What's up with this weather?!? - 2014 (San Diego, Mesa: homebuyer, association, activity)

[LuvSouthOC]

Chinese buyers buy in cash in China, or if not all cash, they finance little. That isn't stopping the Chinese bubble from popping, it's just much slower.

[sdurbanite]

Originally Posted by elchevere

Not sure...think there is unrest in Brazil stemming from the expenditures on stadiums for the World Cup at the neglect of infrastructure and education for the masses and the shine is off their economic engine (friend of mine has advised shorting Brazil, even with the Olympics coming up in a few years)...also shocked there are that MANY "1 %'ers" from there, Venezuela, etc...not just South Americans buying there--lots of Europeans and Russians as well.

Forgot about the Venezuelans and Argentinians. As you said earlier, the same super rich buying in NYC are also buying in Miami.

[Pedro2000]

Originally Posted by elchevere

Not sure...think there is unrest in Brazil stemming from the expenditures on stadiums for the World Cup at the neglect of infrastructure and education for the masses and the shine is off their economic engine (friend of mine has advised shorting Brazil, even with the Olympics coming up in a few years)...also shocked there are that MANY "1 %'ers" from there, Venezuela, etc...not just South Americans buying there--lots of Europeans and Russians as well...then again, all these people were probably the smart ones who bought those vacant properties back in '08-09 and have watched their investment(s) double since.

Miami is still a great location that caters to not so legal investments. Plenty of banks have locations down in South Florida that have been laundering money for the cartels for years. Miami is no longer the crime ridden drug capital like it was in the 70s and 80s, but a lot of the illegal businesses these days are run as legit businesses. Drugs, identity theft, etc all need places that are close to many areas. Miami is the perfect location to get to South America, NYC, Europe, etc. So a lot of that money also means some locals are benefiting from it. Plus Miami has been known as the defacto NYC/Boston/etc winter home.

It also didn't hurt that the NBAs biggest star moved to Miami and took the team to the finals 4 years in a row. When one of the most popular sports stars in the world comes to town, lots of wanna be celebrities flock or people who want to claim to be near that flock. There are also a lot of other former celebrities or stars who flock to Miami. A lot of stars from other countries, especially south America, flock to Miami. If you want to move to an area where a lot of wealthy celebrities or former CEOs and business people flock and hang out with many many Europeans and especially South American's, few places can top Miami.

Plus Florida has no state income tax, has lax marriage laws when it comes to divorce and money, etc. That is a huge reason why a lot of people move to certain places. If you make a lot of money or have a lot of investments, saving millions in taxes by living in a place like Miami is a definite advantage.

[shmoov_groovzsd]

SD is apparently not on topping many lists for international buyers except Mexicans.

International homebuyers have their eyes on San Diego, but people some countries are more interested than others, according to a new report from the National Association of Realtors. | UTSanDiego.com

Back to the OP, weather has been outstanding since we broke the mugginess

[msgsing]

My neighbor is a realtor and says the banks have a very high level of scrutiny for all Mexican citizens buying property here. Much higher than US citizens. All financial holdings are evaluated so not to be in violation of Federal law regarding money laundering by banks. Despite this, according to the realtor, a large part of his business is cash purchases by Mexican nationals. We had friends here from Singapore looking for a house in San Diego last year. While they liked San Diego in general they felt the housing stock was way over priced. They finally bought a house in Austin.

[elchevere]

"It also didn't hurt that the NBAs biggest star moved to Miami and took the team to the finals 4 years in a row. When one of the most popular sports stars in the world comes to town, lots of wanna be celebrities flock or people who want to claim to be near that flock. There are also a lot of other former celebrities or stars who flock to Miami. A lot of stars from other countries, especially south America, flock to Miami. If you want to move to an area where a lot of wealthy celebrities or former CEOs and business people flock and hang out with many many Europeans and especially South American's, few places can top Miami."

