Is real estate prices down in the Miam/Pinecrest area? (Miami: sale, condo)

[movingmiami]

I just lost a ton on my last house in Michigan and I do not want to be buying at the high and making the same mistake twice. Thanks!

[rnc2mbfl]

Originally Posted by movingmiami

I just lost a ton on my last house in Michigan and I do not want to be buying at the high and making the same mistake twice. Thanks!

All of Florida is down since the boom. But, the extent of the deals is really location specific. Some of the more desirable locations are stablizing while some others are still in deep doo doo. If you are looking for a single family home in the burbs, you are in luck. There are tons of them out there and the competition is fierce for sellers. If you want a high rise condo in DT Miami, you better have some cash because I hear that loans are not easy to come by. I hear that many banks are not even considering loans in many of the buildings with lots of empty units. If you have cash, you can probably make a great deal.

[doggiebus]

The Miami/Pinecrest is down, I think we are probably at the bottom right now. I really don't see prices get much lower. Pinecrest is a desirable area, so don't think you will see much more of a price drop.

[♥♥PRINC3Ss♥♥]

Originally Posted by movingmiami

I just lost a ton on my last house in Michigan and I do not want to be buying at the high and making the same mistake twice. Thanks!

it's down and it still has plenty of room to go lower. No one can predict the future, but based on the # of homes that are behind in their mortage payments, home prices are not gonna go up anytime soon. They either stay the same or go lower. My personal prediction and I'm no economist I think the pinecrest area hasn't bottomed yet.

[flyers29]

Sure there's a drop. Then again, even a 30% drop from some of the prices in Pinecrest ($700k+) is still a lot of money...

[pinecrust]

Values in Pinecrest have dropped, and they could go lower but probably not much. I live there, but it's not my choice. Nobody agrees with me, but I don't see the allure; there's no decent beach for miles. It could be a landlocked suburb anywhere. The homes/lots are generally large, it's quiet, the schools are good, it's pretty safe, but in order to get anywhere you have to use US1, Old Cutler, or the Palmetto. Unless you're after a grand home, you can do just as well in Palmetto to the south, or South Miami/parts of the Gables to the north.

[doggiebus]

Originally Posted by pinecrust

Values in Pinecrest have dropped, and they could go lower but probably not much. I live there, but it's not my choice. Nobody agrees with me, but I don't see the allure; there's no decent beach for miles. It could be a landlocked suburb anywhere. The homes/lots are generally large, it's quiet, the schools are good, it's pretty safe, but in order to get anywhere you have to use US1, Old Cutler, or the Palmetto. Unless you're after a grand home, you can do just as well in Palmetto to the south, or South Miami/parts of the Gables to the north.

What I bolded in your post is what makes it desirable.

[MAJESTICRAND]

Originally Posted by movingmiami

I just lost a ton on my last house in Michigan and I do not want to be buying at the high and making the same mistake twice. Thanks!

miami is low pricing now in the country-YOU CAN BUY INTO PINECREST, CORAL GABLES, AND MOST NICE SECTIONS REASOABLY NOW-BUT IT IS GOING TO TAKE A LONG TIME FOR A SALE MARKET TO REBOUND. YOU MAY HAVE TO HOLD YOUR HOME FOR THE LONG TERM-AND LOANS ARE REALLY HARD TO GET SINCE EQUITY CREDIT IS ALL FROZEN IN THE RECESSIONARY EVENTS. YOU ARE, AT THIS POINT, SITTING ON A LOVELY, LIVABLE HOME-NOT AN EQUITY PIGGY-BANK SUPPORTING A LIFESTYLE. IF YOU HAVE MONEY TO BUY OUTRIGHT, AVOID MORTGAGES AND LIVE WITHIN YOUR DISPOSABLE INCOME. YOU CAN HAGGLE ON MARVELOUS DEALS-WITH YOUR LAWYER IN TOW.!!!

[KasperFX]

Hope no one jumped in to early, this resenstaly aried fox story shows a 1.3 million home now going for 399$ and stil can't sell it. Wow, look out below


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[Angel Calzadilla]

Pinecrest will be always highly desiderable in Miami-Dade county as Coral Gables is, no matter the downturn of the economy be. There are facts that makes a community or neighborhood always attractive to the eyes of the ones with exquisite taste and in consequence those areas never dropp so much in value.