Why are there so many condos for sale below $100k in North Bay Village? (North Beach: real estate market)

[franjaja]

Good afternoon. I am looking to purchase a condo in SE Florida. Condos in North Bay Village keep coming up under $100k, many of them. I understand the real estate market virtually collapsed in Florida, but it seems that there is a disproportionate cost per square foot and units available in this area. I have searched the forums, but have not come across an answer to it.

My thought is that the real estate market is very low right now and would be a good time to purchase something for investment (to keep for a few years until the market turns around) or to keep until I retire in a few more than five years. Heck, at some of the prices, I could keep it so that I can go on vacation once per year. Are the condo fees too high? Are they "rentable"? What would be a reasonable expectation of rent for a, say, 2/2 or 1/1?

Thank you in advance for any responses.

[♥♥PRINC3Ss♥♥]

Originally Posted by franjaja

Are the condo fees too high? Are they "rentable"?

Thank you in advance for any responses.

Yes you got it right. Those are usually the catches. Some have ridiculous maintenance fees and others are "not rentable" I think most people will be very afraid to give you any kind of advice here.

Just think for a moment that even $200 extra a month in HOA in 30 years equals $72,000. I have heard horror stories about some being as high as $700 or even $1,000 (in thirty years, $252,000 and $360,000) I think you get the math here.

[Chelito23]

Good points! Also, some of those condos may have MAJOR problems or issues with crumbling seawalls, foundations, eroding decks (many older buildings were built with a cement mix that included SEA WATER), the possible reasons are endless, but suffice it to say that is way too cheap, there's gotta be "something"....but it wouldn't hurt to come check it out and report on it here. Good uck and buyer beware.

[Everlasting Foundations]

Plenty of foreclosures, just be aware of HOA's that have foreclosed on condos as well. You will have to deal with them if you are buying condos. Not a big deal, just know what your getting into.
You can find some really great deals as long as you know what you are looking for and what they are worth....

[palermodude]

I'm driving around NBV on a regular basis. I was just there the past two days on my way home from the beach. I would never purchase anything in NBV without first taking a trip down here and really checking the place out. NBV is a VERY diverse neighborhood regarding housing stock. The girls are pretty too.

Having said that, I'm a huge fan of NBV, and I would not be surprised if I buy something there in the next 2 years. It's a great location, and now North Beach is starting to show signs of eventually being an alternative counterweight to SOBE. I was driving around NOBE last night, and pedestrians were everywhere - very vibrant.

I do have one caveat. Many absentee landlords here are getting the shaft. It's better to live in the area if you're a property owner.