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
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
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 firstname.lastname@example.org
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.