Insuring valuables while living in Col.

BAQ says on Aug 27, 2005, 13:12:

My insurance When I purchased my home, I got a policy. They "Say" it covers all my contents EXCEPT jewelry. I was told after I had my policy with them for one year, I could pay extra for my wife's diamonds.

They offered me 2 different options, to insure the HOUSE ONLY or I could get a rider that insured the contents and they do an INVENTORY of all your items, right down to the curtians covering the windows. If it is NOT listed on the rider, it is not covered. They take to total value of everything listed as contents and your premium is based on the total value of the contents.

Semper Fidelis !

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2retirensa says on Aug 27, 2005, 13:25:

BAQ How are their rates (for full coverage) compared to US? It seems they don't cover exactly the things I want covered. Who cares about the drapes?
My understanding is fire ins. is not necessarily needed since there isn't much than can catch on fire (since home construction generally isn't dry wall). Is that correct?
Maureen

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BAQ says on Aug 27, 2005, 13:46:

Humm Well, I have lots of custom woodwork in my home so for me, fire insurance is important. Also, if you are living in an apartment, fire insurance is important in the event a neighbor accidently burns the building down, and I might add that the fire departments here are, well, not 1st rate, so expect it to burn to the ground if a fire does start.

I am paying about 1 million pesos per year to cover everything except the jewelry. Thats about $60.000 US dollars worth of house and about 30k USD in contents.

The coverage I have covers floods (VERY IMPORTANT), earthquakes, war, terrorist acts, theft, storms and it ALSO covers problems / repairs for electrical wires, gas lines, water lines ect. Also covers electrical items (Television, refrigerator, A/C ect) in the event of a lighting strike or power surge.

ONE OTHER ITEM, there is NO "Flat fee" deductable. The house is covered at 97% of the loss and the contents are covered at 90%`of the loss.

Semper Fidelis !

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viewpoint says on Aug 27, 2005, 14:25:

While insurance of a condominium (the structure only) is normally purchased (and paid for) by the condo association in the USA with the insurance expenses being simply part of your monthly maintenance fees (dues) such is not the case in most parts of Latin America including Colombia. In other words procurement and payment of insurance your individual apartment is your responsibility as owner and not the responsibility of the apartment owners association. Insurance of the contents, improvements and physical property situated therein requires another homeowners "contents" policy which includes liability for personal injury (within the premises).

Pay attention to BAQ's post as you more than likely need not just contents coverage but coverage for the physical apartment itself otherwise it's not covered at all. I wonder how many foreign people realize that the apartment they purchased is not insured by the homeowners association and the insurance costs are "not" part of their monthly administration fees.

This point was driven home recently after purchasing properties in Panama City where I just happened to cross paths with a bilingual insurance agency owner who explained the facts of life to me about residential and office apartments (condominiums) and insurance procurement. To make a long story short the properties I had purchased had no insurance coverage whatsoever and I had to purchase the structural coverage for my properties myself or they were uninsured. The woman made a call to AIG and the coverage was very inexpensive (surprise) and she was able to bind it immediately on the spot.

Without structural insurance coverage you would loss all or part of your entire apartment investment if the apartment was distroyed by earthquake or fire, etc.

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2retirensa says on Aug 27, 2005, 14:39:

I'm paying attention! Since we will more than likely live in a condo, I see the point of fire ins. I'm paying about $220 for condo ins. here, which of course doesn't cover as much as a house, nor does it cover war or terrorist acts! Earthquake coverage is another really imp. coverage since we will live in Armenia.
We will rent for a while, but insurance will be needed none the less- I know no owner will be protecting me and mine.
Thanks for the info.
Maureen

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viewpoint says on Aug 27, 2005, 14:48:

2retirensa I hate to admit it but it only took me 6 years to figure out that the homeowners association for my first Colombian apartment didn't procure and pay for insurance coverage of the physical building itself and that I had been (unknowingly) self-insuring my investment for all those years.

As BAQ points out the fire departments in some areas may leave something to be desired but they have a reasonable good record in major cities which has explained the lack of sprinkler systems in Latin America. On each floor of the commercial and residential buildings is a glass enclosed fire hose in sufficent length to marshall the fire on each floor that that is your fire protection.

I have yet to see sprinklers in any construction (new or old) regardless of project height (number or size of floors).

