(1) Miami's Background
(a) Mayami, (Big Water) as the Seminoles referred it, is better know and spelt today as Miami. It is the country's 45th largest city with a population of apporximately 2,496,435 residng on a swath of land between the Everglades and the Atlantic Ocean. The city has a first-rate newspaper, beautiful tropical weather, one of the world's best nightclub districts and plenty of international sabor.
(b) Miami is famous for the filiming of some of the most popular movies such as: Miami Vice, Scarface, and The Bird Cage as well as the setting for the series The Golden Girls. Living in Miami you will find a vast array of famous celebrities such as: Julio Iglesisa, Oprah Winfrey, Janet Reno, Gloria Estefan, Anna Kournikova and many more.
(c) Miami happens to be the center of immigration from the north and south. According to statistics Miami's populations is made up of approximately 73.8% white, 65% hispanic, and 18.9% African American. Miami has also attracted foreign residents from every Hispanic country except Spain. Just to list a few: Cubans,Nicaraguans, Colombians, Venezueleans, Puerto Ricans, Argentineans, Ecuadorians, Brazilians, Dominicans, Haitians, and Mexicans. Retirees and second-home owners make up a large portion of our population.
(2) Condo Glut
(a) An enornomus glut of condo towers has contributed to South Florida's dismal market. According to Housing Predictor the home values in Miami are expected to drop ana average of 13.9%. Miami had 692% more properties scheduled fore foreclosure per household during the first quarter of this year. Sales of exisitng family homes were down 31% in Miami- Dade and 20% in Broward.
(b) In a nutshell, whatever you buy, the year after you buy the property taxes will be 2% of purchased price. After that first year, your taxes are somewhat moderate, but can be rather expensive the first year. I know your probably confused here's an example. Let's say you bought a house for $500,000 in Miami, then you get to find out that your tax is going to be $9000 the year after you move in. It just does'nt make any sense.
(3) Condominium Bust and Opportunities
(a) The condo market is not the best place to invest in. About 70% of buyers were speculators.About 30% of coral Gables buyers were speculators. Statistics have shown that developers have projects that have come to a standstill and have begun to return deposits.
(b) Single family homes is the way to go. Some of the big builders are making incredible offers in South Bay/ Homestead area. The single famliy market doesnt have the massive supply coming online that the condo market suffers from. As far as where to buy, Palmetto Bay, Coral Gables and coconut Grove are the places.
(c) South Americans and europeans are always coming to Miami, but the investors have pretty much dropped out of the market. They need to buy in an area that is very rentable where you can easily get quality renters. When investing in the Miami area do research as to what your going to invest in and I guarantee you that everything will work out well.
Sergio Rebollo Jr.
Short Sale Specialist
Real Estate TeamMates
www.SergioRebollo.com
786-866-7358
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