Miami condo market auction..Weak bid.
- Thread starter TheDudeofLife
- Start date
Look out below. The article says 300 pre-approved buyers, trying to squeeze into just 22 units, with the excitement of an auction where the media was present. These are just about the optimum conditions for the seller. Prices still didn't measure up.
The Beach is the most desirable area. SOBE and as far north as Bal Harbor. Downtown Miami is where most of these new buildings are being built.
From what I hear most of the buyers in these new buildings are South American. The prices in the DT Miami buildings are discounted from what one would pay on the ocean.
It kind of cracks me up to hear of "over building" down here. From the mid-60's to mid 70's there were A MILLION new units built. This is tame.
do you remember miami in the 80's and early 90's thats what over building in the 60' and 70's did to it
Looks to me like the Miami condo bubble is just beginning to pop. A lot of flippers just got beached ... ouch!
http://www.youtube.com/watch?v=tkuW8bCjC6c
http://www.youtube.com/watch?v=tkuW8bCjC6c
too early to tell
I have to say, for a European these prices are starting to look very interesting. What would a two bedroom condo on Miami Beach fetch?
I have to say, for a European these prices are starting to look very interesting. What would a two bedroom condo on Miami Beach fetch?
I wouldn't want to own a unit in a building full of flippers who got flopped. Most of the units will probably end up in foreclosure and the condo fees won't get paid. The required building maintenance won't get done and the building could turn into a moldy roach infested rat-hole. It's much cheaper and financially smarter to just stay in a 5 star hotel or rent a vacation condo.
I wouldn't want to own a unit in a building full of flippers who got flopped. Most of the units will probably end up in foreclosure and the condo fees won't get paid. The required building maintenance won't get done and the building could turn into a moldy roach infested rat-hole. It's much cheaper and financially smarter to just stay in a 5 star hotel or rent a vacation condo.
You should be shot for posting that image, hehehe. You couldn't give away a Miami condo in the 70's. What sold for $60k sells for $600k now. There is no access to capital. The geography with the greatest supply gets squeezed the most. A lot of these 700k condos are going to trade at the Fannie jumbo limit. Try to sell a 1 bdrm condo with no securitization in a SEA of condos.
Pabst is suffering from a serious bout of buyers remorse. Got skewered holding the bag on a condo with a real current market value pegged at 50% of his purchase price. Soon to drop to 75% of his purchase price. Prices in FlurryDuh are headed even lower. 1000,000 condos coming online and no buyers in sight. Demographics are no help either, all the older people are dying off and the younger folks are moving out. That's no Hurricane in the horizon, that's a Tsunami coming in with 1000 ft high tidal wave.