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Old 12-30-2014, 05:53 PM
 
11,175 posts, read 16,014,540 times
Reputation: 29925

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I pity anyone who has been foolish enough to listen to the idiotic ramblings of the usual anti-Miami trolls on this board who have been warning people not to purchase real estate in Miami. In fact, I believe there is one person in particular who has gone on and on for years that Miami real estate prices are too high and will crash and burn any day now. I believe he said that in 2012, 2013, and again in 2014. I have no doubt that he will continue to sound the alarm in 2015 that prices will crash "any day now" lol. Anyone foolish enough to have taken his advice potentially cost themselves hundreds of thousands of dollars by not buying a house or condo over these past few years.

And lest anyone think that we are now in another real estate bubble, I point out that even at today's prices, Miami real estate prices are still 32% below the 2006/2007 peak.

Miami home prices No. 1 in yearly increase among 20 big cities | The Miami Herald
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Old 12-30-2014, 06:42 PM
 
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,409 posts, read 6,547,418 times
Reputation: 6682
you've only made money if you bought at those low prices and sold (cashed out)--paper money don't count--just like you've only lost money if you sold at a loss....of course, I've heard that same **** before in California, multiple times, with a "this time it's different" along with the tech market in late 90's/2000....so if you think it will go up forever, maybe you'll prove the experts wrong...enjoy your ride while it's good and congrats if you've cashed out and/or moved up.
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Old 12-30-2014, 08:01 PM
 
1 posts, read 1,198 times
Reputation: 10
Yet... [url=http://www.miamitodaynews.com/2014/12/30/residences-sit-longer-sale-block/]Residences sit longer on sale block - Miami Today[/url]
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Old 12-30-2014, 08:40 PM
 
600 posts, read 754,192 times
Reputation: 362
Quote:
Originally Posted by MadManofBethesda View Post
I pity anyone who has been foolish enough to listen to the idiotic ramblings of the usual anti-Miami trolls on this board who have been warning people not to purchase real estate in Miami. In fact, I believe there is one person in particular who has gone on and on for years that Miami real estate prices are too high and will crash and burn any day now. I believe he said that in 2012, 2013, and again in 2014. I have no doubt that he will continue to sound the alarm in 2015 that prices will crash "any day now" lol. Anyone foolish enough to have taken his advice potentially cost themselves hundreds of thousands of dollars by not buying a house or condo over these past few years.

And lest anyone think that we are now in another real estate bubble, I point out that even at today's prices, Miami real estate prices are still 32% below the 2006/2007 peak.

Miami home prices No. 1 in yearly increase among 20 big cities | The Miami Herald
Real estate prices only got to that peak because people who could not afford to buy took out exotic mortgages (interest only loans, etc.). That exotic financing is no longer around.

Straight from that same Miami Herald article:
"While Miami-area prices are rising faster than those in other cities, the pace has slowed from last year’s double-digit gains." It is now up 9.1% (minus all the costs associated with real estate).

Last edited by tankhead; 12-30-2014 at 08:50 PM..
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Old 12-31-2014, 12:31 AM
 
Location: Los Angeles
1,235 posts, read 1,769,197 times
Reputation: 1558
Trulia's Bubble Watch measures whether homes prices are overvalued or undervalued compared to their fundamentals by comparing prices today with historical prices, incomes and rents.

Miami did not make their top ten list in October 2014, it was mostly California and Texas metros on that list. Trulia's measure for Miami was that it was 5% overvalued as of Oct. 2014 as compared to fundamentals. Not really much at all. Back in 2006 it was 75 percent overvalued compared to fundamentals.

Bubble Watch Archives - Trulia TrendsTrulia Trends
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Old 12-31-2014, 09:26 AM
 
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,409 posts, read 6,547,418 times
Reputation: 6682
Good to know as I am still considering a purchase...that being said, (and I brought it up on another thread, but no replies to date), any thoughts on North Bay Village as a place to live?...seems central and still fairly short drives to SoBe, mid-beach, Bal Harbour and one of the few places offering a relative value....are their things I should consider that would discourage me from buying in this area??...thx
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Old 12-31-2014, 10:35 AM
 
Location: Inland FL
2,529 posts, read 1,862,143 times
Reputation: 4229
Meanwhile wages have remained relatively flat and the area suffers from one of the largest inequality gap in the country. Putting housing out of reach for more people sounds awesome to me.
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Old 12-31-2014, 10:51 AM
 
564 posts, read 747,067 times
Reputation: 1068
Quote:
Originally Posted by MadManofBethesda View Post
I pity anyone who has been foolish enough to listen to the idiotic ramblings of the usual anti-Miami trolls on this board who have been warning people not to purchase real estate in Miami. In fact, I believe there is one person in particular who has gone on and on for years that Miami real estate prices are too high and will crash and burn any day now. I believe he said that in 2012, 2013, and again in 2014. I have no doubt that he will continue to sound the alarm in 2015 that prices will crash "any day now" lol. Anyone foolish enough to have taken his advice potentially cost themselves hundreds of thousands of dollars by not buying a house or condo over these past few years.
This is the same type of people that have been rambling against the stock market, the fed, the economy, the government and everything else they can think of for years warning about the impending doom of the world, missing out on one of the best bull markets in generations, and are in general miserable people that are only happy when everyone else shares their misery and hate for the world.

Now, Miami (and the rest of the country and the world) is certainly not paradise by any means, there are many problems everywhere, but for those that come to these boards to ask for advice on a certain place be careful on whose advice you're listening to.
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Old 01-01-2015, 12:53 PM
 
Location: Somewhere
8,069 posts, read 6,968,692 times
Reputation: 5654
Quote:
Originally Posted by MadManofBethesda View Post
I pity anyone who has been foolish enough to listen to the idiotic ramblings of the usual anti-Miami trolls on this board who have been warning people not to purchase real estate in Miami. In fact, I believe there is one person in particular who has gone on and on for years that Miami real estate prices are too high and will crash and burn any day now. I believe he said that in 2012, 2013, and again in 2014. I have no doubt that he will continue to sound the alarm in 2015 that prices will crash "any day now" lol. Anyone foolish enough to have taken his advice potentially cost themselves hundreds of thousands of dollars by not buying a house or condo over these past few years.

And lest anyone think that we are now in another real estate bubble, I point out that even at today's prices, Miami real estate prices are still 32% below the 2006/2007 peak.

Miami home prices No. 1 in yearly increase among 20 big cities | The Miami Herald
They are not trolls, they are just pessimistic people. Just like you are incredibly optimistic. I would put you and Tallrick in the same category. You have your opinions, he has his. You both contribute to this forum and help other posters with the Miami areas you actually know. Trolls don't do that, they are usually not even familiar with the city at all.

Having said that, I have also wondered about real estate prices and have done my own research. No one can really predict the future. What I have seen is that Miami is very unaffordable when you compare it to other metros. I compared median wages with rent for 16 metros and Miami scored the lowest in affordability along with Los Angeles.

Maybe it has something to do with having a large hispanic population. Maybe Latinos live in larger households.

But who knows? The market crashed in 2008, It can crash again. If corporations start laying off everybody and their mothers, people will lose their homes even if their mortgage rate is fixed at 4%. If interest rate go up, many homeowners with variable second mortgage loans will lose their properties. If we get another Andrew(which is quite possible) companies and middle/upper residents will collect their insurance money and invest it somewhere else. Then what?
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