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Old 07-11-2007, 11:20 PM
 
Location: Heartland Florida
9,324 posts, read 26,662,497 times
Reputation: 5038

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General rule, if a house is for sale in Miami it's priced 50% higher than what it should be. It would take wages 20 years to catch up. With all the social problems in Miami-Dade county are you willing to take a chance there?
A downturn in Latin America could send investors running, the whole mess could change overnight.
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Old 07-19-2008, 12:17 PM
 
1 posts, read 1,890 times
Reputation: 11
Default Expats and Property taxes.

Hello,

I am planning to buy a house in Coral Gables for investment (around $650.000). The questions are: Do I pay property taxes eventhough I am not american and do not live in America? and if I do how much is the percentage.

How much is House insurance in that area?

Thanks for your help.

Regards,

Natalia
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Old 07-19-2008, 01:00 PM
 
314 posts, read 1,034,142 times
Reputation: 156
prices now are right around the area they would have been now had they risen at the historical growth rate. With each day prices fall and theoretical normal growth non-bubble prices rise so the longer time goes by the quicker the price we should be at grows above the price we are at right now. You want to buy low and sell high. I don't understand why many people think you should only buy high.
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Old 07-19-2008, 03:37 PM
 
Location: Heartland Florida
9,324 posts, read 26,662,497 times
Reputation: 5038
Quote:
Originally Posted by socrates View Post
prices now are right around the area they would have been now had they risen at the historical growth rate. With each day prices fall and theoretical normal growth non-bubble prices rise so the longer time goes by the quicker the price we should be at grows above the price we are at right now. You want to buy low and sell high. I don't understand why many people think you should only buy high.
Not if you start at 1948, when the war was over. Pre-1980 prices were in line with fundamentals, but from the Reagan years till now they have been advancing faster than wages. Remember, you will be throwing away 2% of that purchase price, every year as long as you have the "property". SO that 400,000 bargain shack costs you at least 8,000 a year government rent in addition to HOA, maintenance, mortgage, etc. All in all a terrible investment. If you cannot find a home 3 times your annual family income please move to a place where you can. South Florida has a long, long way to fall to be "buying low".
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Old 07-19-2008, 03:39 PM
 
Location: Heartland Florida
9,324 posts, read 26,662,497 times
Reputation: 5038
Quote:
Originally Posted by NataliaL View Post
Hello,

I am planning to buy a house in Coral Gables for investment (around $650.000). The questions are: Do I pay property taxes eventhough I am not american and do not live in America? and if I do how much is the percentage.

How much is House insurance in that area?

Thanks for your help.

Regards,

Natalia
Yes you do, and you have no homestead exemption protection. You will lose a lot of money investing here. Property taxes in the Gables are over the 2% mark, so expect to pay 14,000 per year just in taxes. Insurance is variable but should be at least 3,000 per year.
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Old 08-30-2008, 02:01 PM
 
Location: Miami
2 posts, read 4,984 times
Reputation: 11
I heard the are going down until around May of 2009 and after that they will freeze for a number of year (meaning the prize) however one need to have 10 to 15% liquid available to buy.
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Old 08-30-2008, 11:54 PM
 
Location: Heartland Florida
9,324 posts, read 26,662,497 times
Reputation: 5038
And in a few years when Miami takes a direct hit from the cat 3+ storm, any price "stability" will be long gone. Only a total fool will invest in south Florida real estate.
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Old 08-31-2008, 01:11 PM
 
8,377 posts, read 30,804,734 times
Reputation: 2423
Quote:
Originally Posted by tallrick View Post
And in a few years when Miami takes a direct hit from the cat 3+ storm, any price "stability" will be long gone. Only a total fool will invest in south Florida real estate.
Ehh, I don't know, look at what happened to New Orleans...
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