How can you enjoy the paradise of South Florida and not have the money to afford to live in it from day to day? (Miami: credit, houses)

[carbonblackcab]

hey NEWTOSFLA. I personally am doing fine financially in Miami, but did struggle after college when i moved to Los Angeles. I was in the red every month and my credit card debt was mounting. I was in paradise, but if you are financial hell, you cant enjoy living in paradise. Money problems are like putting on colored glasses...everything you see is thru those debt lenses.

My advice to you is that things will get better. Dont dwell on the negative. As the beatles songs goes "best things in life are free". That is so true.

keep your head up.

[Wild Style]

Originally Posted by copacetic

south florida is economically viable at current prices, by definition. if it wasn't economically viable at current prices, the prices would adapt to the right level. that's how the free market works. hell of a concept, huh?

That theory works when the market is free. When the government lowers interest rates and banks provide exotic loans that allow people to buy homes outside their means, that is far from a free market. Now Miami is seeing one of the worst housing price resets this country has ever seen.

Unemployment is climbing and the tourism based economy isn't doing so hot either. So yeah, things need to change. I think home prices have fallen in Miami by 30% so far and will continue to do so until historical home price to annual income ratios have come back into play.

[intelfan11315]

Originally Posted by Wild Style

That theory works when the market is free. When the government lowers interest rates and banks provide exotic loans that allow people to buy homes outside their means, that is far from a free market. Now Miami is seeing one of the worst housing price resets this country has ever seen.

Unemployment is climbing and the tourism based economy isn't doing so hot either. So yeah, things need to change. I think home prices have fallen in Miami by 30% so far and will continue to do so until historical home price to annual income ratios have come back into play.

Its all correct. but this is not a Miami problem.. its a United States problem. You can't call Miami a bad place for this reason.

[Wild Style]

Originally Posted by burgler09

Its all correct. but this is not a Miami problem.. its a United States problem. You can't call Miami a bad place for this reason.

your right, the first half is more a American problem, I should have clarified that. The make up of the local economy however is a Miami issue.

[UrbaneAspects]

The title of this article is the same thing I hear many people say.

Miami isnt that great to sit around and put up with if it's so hard you have to keep making a list of pros and cons.

The people here are just too silly for me to want to keep putting up with. Even if you do reach a financial stable point, you still have to put up with the fact that the quality of life will always be a bit less than what you could be getting; no matter what the other poster's on here try to refute that. For example; I stayed at the marriott in Dallas, TX 1 bedroom suite 12th floor with living room and all appliances was just $100/night. Here I paid $125 to sit in the Garbage Pail on collins and 76 street. See the difference?

People in Miami know there's a problem (if they been here long enough. Took me 8 months to figure it out). When I kept hearing enough people complain; I began to analyze and re-analyze and see they werent just bitching; they were having genuine issues that had affected them.

[305guy]

Originally Posted by UrbaneAspects

The title of this article is the same thing I hear many people say.

Miami isnt that great to sit around and put up with if it's so hard you have to keep making a list of pros and cons.

The people here are just too silly for me to want to keep putting up with. Even if you do reach a financial stable point, you still have to put up with the fact that the quality of life will always be a bit less than what you could be getting; no matter what the other poster's on here try to refute that. For example; I stayed at the marriott in Dallas, TX 1 bedroom suite 12th floor with living room and all appliances was just $100/night. Here I paid $125 to sit in the Garbage Pail on collins and 76 street. See the difference?

People in Miami know there's a problem (if they been here long enough. Took me 8 months to figure it out). When I kept hearing enough people complain; I began to analyze and re-analyze and see they werent just bitching; they were having genuine issues that had affected them.

If people want to pay more to live here, that's on them. Just like in New York City and Los Angeles, you can go there and tell people they can rent a mansion in Dallas (to use your example) for the same price they are paying in rent for a 100 year old closet. You'll probably get the same answer you'll get from me: Who wants to live in Dallas? Their quality of life might seem less to you, but that's from the outside looking in. They probably enjoy living where they are and it suits them fine.