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BAQ says on Aug 27, 2005, 15:55:

Water & Smoke Damage Also consider someone in another apartment / condo starts a fire in their kitchen ect, the Fire department arrives and uses LOTS of water, well if the fire is ABOVE you, expect lots of water damage. If the fire is under your floor / beside you, expect lots of smoke damage. Remember cement does not burn, but PAINT on the walls and CONTENTS do. Take a look at the recent fire in the apartment in France, that was a concrete building and from what I watched on CNN, that thing went up like a roman candle.

Honestly, I worry about FLOODS more than anything else, however I own a home so I am not above ground like most people in apartments are.

When you are looking at property, try to find something on HIGH GROUND, thats what we did. Most of the cities have little or no drainage for rain water, so it all flows down the streets. Obviously, the lower / farther "Down stream" you are, the more rain water run off you are going to get. If you are in a mountian area, remember LAND SLIDES are common here. Honestly, I would invest a few $$ and have a certified engineer look the area over first to see how the run off from water will affect you in the future, ESPECIALLY if you are buying in a new bario, where more new construction will affect the way rain water runs off.

Semper Fidelis !

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juanalejo says on Aug 27, 2005, 16:08:

Grey Area There are two grey areas to point out, first is the owners insurance vs the associations insurance. Many buildings do not insure the building itself, and when you insure your own apartment you are insuring what is legally yours that is half the outside wall, none of the structure, so in case of an earthquake I would not like to be in the fight with the insurance companies, so do make sure the building itself has full coverage, or you might be just waisting money. Second grey area is with coverage of items inside the house, I wanted to cover just electrical equipment, as for us Colombians fire seems so remote ( I have never know of any fire at anybodies house ever ) apartments are made of reinforced concrete and walls of masonry, and I could not find an insurance that would cover electrical equipment only, they would force me to insure furniture for the same ammount as appliances, which in for me means insuring furniture for over the price. But there you go. For the rest the repairmen from the insurance companies are fantastic, even for just a leak they are very quick to come and repair.

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2retirensa says on Aug 27, 2005, 16:56:

Insuring Condos here in US is even iffy. I had a flood from the condo above me 2 years ago, and it was a big deal determining who paid for what (my ins. or Association). It delayed things a little bit. I actually got the idea of no fire ins. needed from Colombian friends, who HAD me convinced, but no more! I really need to learn from other peoples mistakes when I can. It's a lot less expensive and way less inconvenient!
Maureen

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kernow62 says on Aug 27, 2005, 17:03:

Do they cancel you the first time you make a claim or when they feel the risks in your area are too high? That is common here in the US, I couldn't believe some of the things insurance companies are allowed to do.

This week my mortgage company told me I was in a flood zone (I am not) they told me I must obtain flood insurance or else they would and charge me. They said their decision was based on FEMA flood maps. I told them I was looking at the flood zone map from FEMA and I am not in a flood zone. I said, can I send you a copy of the map as evidence that I am not in a flood zone, they said that would not be sufficient (even though it is the same map they based their decision on). I was told I needed to pay for a flood evaluation by a certified flood inspector or get some legal papers signed by FEMA. Anyway I told them to screw themselves; then I get a nice letter in the mail telling me that new evidence has been presented and that the mandatory flood insurance I carry (which I never carried) could be cancelled if I would sign the waivers and mail them back. I sent the letter back asking for full reimbursment of the flood insurance policy that they said was mandatory. Lets see what they come up with this time.

My mother never made a claim for 20+ years, then after a few hurricanes (still no claims) they suddenly cancel all policies in Florida. This is legal....

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tomtom33 (☼Travelguide writer) says on Aug 27, 2005, 20:53:

miamimike says on Aug 27, 2005, 21:52:

