Miami Condo Market Not as bad as many make it... (South Beach: foreclosure, homes)

[tankhead]

Originally Posted by 11KAP

smh so foreigners buying up american properties is something to brag about to you?

I'm not bragging about foreigners buying up American properties. I don't know where you got that from.

I'm just stating a fact.

[11KAP]

^from the article. just wondering tho; nothing personal towards you.

[FlyMIA]

Originally Posted by 11KAP

^from the article. just wondering tho; nothing personal towards you.

Better than no one buying anything. These foreigners are renting out the place, or using it as a vacation home, maybe spending 4months a year or using it for business and spending a week a month etc.. Rather having something being done with it then just sitting the empty.

New developments coming up will make things interesting to see if it creates another bubble or if people have learned from their mistakes.

[11KAP]

^ smh i guess...but that's the problem with america right now: everyone's selling out to the highest bidder and they're most likely foreign investors, because the u.s. economy is so jacked up for us citizens.

[tankhead]

Originally Posted by 11KAP

^from the article. just wondering tho; nothing personal towards you.

11KAP, thanks for the clarification.

[tankhead]

Originally Posted by FlyMIA

Better than no one buying anything. These foreigners are renting out the place, or using it as a vacation home, maybe spending 4months a year or using it for business and spending a week a month etc.. Rather having something being done with it then just sitting the empty.

New developments coming up will make things interesting to see if it creates another bubble or if people have learned from their mistakes.

Some might argue that it would be better if these foreign buyers weren't buying so that home prices could drop further to levels that local Miamians could afford rather than having these real estate prices inflated to levels that local Miamians cannot afford.

[tallrick]

Originally Posted by tankhead

Some might argue that it would be better if these foreign buyers weren't buying so that home prices could drop further to levels that local Miamians could afford rather than having these real estate prices inflated to levels that local Miamians cannot afford.

I agree with this 100%. It is not a good thing to bid up real estate to unaffordable levels because some fools want to spend their ill-gotten gains. A strong economy has real estate at the lowest possible cost relative to local incomes.

[Wild Style]

Originally Posted by FlyMIA

Just wanted to post a quick post. I know I see a lot of people in the city vs. city talking about Miami "empty" condos. Article in the hearald showing how the condo market in Miami is doing very well. I know personally rent prices are up and are only going up. With new buildings come up it wont surprise me if prices go back down for a little bit but with 90% occupacy rate it makes sense that there would be new devolpements.

Here is the article

Take these articles with a grain of salt. 90% of the advertising money Newspapers get come from realty, so it isn't as if they don't have a reason to help spread a lie in relation to real estate. Secondly, the realty association plays with figures, such as using foreclosures (when the bank buys back the home from the court) in their sales figures. So, I wouldn't bet the farm on these figures. Friday night and Saturday night brickell is packed. But any other night, those streets are dead as hell. Where are all these new arrivals? Also, why is the skyline still dark, did they hand out night vision goggles at the government building and I wasn't informed? I would have liked a pair.

[tankhead]

Originally Posted by Wild Style

Take these articles with a grain of salt. 90% of the advertising money Newspapers get come from realty, so it isn't as if they don't have a reason to help spread a lie in relation to real estate. Secondly, the realty association plays with figures, such as using foreclosures (when the bank buys back the home from the court) in their sales figures. So, I wouldn't bet the farm on these figures. Friday night and Saturday night brickell is packed. But any other night, those streets are dead as hell. Where are all these new arrivals? Also, why is the skyline still dark, did they hand out night vision goggles at the government building and I wasn't informed? I would have liked a pair.

First of all, foreclosures are not when "the bank buys back the home from the court" because the courts never own the property to begin with.

Second of all, Brickell is dead after a certain hour during the week because people have to work the next day.

[Wild Style]

Originally Posted by tankhead

First of all, foreclosures are not when "the bank buys back the home from the court" because the courts never own the property to begin with.

Second of all, Brickell is dead after a certain hour during the week because people have to work the next day.

you don't know what you are talking about. Banks pay a fee to the courts for those homes and those count as sales. Before attempting to "educate" someone on the facts, do the same for your self first. The S.F. Gate did a excellent piece on all this a few years back. Google it, or not. As for people having to work, what does that have to do with half those buildings are still dark. If people had to work they would be in their homes with the lights on.