cfranch98

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Location:	New York

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Hi, we live in Pacific Northwest and would like to acquire a property (most likely condo) in Miami Beach/Bal

Asked Wed Aug 6 2008, 14:39 by Roman Kutsy - Miami Beach - Home Buying - 9 answers

cfranch98 answered:

I am in the same situation as you. I am 50 years old and am looking to retire in the same area(like the tennis courts at 71st Street). I have been studying the market here and see no bottom yet. Look at all the real estate agents who have responded!. There is plenty of inventory with more coming online, a stalling economy, rising mortgage rates and taxes. I use a simple price rent to own ratio. The carrying costs of owning-mortgage, maintenance, taxes, insurance are far higher than the rent you would collect. I did own a house in miami several years ago and lost about $200/month but that was acceptable as I was going for capital appreciation. In this market a 2bdr $250K condo will run you about $600-$700 a month with a tenant. The rental market is not strong here and rents remain low and dropping. - Mon Aug 18 2008, 05:16

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