Many here in Florida are under the wrong assumption on if they assume that their Condominimum Association Policy covers everything.. I am curious how this compares to Colombia. Here, Many do not buy Private insurance for that reason and then get a Big Surprise later.The Condo Association Insurance covers(at least on the two condos I owned in Florida over the last 12 years)UP to the walls, floors and celings.Inside, Anything within your condo-wallpaper, carpets,floor coverings, cabinets, fixtures including Fans, airhandlers for the AC and Heat, dishwasher, washer and dryer, toilets, Bathtubs and fixtures,showers,Tvs, vcrs,cameras, washbasins., all furniture(beds, sofas ect)vertical blinds and mechanisms are NOT COVERED by the association MAster Policy. If by strange chance, one claims to cover these items , ask them for it in WRITING on official Business head paper(bet you will never see it! Liability-if someone slips and breaks their back, arm leg whatever in your condo--and sues you--Guess who the liability is with--You the Owner! They are your guest and you INVITED(key) them into your home. Your Dog bites the daughter of your Guest, Guess who is liable-You Not the Association. The water closet(tank) on your toilet breaks and floods the condo below-you pay. If a pipe breaks in between a wall or between floors-this is the Condo's liability-not yours. Many Condo Managers will try to stick the Unit owners with the repair bill, but its not for you to pay. Same if the Condo exterior roof leaks and ruins your Condo-its the Condo Manager's liability-for not maintaining the roof(a common element btw)in good repair(condo association pays). Take them to court if they refuse to pay and you can't negotiate a settlement. The Various Insurance companies here in Florida and many other states also will try and weasel out of claims any way them can these days! We have a weak Florida Insurance commissioner(Mr. Gallagher)who is Pro-insurance company and not for the policy=holder/consumer. Many here soon will find THIS out in filing damage claims for Hurricane Katrina. Better to over-insure in Miami then under insure(what many do here to their regret later) Beware, these Insurance companies are NOT your friends! These Real Estate agents should be advising would be purchasers of the Insurance Pitfalls but sadly, most are chasing commissions or simply don't know themselves and the purchaser gets stuck holding the Bag.BTW, if you have any collectables, antiques they need a special written assesment and better yet a Photo(of item) or a walking Video tour of the Apartment and its contents. I had to do this with a 12 ga. Parker Bros. Shotgun($$$$$$) and an Original Abraham Lincoln Asassination(1865) Newspaper I had mounted and framed.This may vary with agencies but for Allstate its what I had to do!

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viewpoint says on Aug 28, 2005, 04:35:

tomtom33 Another risk with your association not insuring the building becomes the ability of your neighbors to fund their own apartment or common area substanial "uninsured" losses. In the USA no mortgage company would lend in a project where insurance of the building (as a whole) by the association wasn't mandatory for obvious reasons nor would one want to invest in a building without mandatory structural insurance requirements. Buying one single policy through the homeowners association is obviously much cheaper than individual policies purchased by the separate hownowners let alone the issue of "uninsured" homeowners as arises in Colombia.

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2retirensa says on Aug 28, 2005, 05:42:

my situation Ins. is mandatory here, but once you have your ins policy and closed on your condo, no one follows year to year to see that you have renewed your policy. I never thought about it, just paid my ins. like you would THINK every other homeowner would. WRONG! When the guy above me flooded my condo he had NO ins.- he had let it lapse the year after he bought it. My ins. had to cover everything, though they will go after him, it was still a pain. I didn't get cancelled (what a surprise!), but I had to file a complaint with the ins. commission for problems getting my $$ and service (I have State Farm).
Note: One other thing to watch is when the association changes it's master policy. You need to have your agent review the new policy to make sure you still have the coverage you need. Our asso. has changed the policy 3 times (looking for cheaper rates), and 3 times I had to increase my coverage. This is not always announced to the owners.
Maureen

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kernow62 says on Aug 28, 2005, 06:25:

Maureen that is another reason to buy a condo on the top floor. Plus you don't have people stomping about overhead. An added bonus is often you get nicer cathedral ceilings and the use of attic storage.

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Gomezman5 says on Aug 28, 2005, 07:14:

Hi Maureen.... I served (for 6 years) on the the Board where I live. It is the third largest Condo Complex in Chicago. I can easily identify with your situation. Condo, associations simply do not monitor ongoing situations that they require of the unit owners. It's simply not a priority. It should be, but because of the other everyday events that keep them busy, they just don't find the time. Most condo associations also require a copy of the lease when you're a non resident owner and you are renting their unit. They don't ussually get a copy. Most also require a certificate of insurance from any contractor doing work in your unit. They don't ask for that.

Also, it is your responsibility to notfy your insurance company if you need to increase the policy limits for personal propery in the event of a loss. State Farm has no idea that you inherited that rare $15,000 oriental rug and that you just remodled your kitchen at a cost of $20,000. Your liability limits rarely change, and it cost next to nothing to increase that. Besides, if you have a lot of assets to protect (wealth), you should have an umbrella policy in addition to your auto and homeowners liability policies. I have had one for many years

You are lucky in one way. You have State Farm insurance. They are one of the finest insurance companies in the world and I can tell you, they will never cancel a unit owner for a situation like yours. In fact, they rarely increase their premium for what is know as, "excessive claim activiy". They are the largest auto insurer in the US as well. I have all my insurance with them. And of course they are great beecause they are corp. hdq. is located right here (145 miles out of Chicago) in beautiful Bloomington Illinois.

