Economicsituation (Miami: real estate, renter, condos)

[Aitanus]

Does the economic situation and the house market got better in the last year in miami?

Thanks

[boxus]

Depends what you mean by better.

I think sinking housing prices are great, others do not, I wish they would go down another 25%.

[doggiebus]

From what I have heard and read Miami Real Estate hit bottom last summer. Prices have gone up and average of 7.8% the last three months compared the three months prior. The majority of the condos in Brickell have been sold and rented. Things are lucking up for Miami.

[FlyMIA]

Originally Posted by doggiebus

From what I have heard and read Miami Real Estate hit bottom last summer. Prices have gone up and average of 7.8% the last three months compared the three months prior. The majority of the condos in Brickell have been sold and rented. Things are lucking up for Miami.

Exactly. It is not strong by any means but it's getting better.

[tallrick]

The real economy, (jobs, inflation) continues to fail. However, a wave of funny money from the Fed and overseas is bouying up the property market. This is the time to sell and bail out, if you can. Within a year I expect another economic crisis and if we have a hurricane, the game is over, this time for good.

[hurricaneMan1992]

I'm not as pessimistic as the above, but on the other hand I expect the recovery to be slow, long, and painfull, especially with respect to general "economic situation" part. I wouldn't be surprised if it doesn't fully recover before the next business cycle recession comes up.

As far as housing, if you have cash for at least 20% and excellent credit, the market is fine..all the better if you have enough cash to buy it outright! But yeah, for the average Miamian, it still sucks, and it also sucks to be a renter now...

[Michael Di Meo]

Originally Posted by hurricaneMan1992

I'm not as pessimistic as the above, but on the other hand I expect the recovery to be slow, long, and painfull, especially with respect to general "economic situation" part. I wouldn't be surprised if it doesn't fully recover before the next business cycle recession comes up.

As far as housing, if you have cash for at least 20% and excellent credit, the market is fine..all the better if you have enough cash to buy it outright! But yeah, for the average Miamian, it still sucks, and it also sucks to be a renter now...

Agree with this post, especially about the Real Estate, although I would also like to point out regarding the first paragraph, the problem really is that middle class job creation is a very slow process here, and add to that the rather non-transparent job market and the huge time it takes to network enough to build relations with people who will hire you, unless you've got savings to bleed, it would not be an optimal situation.

[Coconut1]

Originally Posted by tallrick

The real economy, (jobs, inflation) continues to fail. However, a wave of funny money from the Fed and overseas is bouying up the property market. This is the time to sell and bail out, if you can. Within a year I expect another economic crisis and if we have a hurricane, the game is over, this time for good.

Didn't you also expect a major hurricane to come through before 2012?

When the next hurricane hits Miami in 3-4 years, is that it?

Should we call you Nostradamus? Maybe just Harold Camping.

[tallrick]

The fact is it will come. When, no one knows. However, it's been 19 years since Andrew and this winter has been unprecedented. The risk grows every year.

[perry335654]

Originally Posted by tallrick

The fact is it will come. When, no one knows. However, it's been 19 years since Andrew and this winter has been unprecedented. The risk grows every year.

Wow!!!!! that is some foretelling of weather, you should have been a Meteorologist