Miami Herald; Condo Boom Moves To Latin America

nine inch nails says on Apr 21, 2008, 20:37:

Good article.

A friend of mine at work is from Argentina and thinks the run up there is about to cool off. I guess about a 150% runup in values since their currency finished nose diving in 2001.

I think I'd be even more worried there and rest of Latin than in the U.S. with losing some money. $300K use to sound cheap for Miami but now it's a fire sale to get them off the books for even less.

"Bank owned" (www.foreclosurebyowner.com)

nine inch nails says on Apr 21, 2008, 20:50:

http://www.reportonbusiness.com/servlet/story/RTGAM.20080421.wfloridac...

MM,

Check this article out from www.europac.net. I cannot believe the Venetian Isles auction sales of those 2 homes! One less than 20% the last sale from $2.75M to only $500,000! Like dot.com fallout devaluations!!!!!!!

"Bank owned" (www.foreclosurebyowner.com)

miamimike says on Apr 22, 2008, 00:28:

9"nails--The Problem for many of these pricey Miami Condos&Homes is NO matter how cheap the purchase price may be, you still need to be a deep pocketed buyer to even consider owning one. 90% of the folks living in Miami couldn't afford to live in one of these homes if it was given to them! Why Not you ask? Consider Taxes, Insurance and if its a Condo, monthly maintenence fees, no small expense in many of these luxury bldgs. Just with these 3 expenses, it could easily top $25,000. Thats more then most Miami wage earners net so these places are pie in the sky dreams for them. A Friend of mine had a buddy die who lived in Surside next to Bal Harbor here in the north miami area and he has a home (2br, 2 bath) that the family is looking to dump as it needs upgrades. They want to let it go for a paltry $400,000. It is 2 blocks in from the Beach. If it was upgraded and in an improved market, the house could bring $700,000 as its in a desireable area very close to the beach. Not a PLACE FOR THE AVERAGE workingman. A New owner may Bulldoze it just for the lot to build anew on. Hard to believe the guy died broke but he did, he was wealthy on paper only. He also owned a Parking Lot across the street from the small home, Value; 1 Million USD. Location, Location Location.

Our enemies are innovative and resourceful, and so are we. They never stop thinking about new ways to harm our country and our people, and neither do we." GW Bush

nine inch nails says on Apr 22, 2008, 07:29:

So true. Is why many banks large and small are taking huuuuuuge losses.

Check this one out in today's Herald. A huge mess, even if you wanted to buy a condo. buyer beware. I have been keeping tabs on rents in the Miami area in general since I moved dwon in 2001 and seems what they are asking now with all this mess is down approx. 25% across the board compared to 3 yrs. ago with the glut of properties and investors simply walking away.

http://www.miamiherald.com/business/story/504629.html

"Bank owned" (www.foreclosurebyowner.com)

nine inch nails says on Apr 22, 2008, 07:33:

Like you said even if the property given away for free all the other costs would eat you alive inc. insurance. I have a real bad feeling that Miami is going to take a direct hit this hurricane season or next and even if you owned some "tony" property with an 18' storm surge and cat. 5 winds it could just be taken away so quick esp. beachside or anywhere near the water down there. Scary.....

"Bank owned" (www.foreclosurebyowner.com)

BillBigD says on Apr 22, 2008, 16:28:

The Miami market was like an adult version of musical chairs. Who would be left holding the empty shell. I flipped one in 4 weeks with a profit of 25%. Still have a place in Surfside and if you drive north to Sunny Isles there are many new condos still going up. My guess is values go down further than the 25%. Once people realize that Miami isn't as "cool" to live there as it was 3 years ago prices will drop accordingly.

miamimike says on Apr 22, 2008, 22:32:

Posted on Tue, Apr. 22, 2008Digg del.icio.us AIM reprint print email

South Florida's housing market saw a slight uptick in March as sales for both single-family homes and condos rose versus the previous month. However, sales and home prices are both down compared to March 2007.

A total of 9,142 existing single-family homes changed hands in March -- a 10 percent increase over February, when 8,310 homes sold. Condo sales statewide rose 13.6 percent with 3,145 units sold in March versus 2,765 in February, the Florida Association of Realtors reported Tuesday.

In Miami-Dade, the sale of existing single-family homes was up 13 percent versus February, as real estate agents moved 276 units versus February's 244. The median sales price was $337,900 versus $306,100 last month.

http://www.miamiherald.com/news/breaking_news/story/505308.html

Our enemies are innovative and resourceful, and so are we. They never stop thinking about new ways to harm our country and our people, and neither do we." GW Bush

BillBigD says on Apr 23, 2008, 10:24:

276 units sold is really a small number