Is this the correct price?

Asked by Amy Cardello, Connecticut Sat Jan 3, 2009

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This question is about this property: http://www.trulia.com/property/1068893599-350-S-Hibiscus-Dr-…

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Bad Time To…, Both Buyer And Seller, Miami Beach, FL
Sun Jan 4, 2009
That's what they're asking, but not what they're getting. Mr. Kornicki would love to get his piece (10%) in rental commission by convincing you that this is a reasonable rental price. I'd love to see Mr. Kornicki sell that house for the $5 million he claims it's worth! The bubble's over bub. This thing will be on market for months and years and not rent at this price. The market is in disarray and in the midst of the biggest real estate crash in history. Wait a few years and they'll be asking 6K a month for this thing.
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Mott Marvin…, Agent, Sunny Isles Beach, FL
Sun Jan 4, 2009
YES!

That is an appropriate asking price for a waterfront pool home on Miami Beach. Rentals of luxury homes are fairly common in resort destinations like Beaches, Ski Resorts, Gof Communities, etc.

Miami Beach Homes will rent from anywhere in the range of $4K to over $100K per month.

The market value for such a property is nearly $5M ~ This property in question could easy cost $30K in monthly carrying costs!

Mortgage of 4.5M [$35,000/Month]
Property Taxes [$2,000/Month]
Maintenance [$1,000/Month]

When you look at the carrying costs, renting this property even for $25K/Month is a real bargain!

Mott Marvin Kornicki, Associate/Broker
http://www.WaterwayRealty.com
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