Now, in your case, or s similar one, you should ALWAYS file a claim against your policy. NEVER wait for the Condo association to compensate you. I can tell you that associations look for EVERY reason in the world to get out of paying a claim. You will wait and wait, and then they will make you an offer that is well below what you are entitled to. Sometimes, they do the right thing, but that is the exception and not the rule.

Under the terms of your policy, your insurer is obligated to pay the claim. State Farm will never deny a claim of your type and they will not raise or cancel you because it is not their underwriting policy to penalize people for an event/claim that was not due to their negligence. If the claim representative determine's that there is a party that they can subrogate (seek reimbursement/third party liability) from, they will pursue that avenue. Upon a successful subrogation, they will remimburse you your deductible as well.

I should add that sometimes if the damage is caused by another unit owner, their insurace carrier may accept liability. However, I would still file a claim with your own insurance carrier due to the fact the amount they offer you to settle your claim, may not adequate. And I will tell you, State FArm is quite generous

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BAQ says on Aug 28, 2005, 11:35:

Thats why I purchased a HOUSE, didn;t like the "System" of owning an apartment or Condo in Colombia.

Semper Fidelis !

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2retirensa says on Aug 28, 2005, 13:47:

I WANT A HOUSE My novio insists on living in a condo/apartment for security. I'm use to it and its ok, but I really want a house where I have almost total control. Condo living for me now is fine since I'm alone, gone most of the time, and it is nice not to deal with the yard, roof, etc.
Not what I intended for retirement with more time to do as I please.

So maybe you guys have some good arguements to help me convince him to buy a house instead of a condo. (resale value doesn't work since we are going to die in it anyway, and it then becomes someone elses problem) Renting at first doesn't bother me as much in a condo since you can't do what you want anyway. Buying is a different story.
Maureen

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Gomezman5 says on Aug 28, 2005, 14:43:

A condo has it's place....no matter what anyone says If you want a house, they certainly are out there,,,from coast to coast and country by country. But hear me out, all you condo bashers.

I can name advantage after advantage, that clearly make a condo worth it's money every day of the week and then some.

If you are single, and you live alone, why does one need a house? You have a lot of space, and no need for it. At the same time, you have a lot more to clean and gernerally maintain. With a house, there are always repairs, and some of the most expensive ones come suddenly without your knowledge. These repairs are expensive as well.

Condos, at least a well run one, has an association that knows what repairs are on the horizon. They are budgeted for in advance, and your assessments over time will pay for the work needed.

Condo living is basically care free living. No lawns to cut. No snow to shovel. No plumbing or electrical problems. 24 hour maintenance and security. For a women, Maureen alluded to, a house can NEVER be as secuere as a condo association with 24 hour security and a doorman. In the 37 year history of my condo association, there has NEVER been a unit broken into. A single women is far more secure hear than she is in a home.

I comperable size apartment that I live in, would cost me about $1300 a month or more. When I moved in here 16 years ago, I paid $44,000. Today, my unit is worth at least 200,000. So how can someone tell me that my buy a condo was not the samrtest investment a person can make?
Over the 16 year period, if I would have rented, not only would I have spent (lost) over 100,000 in rent, but I would not see the increase in value of over $150,000 as well.

Sure Condo association have their rules. They have to have rules. My condo association with 728 units, has over 1300 people living here. You have to have rules for all to abide by so that there is order and continuity.

Houses are fine, bur for many people,especially people that travel a lot, or people who need that extra element of security, a condo cannot be beat.

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poco says on Aug 28, 2005, 14:53:

What you want to beat Not what I intended for retirement with more time to do as I please.

Depends on what “do as I please” means. Personally I consider anything other than a house a ‘box”. I would NEVER think of retiring in a “box”.

A box might fit your retired style, want to travel or don’t intend to stay “home” much then get a “box”.

Safer? For who and why?

Not a Box

Americanized this house, and the girl I’m with (owner) thinks it a TOTAL waste of money. Probably right but the cost was cheaper than a weeks vacation in Europe and it made me “happier”.

Ask yourself if you’re willing to “settle” for the rest of your life.

