More on real estate madness, when do 100% cash buyers go away? (foreclosure, rent)

[gaash2]

Blame lenders not the cash buyers. Plenty of people cannot get mortgages because at the same time the government is trying to make banks lend, it is suing them for every loan they have ever made and making it more and more difficult for them to lend.

And, the market is not anywhere close to being artificially inflated. Some offers may be too rich, but when people are buying in all cash, it is highly unlikely we are anywhere near a bubble again. Take a look at prices in Manhattan for nice condos, or international cities like large tier1 cities in china, hong kong, london, etc. Miami is an internationally known city, and by far the cheapest one in a 1st world country. Prices are going higher, a lot higher. Until people can buy with little money down and are buying to FLIP not buying to rent/own for a while, we are going higher higher higher

[gbugmiami]

Originally Posted by gaash2

Miami is an internationally known city, and by far the cheapest one in a 1st world country.

For a while i would have argued with you on this. But now i know better. I bought a house in 2011, I consider it a good deal. I am moving one day to probably central fla, maybe tampa, bradenton, etc. And from the research ive done, i will pay MORE in one of those places to attempt to get the same house that i got in miami... I dont get it! Just odd.

[angelscorpio]

Originally Posted by Sugah Ray

Lo Maximo,

i was gonna a buy a property with violations (cash only) a few years ago but didn't. I was always curious who bought that home because I know most Miamiams don't have that kind of cash in the bank. This is what I ound out today:

- The property was sold to what it seems a couple
- A year later they changed the title to a LLC (not sold but changed owership, very weird)
- the property was sold again to another LLC that has over 300 properties in the county. I think the property is being rented.

the original couple also had other properties and opened an LLC for each one. . I need to look further because I'm having Java issues but I smell foul play here

I'm starting to think like TallRick. I think our market is being artificially inflated. Next thing we know I'll be watching Alex Jone's Infowars.

However, some properties specially REO are not allowed to be bought by LLC's, investors or other ppl different than the mean real house habitants.

[gbugmiami]

For HUD houses, the property auction is open to owners first, then goes up for investors. Cash does not matter to hud, they want people in the houses, not just to turn over. Banks just want it sold. I've not heard of them having any preference for owners vs investors. Whoever can get in and close, that's who they want in.
The couple who bought the above house, are just people in the business that do this. Buying a house with zoning violations can be risky, and expensive. That house was probably cleaned up, zoning issues mitigated, and its now rented.

[Vai Frente]

Native Americans or people born/reared in US have hard time justifying buying/investing in Miami.
We are competing with international money, very wealthy people.
They come with cash, some laundered, some not.
More corrupt money flows around Miami than any other US city.
The average American buyer/investor might be better off in the Keys.

[Vai Frente]

One example recently.
Villa Regina, dated Condo building, Brickell.
High floor unit. Just under Penthouse, large 2/2, 1900 sq feet +/-.
Asking price $ 825k .... Sold for $780k under 30 days to " wealthy Latinos " as my agent says.
Crazy ?? !!
I was out bid !!
My offer $650k.

I was Livid !!!

[tallrick]

Originally Posted by Vai Frente

One example recently.
Villa Regina, dated Condo building, Brickell.
High floor unit. Just under Penthouse, large 2/2, 1900 sq feet +/-.
Asking price $ 825k .... Sold for $780k under 30 days to " wealthy Latinos " as my agent says.
Crazy ?? !!
I was out bid !!
My offer $650k.

I was Livid !!!

Consider yourself blessed. Now you will not have to lose 400K+ in value over time. Why not stock up on gold or silver and buy the property of your dreams in a few years?

[Vai Frente]

Good point Rick.
I am not a metal guy.
Notes, property always my thing.
Funny thing is talk to RE agents around Miami ... They never give you an unbiased opinion about the market. Agents never talk about negatives, it's always positives. Negative questions or comments about Property, area or city, they remain silent or change the subject. " .... Oh I forgot your email " or " your email was in my spam box ".

[Vai Frente]

I think Real Rstate agents, popular agents prolly making a killing in Miami today.
Strange, drive 3 hours north to CC/Cocoa Beach, complete opposite market, Deadsville !!

[JacobMAX]

Originally Posted by tallrick

Consider yourself blessed. Now you will not have to lose 400K+ in value over time. Why not stock up on gold or silver and buy the property of your dreams in a few years?

Yeah, totally. That's a joke, nearly 1 million to live in an 2/2 apt. in Brickell? These prices will go nowhere but down, this is Miami; not Chesire, New York, London or D.C.