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Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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Reputation: 6685
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Somehow I don't think they're worrying about HOA fees--wouldn't that be nice.
don't get me wrong, I'm hoping for a bust so I can swoop in but that still may be another 2-3 years away and it might not be that much of a bust in the high rent districts....I asked some people on my last visit with the dollar getting stronger and commodity prices (i.e oil) plunging if that might force some of the people from SoAmerica, who bought at the right time, to sell their condos now that conditions have deteriorated in their home countries. I was told no--the fact they got some/most out of their money out and moved it into the US (be it real estate, US banks, stock market) has not subjected their wealth to huge value declines that are currently taking place back home (keep in mind, 2/3 of all real estate transactions in this particular market were also 100% cash this past year).....in addition, many of these recently purchased condos are in the most desirable parts of the city (i.e. on the beach or water) which also means they will take much less of a haircut during the next real estate market correction (as happened with places such as RSF, La Jolla and Coronado after '08).
I'm truly amazed there is this much of a "1% population" in South America, Russia, and elsewhere....granted, the population of just Mexico and Brazil = that of the US; however, I was always under the impression wealth in most Latin American countries was even more concentrated in even fewer hands than it is in the US...where the hell is all this money coming from???
Quote:
Originally Posted by LuvSouthOC
It is true that Miami has ultra expensive real estate, but that fact does not really matter to those of us who much prefer the lifestyle and weather here. Sure Miami has much better night life, but a lot of us are not single and aren't looking to mingle. But I truly understand the allure of Miami especially for single people, as it mimics Latin America in many ways and many of us know all too well that parts of Latin America can be an amazing place to live or vacation.
As for those breathtakingly high prices in exclusive areas in Miami, all I can say is that most of us in Southern California are already paying loads of money to live where we do and we couldn't stretch much further. Good for Miami, though. Somehow, however, I think the housing boom, like those in London and Toronto, will end badly in Miami.
Those of us lucky enough to own here, love that we have a place we can call home. A lot of us plan to retire here and as many here lament, that in itself is not easy. As for paying 3000/sq ft. in that building in Miami, opulent though it may be, I really have to laugh and think that a sucker is born every day. It reminds me a bit of the high end condos in Vegas and we all know how that ended too. And imagine the HOA costs in the showcased Miami condo building! LOL.
Somehow I don't think they're worrying about HOA fees--wouldn't that be nice.
don't get me wrong, I'm hoping for a bust so I can swoop in but that still may be another 2-3 years away and it might not be that much of a bust in the high rent districts....I asked some people on my last visit with the dollar getting stronger and commodity prices (i.e oil) plunging if that might force some of the people from SoAmerica, who bought at the right time, to sell their condos now that conditions have deteriorated in their home countries. I was told no--the fact they got some/most out of their money out and moved it into the US (be it real estate, US banks, stock market) has not subjected their wealth to huge value declines that are currently taking place back home (keep in mind, 2/3 of all real estate transactions in this particular market were also 100% cash this past year).....in addition, many of these recently purchased condos are in the most desirable parts of the city (i.e. on the beach or water) which also means they will take much less of a haircut during the next real estate market correction (as happened with places such as RSF, La Jolla and Coronado after '08).
I'm truly amazed there is this much of a "1% population" in South America, Russia, and elsewhere....granted, the population of just Mexico and Brazil = that of the US; however, I was always under the impression wealth in most Latin American countries was even more concentrated in even fewer hands than it is in the US...where the hell is all this money coming from???
When I think of how I paid for my exotic Brazilian granite and how much is quarried there, I am reminded that in that industry alone, some in Brazil must be awash in cash.
Russians who bought outside of Russia may have saved their hides.
I think to the extent rich Venezuelans have not gotten their money out and safe from Maduro, it is still pouring out.
Somehow I don't think they're worrying about HOA fees--wouldn't that be nice.
don't get me wrong, I'm hoping for a bust so I can swoop in but that still may be another 2-3 years away and it might not be that much of a bust in the high rent districts....I asked some people on my last visit with the dollar getting stronger and commodity prices (i.e oil) plunging if that might force some of the people from SoAmerica, who bought at the right time, to sell their condos now that conditions have deteriorated in their home countries. I was told no--the fact they got some/most out of their money out and moved it into the US (be it real estate, US banks, stock market) has not subjected their wealth to huge value declines that are currently taking place back home (keep in mind, 2/3 of all real estate transactions in this particular market were also 100% cash this past year).....in addition, many of these recently purchased condos are in the most desirable parts of the city (i.e. on the beach or water) which also means they will take much less of a haircut during the next real estate market correction (as happened with places such as RSF, La Jolla and Coronado after '08).
