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Montreal is actually 33% as of 2011, you're comparing the CMA with a county using 20%. If you go on a city by city case, we're 7th in N.A. Miami may have 51% foreign born, but half are Cuban, while MTL has 200+ ethnic cultures, you have multiple neighbourhoods with 100-200 cultures and 100+ languages here, It's like the U.N.
Look at that, 93% of immigrants come from Latin America or the Caribbean, that's a huge disproportion. Sure it's diverse, but not the most diverse.
Also to the poster who commented above, I had an opportunity to go to NYC, It's for sure one of my dream cities and I was close to going there before McGill accepted me.
Miami is 60% foreign born, Miami-Dade is 51%. The population of Miami-Dade and Montreal CMA are the most comparable political areas.
Finally, I never said Miami was the most diverse, just challenged your statement that Montreal is more diverse. I know in North America diversity is measured in appearances/race but to me a Black person or Asian person born in Canada is still a Canadian culturally and doesn't add to any kind of diversity. So I tend to focus on the foreign born population.
The Latin-American + Caribbean population in Miami is split between 4 languages (Cubans, Venezuelans, Colombians, Peruvians, Argentineans speak Spanish, Brazilians speak Portuguese, Haitians speak French, and Jamaicans and Bahamians speak English).
You're also neglecting the foreign born populations from Europe (E. Europeans, French and Italians especially).
PS,
You're free to move to NYC but imo changing cities like one changes underwear doesn't bring any happiness. True happiness comes from your career, loved ones, personal relationships and constantly changing cities prevents the formation of either. Truly successful people will only move once or twice before becoming successful and then perhaps they will buy secondary homes in their previous dream locations.
yup...with anywhere from 3-5 years of inventory on the market now, NOT including new projects that will come to market shortly (Related Group just pulled the plug on its Auberge project), there will be some excellent deals available to patient buyers over the next 6-18 months.
Quote:
Originally Posted by MadManofBethesda
Perhaps.
But then again, there are always people warning about an impending real estate collapse. In fact, we have one regular on the board who warned people in 2012 not to buy real estate in Miami because a collapse was imminent and you'd be able to buy condos and houses for pennies on the dollar. He made the same claims in 2012, 2013, 2014...well, you get the picture.
Can you imagine someone who took his advice five or six years ago and waited for prices to drop?
Quote:
Originally Posted by elchevere
^ ^ ^
If you expect the market to drop 10-20%, as I do, why the hurry?--unless you find the turnkey unit of your dreams at this point in time that you don't think will be available in another 4, 6, 8 or 14 months...Me--I am betting on the market coming to me (rate hikes, Zika scare in some minds, fewer LATAM buyers, excess inventory, etc) and am not alone in my thinking.
I figure the eventual price drop will cover my rental outlay while I wait for the right unit at right time. Given the current multi-year condo inventory supply on market with many additional new units to follow, patience is the key. I held out for my asking price, rejecting lowball offers, that I ultimately got on my San Diego condo and plan on exercising the same discipline in buying a Miami condo. Right now, there are not units available at a price I feel like paying (or, overpaying); hence, the patience, and a desire to avoid catching a falling knife. I put the risk of this market turning on a dime and my missing out on a good buying opportunity as a result of waiting as low.
I do agree that pricing depends upon IF the seller is motivated...at a building I am focused on, some sellers of units in a line I am looking at are asking ridiculous, 15-20% above market comp pricing. Their units are rented right now, which probably means they have their monthly nut covered and are hoping to find someone willing to overpay and are not motivated sellers.
The story that the OP linked seemed focused, if not exclusively, on the condo market (and luxury ones at that). That is what I was responding to, FWIW.
Do you see the difference between your first post above (the one to which I responded) and your subsequent post? In the first one, you are recommending to buyers that they wait from 6-18 months to buy because you believe prices will fall. In your subsequent post, you are totally focused on yourself and state that you will wait because you don't want to worry about catching a falling knife.
I have no problem whatsoever with you deciding for yourself to wait patiently and hopefully get a good deal. In fact, I hope that you are successful in your approach. My problem with your first post is that you are making a general recommendation to others that they should hold off on buying now. As I stated previously, another poster has been adamantly telling people for 5+ years not to purchase real estate due to an LOL impending real estate crash. Anyone who paid any attention to him would be SOL these days as prices have skyrocketed in the interim.
Once again, take what you feel is the best course of action for yourself, but be careful about making recommendations to others that could have severe financial consequences to them if you are wrong.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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in my first post, that you replied to, I stated there will be some excellent deals available to patient buyers over the next 6-18 months. My position has been consistent from the beginning and I see nothing that will change that. I think where you and I diverged was with respect to which markets would be impacted--the luxury condo market, which I am targeting and which the OP's initial link/article was referring to that I was replying to, vs. other markets....if single family homes in Homestead or wherever in the $300-500K price range are getting multiple offers in a tight inventory market then, certainly, that is a completely different market altogether with different criteria and results than luxury condos.