BTW: If ARTEVIDO has a digital camera idea for bird photos I’d like to see it (The Olympus 750 10x isn’t current). Maybe replaced with the 765? Is 4mp OK for 10x zoom on LONG shots? Think I’ll put some fruits on the wall, setup some hummingbird feeders and start a new hobby.

"When you men get home and face an anti-war protester, look him in the eyes and shake his hand. Then, wink at his girlfriend, because she knows she's dating a pussy." Quote - General Tommy Franks

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kernow62 says on Aug 28, 2005, 15:21:

I see both sides to the argum

I see both sides to the argument, I would rather own than rent in most instances, but right now a home is better than a condo. I like my music and movies loud! When I get to be an old fart like Gomezman5 I will consider the carefree life in a retirement home  condo.

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2retirensa says on Aug 28, 2005, 16:17:

OK, nothing new here. Yes condo is more secure, esp. for single women and the elderly (us in not to many years). Very little worry about the outside. But I like to work in the yard, have parties outside with music etc. louder than you're going to get away with in a condo, and do what I please to the outside of the house. Condos are pretty restricted. Safety and security is the big selling point because we do hope to travel a bit, we're not rich enough to live the life of world globe trotters, so we'll be living like most "normal" people.
My condo has been good for me here in US alone, but I would like more freedom from restrictions in COL. Of course, I don't think I'm going to win this one. I win most things, but anything my novio sees as a safety issue I always loose. And of course, the family always backs him up.
Maureen
PS Shoveling snow will not be a concern in a very short time!!

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BAQ says on Aug 28, 2005, 17:26:

Apples to Apples If I was living in the States, a Condo would be great, so I am not condo bashing, however you need to compare apples to apples, and condo/apartment living here is MUCH DIFFERENT than in the states. I have a friend who lives here and he also has to pay extra each month for a parking space.

Just a thought.

Semper Fidelis !

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Miguel says on Aug 28, 2005, 19:09:

Señor Gomez Asks: "If you are single, and you live alone, why does one need a house?"
I own, along with Bank Of America, a small house. It is a good investment, and ownership provides me with good tax benefits.
Kernow, you are brutal as always; keep it up.

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Gomezman5 says on Aug 28, 2005, 20:35:

Mr. Miguel Just to let you know, S. Florida is the condo capital of the world. The first state condominium act was written in Florida. Every other state, including Illinois, modeled their original act after Florida. Now for the best part, the biggest and lateest housing boom has been in South Florida (3 county area) Condos that 4 and 5 years ago that sold for 150,000, are today selling for up to triple that price. They have at least doubled in prcee. I don't think you can do much better than that.
Can ya?

Like I said, I purchased my condo 16 years ago for 44,000. Today it is worth about 200,000. This country has seen the same and in many cases (South Florida) better appreciation in the value of their condos, as people have seen in their homes.

As to Kernow......he just has so much affection for me, he just does not know how to express it in any other way. If he thinks I am an old man, fine, I am old man. But at least I don't need Viagra yet.....ooops. It's ok Kernow, everyone know already anyway.

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poco says on Aug 28, 2005, 20:53:

Better Investment I've never had a condo or townhouse come close to the appreciation of a single family house. Cost of ownership is also important. Association fees can be astronomical and you will be but one small voice among many "owners".

Fees per month?? Think a two bedroom two bath 1200 sq. ft highrise costs ?? $700 per month,, and that is CHEAP. You will get security gurage with two parking places, door man and hot water.

I've been there, friend has a "highrise". Lucky there were two parking places,, that or "on the street". Third floor parking, elevator down, walk to the lobby, elevator up 30 floors and guests "sign-in". Packages, groceries etc. Ha,, only $600 per month.

Did I mention non-payment of Associations fees in Texas and they can "foreclose".

House, hit the garage door opener, drive up next to the kitchen entry and walk on in. No maintenance fees and yard contract $50 per month, only because I didn't want to mow the grass.

"When you men get home and face an anti-war protester, look him in the eyes and shake his hand. Then, wink at his girlfriend, because she knows she's dating a pussy." Quote - General Tommy Franks

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BAQ says on Aug 28, 2005, 21:58:

INVESTMENT Can only speak for Barranquilla, but the % of homes for sale vs apartments/condo's is so out of wack, it's almost insane. The market is flooded with apartments for sale. Now that is not to say there is a shortage of HOMES for sale, but it places the SELLER of an apartment at a great disadvantage since there are so many apartments for sale.