I'm truly amazed there is this much of a "1% population" in South America, Russia, and elsewhere....granted, the population of just Mexico and Brazil = that of the US; however, I was always under the impression wealth in most Latin American countries was even more concentrated in even fewer hands than it is in the US...where the hell is all this money coming from???
From business and education- many of the current wealthy people I know from Mexico and Brazil (family and friends) entered the upper classes via education (economics, law, engineering, even agriculture) or by opening all types of businesses (chain hotels, manufacturing, stores, etc...).
Of course, there are also the people who were born into wealth and are fleeing their countries due to fear that they will lose their cash. They sell their properties and use that cash to invest here. You see this with Iraquis as well- they pay cash for $500,000 homes in East County and it is difficult to compete with them for nicer homes in that area.
I think we will be seeing a larger flow of Argentines coming to the States soon.
From business and education- many of the current wealthy people I know from Mexico and Brazil (family and friends) entered the upper classes via education (economics, law, engineering, even agriculture) or by opening all types of businesses (chain hotels, manufacturing, stores, etc...).
Of course, there are also the people who were born into wealth and are fleeing their countries due to fear that they will lose their cash. They sell their properties and use that cash to invest here. You see this with Iraquis as well- they pay cash for $500,000 homes in East County and it is difficult to compete with them for nicer homes in that area.
I think we will be seeing a larger flow of Argentines coming to the States soon.
Especially since a certain someone is arming her country with eyes set on the "Malvinas".
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,409 posts, read 6,550,878 times
Reputation: 6685
true...but again, I thought (perhaps incorrectly) that there was an even greater wealth disparity/wealth concentration (i.e. fewer number of families making up their 1%, controlling more of their country's wealth) in these other countries than in the US.....last stat I looked at showed the top 1% in this country owned 42% of the wealth in the US...curious what the top 1% in various Latin American countries control in their home countries, i.e.. 50%, 60% of the wealth, more?...too lazy to research (if I can find such a stat) before posting this comment...anyhow, there's no shortage of these wealthy foreigners willing to plop down a million, couple of million, or mega millions to park their money and own a slice of US real estate--in many cases, a 2nd or 3rd vacation home....and I doubt it's the same wealthy families buying 5, 6, 7 condos at a time in Miami or NYC. With their money already over here, and in many cases they paid 100% cash, it's not as though they are subject to the fluctuations or weakness that is taking place in their countries back home right now.
I suppose the flip side of the coin is if you are willing to take a gamble, now or in the not too distant future might not be a bad time to invest in Brazilian real estate as the dollar continues to gain in strength. I say gamble, because you don't have the safety and stability of the US financial system in those other countries....then again, as was pointed out to me by a Brazilian friend, even though the Reais to dollar exchange is comparable to levels not seen since 2004 it's not an apples to apples comparison when you take into account inflation.
Quote:
Originally Posted by rosa surf
From business and education- many of the current wealthy people I know from Mexico and Brazil (family and friends) entered the upper classes via education (economics, law, engineering, even agriculture) or by opening all types of businesses (chain hotels, manufacturing, stores, etc...).
Of course, there are also the people who were born into wealth and are fleeing their countries due to fear that they will lose their cash. They sell their properties and use that cash to invest here. You see this with Iraquis as well- they pay cash for $500,000 homes in East County and it is difficult to compete with them for nicer homes in that area.
I think we will be seeing a larger flow of Argentines coming to the States soon.
Not to generalize, but why is it that the majority of East Coasters have the largest egos in the world? Not to mention, extremely hypercompetitive?
Because the eastern United States is for the most part the most developed and the most populated. It therefore has most of the best schools, best connected families, the capital, etc. That, and it is...Dog. Eat. Dog.
Because the eastern United States is for the most part the most developed and the most populated. It therefore has most of the best schools, best connected families, the capital, etc. That, and it is...Dog. Eat. Dog.
Whenever I hear anyone in this country attacking or criticizing another part of this country, it's always East Coasters attacking places like California. I've been hearing the same crap from them for my entire life, and I'm god-damned sick of it. This is especially pronounced in the media. It's very alienating.
The following sums up these eastern egomaniacs up pretty well:
Whenever I hear anyone in this country attacking or criticizing another part of this country, it's always East Coasters attacking places like California. I've been hearing the same crap from them for my entire life, and I'm god-damned sick of it. This is especially pronounced in the media. It's very alienating.
The following sums up these eastern egomaniacs up pretty well:
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,409 posts, read 6,550,878 times
Reputation: 6685
....by chance, are you hearing black helicopters circling around your apartment?
Quote:
Originally Posted by Temeku
Whenever I hear anyone in this country attacking or criticizing another part of this country, it's always East Coasters attacking places like California. I've been hearing the same crap from them for my entire life, and I'm god-damned sick of it. This is especially pronounced in the media. It's very alienating.
The following sums up these eastern egomaniacs up pretty well:
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