.....Pedro, I doubt South Americans or Europeans moved to Miami because of Lebron (Ronaldo or Messi would probably mean more to them) and if celebrity made a difference they would have bought the same properties, instead, in LA....I suspect closer proximity to their home countries in So America and Europe is why they chose Miami--i.e. lesson 1 of real estate: location, location, location.--let alone depressed prices just 4-5 short years ago in a year-round tropical climate.

As I also discovered during my 6 week stint there last spring, what one saves in no state income tax (not sure how many of these wealthy foreigners pay any income tax, if any, especially if they do not work) is more than offset by Florida's property tax--which is nearly double that of California's...heck, the state has to get their money from somewhere.

[malcorub16]

Originally Posted by shmoov_groovzsd

Back to the OP, weather has been outstanding since we broke the mugginess

My AC has been off for 4 days now, I love it. Thank God we are back to normal.

I felt bad that I had company last week and it was so unusually hot.

[Pedro2000]

Originally Posted by elchevere

"It also didn't hurt that the NBAs biggest star moved to Miami and took the team to the finals 4 years in a row. When one of the most popular sports stars in the world comes to town, lots of wanna be celebrities flock or people who want to claim to be near that flock. There are also a lot of other former celebrities or stars who flock to Miami. A lot of stars from other countries, especially south America, flock to Miami. If you want to move to an area where a lot of wealthy celebrities or former CEOs and business people flock and hang out with many many Europeans and especially South American's, few places can top Miami."

.....Pedro, I doubt South Americans or Europeans moved to Miami because of Lebron (Ronaldo or Messi would probably mean more to them) and if celebrity made a difference they would have bought the same properties, instead, in LA....I suspect closer proximity to their home countries in So America and Europe is why they chose Miami--i.e. lesson 1 of real estate: location, location, location.--let alone depressed prices just 4-5 short years ago in a year-round tropical climate.

As I also discovered during my 6 week stint there last spring, what one saves in no state income tax (not sure how many of these wealthy foreigners pay any income tax, if any, especially if they do not work) is more than offset by Florida's property tax--which is nearly double that of California's...heck, the state has to get their money from somewhere.

Probably true, but LA has a different audience than Miami. Some people hate LA and have no desire to be anywhere near there. Or they move to LA and find out they hate the place and move away. And in this day and age, you don't need to be in LA to be a star. They might not move there because of Lebron, but having one of the most popular sports stars in the world in your city helps with marketing it.


As far as property taxes, it's higher in Florida, but Florida had a ton of foreclosed cheap houses and condos after the crash and they still do. And Florida is just far cheaper when it comes to real estate compared to California. I mean I could spend $2 Million bucks in Del Mar on some crappy old tiny house with no views and a mile from the beach. Not exactly a huge selling point. I could find a lot of nice places for $2 Million in South Florida with views. That is a huge difference. California real estate is just ridiculous for what you pay and get.

Plus if you live the "jet set" lifestyle and love the beaches and love the club scenes and love the international flavor and love the fact you can sail down to the carribean or take a boat down the keys, it's hard to beat South Florida. Out of all the things I hated about Florida, it was probably the best place anywhere if you fish or love sailing or boating. I could sail down to various islands year round. I could just hang out on the ocean, go for a swim, minus the sharks, and never have a care in the world. If you have unlimited money and spend $5 million cash for a condo/house, you probably enjoy some of those things. San diego's boating scene is really weak compared to that.

[Jenkay]

Originally Posted by malcorub16

My AC has been off for 4 days now, I love it. Thank God we are back to normal.

I felt bad that I had company last week and it was so unusually hot.

I'm such a wuss now that I'm doing chemo and have to nap a lot in the afternoons. I bought a portable AC for this summer just because of all that and now I usually have it in from about 2-6. Before this I never really felt like I needed one because I was always at work to the beach or the park during the hottest part of the day

[JohnAlt]

I'll take today's weather for the rest of the summer and early fall. Won't get it but it would be nice.