Existing Home Sales in South Florida Rise?

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Permalink Reply by Nicole on April 22, 2008 at 5:38pm

i'm keeping an eye on the market here (looking for a loft)... thoughts on where?

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Permalink Reply by Alex (MUL) on April 22, 2008 at 5:51pm

Renting is a lot less than owning these days. I would only buy if you're looking to customize the unit to your liking and live in it for 5+ years. Buying for investment (to rent or flip) is probably not a good move until things turn around. That can take a while.

I've heard good things about Loft 2 which is down the street from 50 Biscayne. You can see some current prices here:
http://www.miamicondoinvestments.com/for-sale/Miami/Loft-Downtown-II/

There is also Ten Museum Park which is supposed to be a luxury loft tower. I heard some of the amenities are not finished, but the actual units are amazing. Might be worth checking out if you're in that price range:
http://www.miamicondoinvestments.com/for-sale/Miami/Ten-Museum-Park/

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Permalink Reply by Nicole on April 22, 2008 at 5:59pm

cool thx alex... ya I should have been clearer. I want to rent in a building that I would consider owning in (at least a year from now now - hoping to see a bottom on the market by then)... but then at least I would have a good idea of the pros and cons after renting there before making the decision to buy... I will check these out.

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Permalink Reply by Alex (MUL) on April 22, 2008 at 6:09pm

That sounds like a good plan. You can see rental rates on the same website I directed you to. When you're ready to make a move, let me know and I can help you out.

-Alex

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Permalink Reply by Nicole on April 22, 2008 at 6:12pm

ok will do for sure. keep me posted if you hear of any amazing lofts come up for rent in the mean time. I am living with a friend at biscayne at the moment but intend of having my stuff shipped in from chicago at some point.

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Permalink Reply by CB on April 23, 2008 at 9:56am

Yeah, I'm in the same boat and think the market will be it's worst (or best for buyers) in about a year. Tons of places are still being built, check out all the cranes! I'm currently in a lease-to-own on South Beach with all the rent deducted from the price if I were to buy after a year. Over the past 6 months, it's already dropped below that reduced price AND I've had to move out of the first unit because of plumbing issues. So I'm 99% sure I'm not going to buy the unit.

Here's a blog you might be interested in:
http://www.miamicondoinvestments.com

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Permalink Reply by Mike P on April 23, 2008 at 5:07pm

The prices also dropped in South Beach? I actually heard that market was still holding up even through the downturn. If you don't mind me asking, what building?

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