My OPINION, if you plan on STAYING IN ONE PLACE, an apartment here is fine, but if you plan on moving a few years after you buy and you need to sell QUICK, you are gunna be screwed.

ONE OTHER PIECE OF ADVICE (if I may be so bold), RENT someplace for a few months until you get to KNOW THE CITY. What might seem like a nice area at first glace could turn out to be something much different once you buy and move in.

Semper Fidelis !

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miamimike says on Aug 28, 2005, 23:54:

What is more secure..Depends In many Condos, you have several more barriers for security contrast that to many homes, one only has the front door. Consider this, in many condo complexes, you have a Security Fence/Gate(barrier #1),and a Guard at this Gate(barrier #2)Your Front Door with a Medco type security lock key(barrier #3). In my case I have 4 Locks on my front door(hey this is Miami-one of the Top thieving cities in the US)-barrier # 4. I have an alarm that I have to Deactivate before I walk into my condo-Barrier #5. Compare that to many Houses in Miami Beach, Kendall, Coral Gables--all one has is do if they are intent on robbing your house in any of these neighborhoods is simply walk up to your door(or back window)-Unchallenged and without much ado, let themselves in, forcefully or otherwise.These may have an alarm system also but many don't.Oh, I live on the 3rd floor so add height as another barrier(I would never buy a 1st floor condo-due to Flooding here in Florida and also its too easy for some intruder to enter, should hey get past the other barriers )Whats more secure?? Appreciation, well Condos have been doing pretty well here as have single family homes. I feel I could sell for 5-6 times what I payed in 1995. Not bad appreciation! Wish I would have bought 3-4 more back then !!!! True, I don't agree with all the Condo Rules but I accept these, as a Condo at this moment offers more advantages for me then disadvantages, as a Single person. They are not for everyone just as single family homes aren't suitable for many here.

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aztec says on Aug 29, 2005, 03:16:

miamimike, little off topic Do you think that now may be a time to sell and deposit your profits?

Some of us are old enough to remember the last Florida real estate bust.

In addition, were there not even earlier real estate catastrophes in Florida?

My comments are not to be bashing you but to ask your perception of things in the Florida real estate market. I have my home in the states on the market now partly because I thought the market may become soft later next year.

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kernow62 says on Aug 29, 2005, 04:17:

Aztec, I agree, I believe Florida will taper off next year. I actually cannot believe the increase in value of properties. One of my houses has doubled value in just 6 months, the other did almost as well. I won't quote figures because it would show that houses are doing as well if not better than condos.

Many, many condos are built with a an anticipated life of just 10 years, the builder love condo buyers. Build a three or four story building out of mdf chip board and call it a house, OK if they say so. The land is what holds the real value in Florida and that is what a homeowner has over a condo owner.

I remember when you couldn't give a condo away in Orlando, people were clamouring to sell, the deals were fantastic if you were buying. I have never ever seen people selling off homes in such numbers in this area.

In the business I am in I am inside many condos and homes, one disadvantage of a condo is your neighbours, they are supposed to have the same pest control as the other condo owners, but I have been in some units that are roach infested because the nasty habits of the occupants. They will find there way into your unit. In Florida many condos are rented out either to short term holidy makers or to long term apartment dwellers, whle they may be great tenants just as many are not. There have been many cases where thft rings actually move into thse rentals and work from the inside circumventing some of the "security features".

However if I was in Colombia, in a city such as Bogota, I sure as hell would be in a highrise. Different countries as well as different regions within a country call for different strategies in a home. IMHO

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miamimike says on Aug 29, 2005, 16:23:

Aztec-IMHO-Yes, I think The south florida real estate bubble will implode within 12 months. Not only for Condos, single family homes also.The Disparity found here in S. Florida between real estate prices and average wages is widening daily. We in s.florida are in the Biggest Bubble nationwide; the average wage here in Miami-dade is around $30k yearly. The Average Home price is $370,000 and the salary needed to purchase that home is around $80,000.00 a $50,000 disparity. Crazy. Yes, Florida has had several boom-bust real estate cycles.And Yes, I am selling very soon.Time to run! Maybe I'll move to Chicago- as Frank Sinatra said, "My kind of town" haha!!!

Avatar Legend: Bush "If any of you Reporters are wondering, it was a Size 10"

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kernow62 says on Aug 29, 2005, 16:26:

Hey maybe you can move in next door to Gomezman.

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