Do you think in the next 3-5 years there will be more old or junky buildings that will be purchased by developers, and demolished for new luxury high?

Asked by James Athanassakos, La Gorce, Miami Beach, FL Tue Feb 11, 2014

This question was asked from http://www.trulia.com/property/1068893599-350-S-Hibiscus-Dr-…

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Arturo Matta, Agent, Miami Beach, FL
Thu Feb 19, 2015
Developers first take the low hanging fruit, (new land development) and then progress as it becomes more scarce to modernize/improve historical buildings and demolish old structures to make way for new ones. There is a lot more work involved but you see it increasingly being the case.
0 votes
Michael DeFi…, Agent, Miami Beach, FL
Wed Feb 12, 2014
Developers have to work within the historical guidelines here so yes there are many complete guts and renovations but it's rare you see an old building here completely demolished. It typically retracts some of the old 'art deco' character. There's a lot of this going on with old hotels especially north of Lincoln Rd up to Mid Beach.
0 votes
Ken Begies, Agent, Miami Beach, FL
Wed Feb 12, 2014
Yes, although the majority of those building will be gut renovated (roofing, plumbing, and electrical in addition to concrete restoration, landscaping, and modernized build outs) if we are talking South Beach. You minimize the risk while maintaining strong upside potential. There are a large number of these in the works as we speak. In order to create sufficient space for a high-rise you need a larger teardown. Many of these potential sites have already gone condo making it an extremely time consuming and capital intensive project. Would suggest starting small unless this is something you have already done and are very familiar/comfortable with.
0 votes
Tatiana Asai…, Agent, Hallandale, FL
Wed Feb 12, 2014
Yes to 3-5 years and beyond!
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Wed Feb 12, 2014
James Michael, you seem to be hot on the trail to purchase in the 7m range, good for you and I'd like to get in on some of that action!! Are you a cash buyer or do you need to purchase with a mortgage loan? Unless you're an Ultra Rich gentleman, who can stoke a check for a 7m property and still have triple that amount left in liquid assets you may want to consider best case financing up to 85% with No PMI ....I know that if I were in the financial position to be able to pay cash for a 7m property, even if I had triple that left in the bank after closing, I'd still finance as mush as possible and invest that otherwise DEAD EQUITY elsewhere! ....Contact me for a worksheet est. on closing costs and terms on a 7m purchase at 85% with No PMI. I don't need to pull credit up front, but you'll obviously need good credit for such extraordinarily strong financing. ........... Steve McRory Pro Option Mortgage/ Florida steve@pro-option.com http://WWW.PRO-OPTION.COM Ph: 888 662 4404 NMLS 204296 Prior Service: U.S. MARINE CORPS ====
0 votes
I like to ask you a good question? Let's say you became super wealthy, and could buy whatever you want cash, but you have bad credit for many years? Is it possible for putting a substantial amount down on a house just to establish credit? Let's say on a ten million dollar home how much would someone need to put down with poor credit, but verifiable funds that he can purchase this home cash outright, but he does not want to pay cash? Also, if someone has very poor credit, do you think it could be an issue establishing credit or getting new credit if someone became super wealthy?
Flag Wed Feb 12, 2014
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