Finally, I see no reason why I need to be careful for sharing my opinion or recommendation on a public forum such as City Data. I am a big fan of personal responsibility for one's own actions and caveat emptor. People on this forum are free to agree or disagree with my opinion just as they are free to do their own homework and agree or disagree with the opinions of other City Data posters, numerous cited real estate articles espousing the exact same viewpoint as mine, friends, family, co-workers, their realtors, wealth planner or whomever. I tend to back up my recommendations with data and/or cited references vs. shooting from the hip. If someone does not end up buying a property or a certain stock and loses out on a potential profit based on a post I put on City Data or elsewhere, that is on them--not me.....it is entirely possible I could be wrong about the luxury condo market, but based on the assessments I have made I am betting I am correct (prices going down next 6-18 months). From the many articles I am reading, plenty of people share my opinion--re: luxury condo market.
Quote:
Originally Posted by MadManofBethesda
Do you see the difference between your first post above (the one to which I responded) and your subsequent post? In the first one, you are recommending to buyers that they wait from 6-18 months to buy because you believe prices will fall. In your subsequent post, you are totally focused on yourself and state that you will wait because you don't want to worry about catching a falling knife.
I have no problem whatsoever with you deciding for yourself to wait patiently and hopefully get a good deal. In fact, I hope that you are successful in your approach. My problem with your first post is that you are making a general recommendation to others that they should hold off on buying now. As I stated previously, another poster has been adamantly telling people for 5+ years not to purchase real estate due to an LOL impending real estate crash. Anyone who paid any attention to him would be SOL these days as prices have skyrocketed in the interim.
Once again, take what you feel is the best course of action for yourself, but be careful about making recommendations to others that could have severe financial consequences to them if you are wrong.
Last edited by elchevere; 04-16-2017 at 03:31 PM..
Facts don't care about your feelings. Over 106,000 more residents of Miami-Dade have left since 2010 than moved into Miami-Dade from other parts of the U.S. The only reason Miami-Dade population is growing is because of immigration. Period. That's from the Census.
South Florida’s boom was once fueled by a combination of foreign immigrants and people moving in from elsewhere in the U.S., plus births. But now the region’s growth is principally driven by people settling here from other countries, chiefly Latin American nations.
South Florida has seen a complete reversal in what demographers call net domestic migration since about 2013, an infographic prepared by the Metropolitan Center shows.
In the past, more people moved to the region from elsewhere in America than moved out. Now, the opposite is true.
Today, far more people are moving out of South Florida than moving in from other parts of the country, and by margins that are growing every year, the analysis shows. Net domestic migration has plummeted by a startling 2,670 percent since 2010 — and that number is not a typo, Ilcheva stressed.
Miami-Dade County accounts for much of that drop, Ilcheva’s numbers show. Since 2010, the county has seen a net outflow of 106,591 residents to other parts of the country.
Also, the professional jobs being created are being filled more and more by immigrants born outside the United States. 51% in Miami-Dade in fact. If you are a young educated millennial from Ohio, you don't want to go to Miami. You are probably looking at Chicago, DC, NY, Charlotte, Atlanta. But if you are an educated professional from Colombia or Brazil or Argentina, Miami is very attractive. I mean this is common sense, isn't it? There's a reason the white population in Miami-Dade is under 15%. Whites don't like Miami-Dade and haven't for decades.
While immigrant labor most certainly powers the service economy in big numbers, the foreign-born comprise nearly four out of 10 of the professional workers in business, the sciences, tech, education, healthcare, media and the arts in the metropolitan area that spans Miami-Dade, Broward and Palm Beach counties. This 38.9 percent share swamps Los Angeles (31.6 percent), San Francisco (29.8 percent) and New York (28.1 percent) and is second only to San Jose, Calif., at 47 percent. And if one just looked at Miami-Dade, the professionals — the region’s “Creative Class” — would be 51 percent foreign-born.
“Miami is entirely dependent on foreign-born talent for this economy to run,” said urban affairs expert Richard Florida, founder of the Creative Class Group and a part-time resident of South Florida. “Even for those of us who know Miami as an immigrant destination, it is still kind of amazing.”
What does the luxury markets have anything to do with young professionals? Only a small percentage of young professionals even in high earning cities like San Francisco, Boston, and NYC can afford a 1million+ 2bedroom condo with a $1000 HOA fee.
The luxury markets are tied to already wealthy individuals (usually overseas) and wealthy retirees.
If a young professional can save that kind of money (or qualify for that kind of mortgage), they're buying a home somewhere in Miami Shores or Coral Gables.
What does the luxury markets have anything to do with young professionals? Only a small percentage of young professionals even in high earning cities like San Francisco, Boston, and NYC can afford a 1million+ 2bedroom condo with a $1000 HOA fee.
The luxury markets are tied to already wealthy individuals (usually overseas) and wealthy retirees.
If a young professional can save that kind of money (or qualify for that kind of mortgage), they're buying a home somewhere in Miami Shores or Coral Gables.
Downtown Miami will never realize its full potential in our lifetime. It has stopped right at downtown doorstep.
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