Home Buying in 33141>Question Details

Dimitri, Home Buyer in Port Saint Lucie, FL

I am looking to relocate me and family to Miami (North bay Village area). the way the market is right now is

Asked by Dimitri, Port Saint Lucie, FL Fri May 30, 2008

Is it crazy for me to think I can get a 400k condo for about 200k to 250k? I have been waiting years to make this move and I feel now is a good time to buy especially with all the foreclosures and problems etc. I have a 45lb dog and I would like a direct water view of the Bay and a fairly low maintenance. Am I crazy thinking I can get a good deal or can someone on this board help me out? I would like to come down on a fri/sat and check out as many condos that I can look at if someones willing to take me to all of them. I have a preapproved letter from the bank also which will help in negotiating. Anyone want to help me out on here?

Help the community by answering this question:


Picking up a property at a deep discount can be tricky. The question is, how do you measure how much of a discount are you getting?

If you consider that a property may have sold in 2004-2005 for $400k and today it may sell for $200k, are you buying it at 50% discount? What if, because of today's market, that same property now sells for $300k? If you bought it for $200k, do you still feel that a 30% discount is substantial or are you still looking for that 50% margin?

Today's market offers many great opportunities for anyone smart enough to realize we may very well be at a bottom (another elusive concept, though I happen to believe we are for the most part, at the bottom right now), and decides to get out of the sidelines to become a player. However, you need to evaluate what it is you trully want to achieve.

Do you want to own ocean front real estate in Miami because of the enjoyment you plan to get, because of your long-term investment strategy, or because you simply feel you can purchase at a bargain price?

Price is nothing if the property that now sells for $400k used to sell for $600k in 2005 and you are not very likely to pick it up for $200k and you could not afford anything higher.

Today's $200k property was probably worth some $300k-$400k or more just a few years ago. However, the process to acquire such bargain may not be something you'd like to entertain.

Typically, you will find that something so undervalued may have other several issues for you to consider before making an intelligent decision. You may want to consider the obvious like building, location, ammenities, builder's viability, association's financials and the like. Also, consider that some (or many of these units), may require renovations, some even extensive.

If you are not prepared to do renovations or buy in a building that, although new, may be having some trouble (financially insolvent or any number of other possible considerations), which may cause you to own it for longer than a building not in distress, then perhaps you should re evaluate your expectations.

Another important factor to consider, specially if you think you be going after a short sale or REO, is the Realtor you work with. Choosing a professional who is a Certified Distressed Property Expert will go a long way in ensuring you get the most bang for your buck, with the least amount of pain to you, the bank and the seller.

Many claim to know what they're doing, but trust me when I tell you, this is not the case. A CDPE (whomever you choose), is more likely to get you to your destination than someone who is not.

Good luck with your decision and happy hunting.

Wenceslao Fernandez Jr, BS, CDPE
Keller Williams Miami Beach Realty
1 vote Thank Flag Link Sat May 31, 2008
It's probably not reasonable to think you can a $400k condo for $200k, however there are many beautiful condos with waterviews that can be had in your price range. They will also accomodate your dog. How many bedrooms and baths do you need? what kind of square footage? I would be happy to show you around if you could be a little more specific.
1 vote Thank Flag Link Fri May 30, 2008
Dimitri: Several of the units currently available in North Bay Village in your $200-$250K price range were going for the high $300,000s some up to $400,000. You can get the Bay Water Condo in the $210K range (they take pets up to 45lbs, so make sure that dog doesn't overeat!!). Treasures on the Bay is really nice - their maintenace is $500/month and units here start at $215K. Taking all your criteria (the dog, 2 beds, bayview, maintenance not over $500/month), into account and not going any higher than $275,000, I came up with 18 possibilities. Obviously, you'd want to narrow that down but I'd be happy to help you find the perfect condo! I'd email you the candidates first, before you came down.

There are some short sales and pre-foreclosures amongst those. I think you have some extremely motivated sellers there so my advice to you would be to pick the right unit for you and your family, then we can handle the price negotiations after that. More often than not, a seller is more flexible than a bank! It always depends on the individual situation, of course.

Villa G Realty
Web Reference: http://www.villagrealty.com
1 vote Thank Flag Link Fri May 30, 2008
I have several bank owned properties that might interest you. GREAT pricing. what price range are you looking for?
Debi Quade
(305) 401-2169
1 vote Thank Flag Link Fri May 30, 2008
Hello Dimitri,

North Bay Village is a great area and I am sure you will be very happy living there. You are in luck ! I am actually speaking with a developer right now that is putting together a package of condos and selling them at an extreamly low bulk purchase price. I will have some deals that havedirect bay views new construction in a premium building that will be priced between 240K and 300K. The same units have sold already in the 400's. Please e - mail me or call me direct so we can speak further about setting up a time and date to meet. I look forward to hearing from you. I can be reached at 954-295-4734 or horton.g@ewm.com
1 vote Thank Flag Link Fri May 30, 2008
Sure! I wuld give it a shot. I know North Bay Village very well. I like "The Village" very much as well. Do I think you can buy for $250K what was $400K - Not Really, unless we find a pre-foreclosure or short-sale. I'd be happy to send you a link with those units that allow pets of that size. Let me know - I'll try to help.
1 vote Thank Flag Link Fri May 30, 2008
There is a brand new condo conversion, on the water in North Bay Village, and the developer is selling his units. These units have great views. We have a personal contact there; the dog can be varianced in, I think. Also, I just saw some great deals in an older building that I love because it's got family, professionals, etc. w a great, huge pool deck w amazing views. NBV is a great area for families...farmer's market on wkends, great restaurants, and great access to beaches and highways. It's culturally diverse. ..and, did I mention the great new water recreational park there? This is the best time to buy. Prices are the lowest, and the rates are low, right now. However, you have to know which buildings will meet the FNMAE's new reg's...I can help w all that. I am a realtor, mortgage broker, and I'm very familiar with that area because I represented a developer near there for several years. Let me know how I can help. 954-536-0648; cjkowens@aol.com.
0 votes Thank Flag Link Wed Feb 25, 2009
Hi Dimitri,
Let me present you another alternative, you may considered it
I work in the Miami Lakes area this is the North West site of Dade County in the boundary with Broward county you will enjoying the benefits of both counties since are pretty close. We have affordable apartment in our neighborhood between your price range that can accommodate you well pets are allow in many of this subdivision. If you need more information please contact me.
0 votes Thank Flag Link Fri Jun 13, 2008
Seems like there are lots of properties. Thanks for all the responses and please keep them coming. I'd like to have tons to choose from.
0 votes Thank Flag Link Fri May 30, 2008
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