains tax plus if you hold the property less than a year the profit becomes regular income on your personal income tax.
Web Reference: http://www.neflahomes.com
0 votes Thank Flag Link Mon Mar 31, 2008
flipping is risky right now
save your money

anyways

good luck
0 votes Thank Flag Link Sun Mar 30, 2008
Far TOO many condos for sale in MIAMI! Wouldn't touch the area..
jim soda 941-809-7759 prudenial palms realty jimsoda@prudentialpalmsrealty.com
Web Reference: http://www.JimSoda.com
0 votes Thank Flag Link Sun Mar 30, 2008
Djazzy, I would not do that if I were you, especially in Florida.

Khazeem Asadullah
0 votes Thank Flag Link Sun Mar 30, 2008
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