Is Miami a good place to buy a condo?

Cisco iluvbirds
Dec 29, 2018 38 Comments

Would you be happy living in Miami or is it a shithole?

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TOP 38 Comments
  • Cruise Automation / Eng LEGS61
    Miami will be underwater in a few years...literately
    Dec 29, 2018 0
  • Facebook public2
    Never buy a condo...anywhere
    Dec 29, 2018 8
    • Facebook public2
      Condos appreciate the slowest, decline the fastest when the economy turns, and HOA. Miami condos are cheap though so as long as it's for fun and not an investment party on!
      Dec 29, 2018
    • Cisco iluvbirds
      OP
      It would be for living and then renting in 2 years
      Dec 29, 2018
    • All 10 y.o. or newer construction (on redeveloped lots) in Bay Area will have HOA. In other words, all houses from builder companies. I an talking about single family homes.
      Dec 29, 2018
    • Yahoo Rabid Bi
      I disagree. I have done extremely well because of a condo purchase.

      Secondly, if you love the beach and Miami lifestyle, sounds awesome. make sure it's for you tho.
      Dec 29, 2018
    • Facebook public2
      Hope your hoa allows you to rent!
      Dec 30, 2018
  • New DuQvV7x
    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)
    Dec 30, 2018 11
    • Citibank / Finance $$>RSU
      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.
      Dec 30, 2018
    • New DuQvV7x
      TL;DR
      Dec 30, 2018
    • Citibank / Finance $$>RSU
      Too bad. You could have actually learned something.

      Here’s a summary your simple Midwest brain can comprehend. Likely the fat kid in his parent’s basement trump has often referred to.

      If that was TLDR, here’s a mega summary.

      You’re full of shit.
      Dec 30, 2018
    • New DuQvV7x
      Most mammals are.

      Cheers.
      Dec 30, 2018
    • Citibank / Finance $$>RSU
      😂👏🏼
      Dec 30, 2018
  • New tLFu71
    Go rent for a year or two first. It’s a shit hole, overpriced, and superficial and fake af. Go north of Miami unless you want to go clubbing and do drugs all the time.
    Dec 30, 2018 5
    • Facebook public2
      Who wouldn't want to do that?
      Dec 30, 2018
    • Cisco iluvbirds
      OP
      It's cold as fuck up north
      Dec 30, 2018
    • Vertivco / Eng
      World 5-1

      Vertivco Eng

      PRE
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      World 5-1more
      Orlando is not cold.
      Dec 30, 2018
    • Cisco iluvbirds
      OP
      Not beach front
      Dec 30, 2018
    • Vertivco / Eng
      World 5-1

      Vertivco Eng

      PRE
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      Did he say it had to be beach front?
      Dec 30, 2018
  • Nvidia dlee4321
    Nothing good can come out of Florida
    Dec 30, 2018 0
  • Citibank / Finance $$>RSU
    Depends. To own? Brickell? Yes. Lots of inventory. To rent? No. Lots of inventory. Just play hardball if you decide to buy.
    Dec 29, 2018 2
    • Cisco iluvbirds
      OP
      I want to get on Miami Beach or whatever all the hottie are
      Dec 29, 2018
    • Citibank / Finance $$>RSU
      It’s Miami. They’re everywhere but you need a lot more than a condo to get laid there.
      Dec 30, 2018
  • Google JKRO64
    You mean for retirement? Or renting out
    Dec 29, 2018 1
    • Cisco iluvbirds
      OP
      To live as a remote worker
      Dec 29, 2018
  • No. Why? Hot, humid, hurricanes.
    Dec 30, 2018 0
  • Microsoft kxciuwbw
    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.
    Dec 30, 2018 0
  • Apple 8881212
    With all the hurricanes, no...
    Dec 29, 2018 0
  • New begin
    Where to check condo prices?
    Dec 29, 2018 0