Unlike some here who don’t like condos, I have a different view.
Full disclosure. I own several.
For living: Especially high rise condos (which are also common in Miami). If you travel a lot or own it as a vacation home, you don’t have to worry about maintenance for exterior or hurricane prep.
For renting: Renting and managing condos are easy. These are some of my easiest rentals. It’s possible that condo fees are draconian in some states. I’m in the Midwest (OH/IN) and it’s not crazy here.
Additional notes. Condo values appreciate slower, decline faster in downturn. Yes. But I buy my primary & vacation residences not for the financial arbitrage. Even for rentals it comes down to purchase cost.
Review your condo rules before you buy. AS YOU SHOULD REVIEW EVERY CONTRACT.
OP, I ❤️ Miami, especially South Beach. Only reason I don’t own anything in FL is my (silly[?]) conviction about oceans rising. But I’m there often to play grab ass with other tourists. Also, cafecitos are my viagra (TMI?, maybe)
So @ new, when you mention hurricane damage you don’t mention who’s responsible for the damage inside the apartment if the exterior damages leads to Damage inside the unit. You’re also likely unaware of the differentiations between between condos that are located below and at or above the 6th floor.
You mention condo fees being draconian. If you properly cash flow the property then it doesn’t matter assuming market conditions don’t deteriorate (which they always do in Miami because of cycles of overbuilding. See Brickell ave condos). What’s “draconian” are the special assessment. Multi-thousand dollar assessment are not uncommon in Miami and other higher cost cities. Many newbies get caught offguard. As a rental you are unable to apply for the homestead exemption and will forever pay 2% property tax. The flip side is you can depreciate the home over 30 years which is a nice benefit if you’re a high income earner. Easy to manage? Because it’s a condo? 😂 idiotic statement. Additional statement: the fact that condos appreciate more slowly during the good times and drop like a rock during the bad times is a footnote in your manifesto? 🤣
And wtf are condo rules? Are you referring to Condo and HOA articles and bylaws? Do you even own a condo in Ohio? 😂
Thanks for providing your AMA. Most of us can FIRE if we move to Indiana on a $40k annual budget but I’m sure your parents are proud. Your responses on blind are a much better representation of who your are.
No. City already gets affected by rising water levels. It will be hard to sell property in a few years in that City if you are near the water or beach or expect high HOA fees to keep pumping water out of garage etc.