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Market Conditions in Carl Fisher : Real Estate Advice

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Activity 5
Tue Feb 17, 2015
Jeffrey Miller answered:
It all depends on the kind of fixtures/flooring/etc. that you decide on. In my experience, clients spend around $250/s.f. for a moderate high-end renovation.
0 votes 1 answer Share Flag
Wed Dec 17, 2008
Bad Time To Buy answered:
Brian Sereny is right. However he fails to mention that condo conversions are not profitable. So buying these properties is terrible investing. Ever heard of a CD? Much less risk and work for greater reward. Wait another year and re-evaluate then. ... more
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Wed Sep 3, 2008
Bad Time To Buy answered:
The new restiction is 3 months (see today's Miami Herald). You bought into a tough market friend. 2/3 of Miami properties sold over the last year are non-owner occupied meaning that 2/3 of units sold will be rented out. There is a huge shadow inventory in Miami piling up. I really hope you made a killing in this deal. Otherwise you might be underwater within the end of the year. Good luck. ... more
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Mon Aug 25, 2008
Mott Marvin Kornicki answered:
What is "appropriate"? In general a cap rate is the return on investment- the higher the initial investment, the higher the cap rate, depending on income, expenses, debt service, etc. The initial purchase price has a great deal to do with the end cap rate too. There is no appropriate cap rate~ Investors generally would like to see about a 5% return on multi-family properties, that is not always possible- depending on the PURCHASE PRICE. ... more
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Wed Jul 23, 2008
Mott Marvin Kornicki answered:
It should take no more than a few weeks in order to secure a tenant for a South Beach apartment. After a quick search of the area, I found very few 2/2's in the price range between $1,800 and $2,200. There are severalfactors that will help get your place rented; condition, price and location are the first few that come to mind.

I guess that your unit is in a 2 story converted apartment building... In that price range- people prefer enclosed high-rise buildings. Perhaps you may consider a price reduction or some other incentive.
... more
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