I know I can live somewhere else other than South Florida for less, but I choose to live here because I like it. To each his own, just because your quality of life is measured a certain way doesn't mean everyone else's is measured by the same terms.

[tallrick]

Originally Posted by UrbaneAspects

The title of this article is the same thing I hear many people say.

Miami isnt that great to sit around and put up with if it's so hard you have to keep making a list of pros and cons.

The people here are just too silly for me to want to keep putting up with. Even if you do reach a financial stable point, you still have to put up with the fact that the quality of life will always be a bit less than what you could be getting; no matter what the other poster's on here try to refute that. For example; I stayed at the marriott in Dallas, TX 1 bedroom suite 12th floor with living room and all appliances was just $100/night. Here I paid $125 to sit in the Garbage Pail on collins and 76 street. See the difference?

People in Miami know there's a problem (if they been here long enough. Took me 8 months to figure it out). When I kept hearing enough people complain; I began to analyze and re-analyze and see they werent just bitching; they were having genuine issues that had affected them.

The problem is that many people in Miami are in denial. They think that Miami is so special that it's better to be homeless in Miami than live in an economically viable area. As long as people are so thourougly decieved that Miami is something special, you will see them make sacrifices to be there. Personally I think Dallas is a more fun city than Miami. I would have moved to Texas if they didn't have such high property taxes.

[Lost in Translation]

Originally Posted by tallrick

Personally I think Dallas is a more fun city than Miami.

Really? Granted I was only a tourist when I visited, but I found the city very bland. Didn't hate it, but didn't especially like it either. What did I miss?

[Sir_Knight]

By reading most of the posts, I had gathered enough information that Miami is in a severe depressed state ( as the same arguement may be made about the majority of the US). Of course, they were a few that had stated the glamorous side of Miami or as one called it, "smoke and mirrors". This phrase would be absolutely true, you will see one aspect of Miami as all glitz and glamour, while its dark side would be, secretive and draconian. You will not be able to convince the local's with family ties and only recognizes, Miami as the place to be without traveling to other cities (middle income, such as Dallas, Houston, San Diego, Philaldelphia, Alexandria, Chicago). Listed are the cities within the high-end of standard of living for the return of the dollar, invested. Granted, they may be certain listed on the ultra high end, such as Chicago, San Diego and Alexandria. But, you may be able to maneuver throughout the city and find cheap buys such as finding substitutes on food and entertainment. Miami, may not afford these type of substitute, due to the high demand for such a product (quality of life versus scarcity of land ).

Of course, I was amazed as the quantity of Mercedes, BMW and Jaguars were out on the street without the high-end paying jobs. Most of the Fortune 500 companies had moved out of the city in the early 90's. These companies do not care to come back, due to the low source of human capital and minimal return on revenue /investment. It just does not make sense to spend money on Miami, where the city does value high level of human capital to a local economy based on tourism, fashion (high-end designers do not live in Miami), television/media (no way they produce products as much as Los Angeles or New York)-Case in Point: Local Reporters- a few end up on CNN or cable affiliate stations in the most densely and metropolis areas (Northeast or West Coast). The fishing industry does not produce many high paying jobs, contraction on the school system due to a $44 million dollar short-fall, foreign capial flight (Europeans got smart and began to sell-off properties and reinvest in Asia, Eastern Europe or Dubai) and Donald Trump is seeking investment in Europe and Dubai.

Hindsight, Miami is made of debits and no credits. Scams do generate most of the credits (accounting standards) and organized crime runs the local government without any remorse and out in the open. Whenever, you go to a local diner such as Moderator cut: name and see thugs along with police officers in the same establishment, nothing will change in the city of "Smoke and Mirrors" and add a "Flash Light" on those dark streets minus the funding on protection, education and utilities for a city of a few million.

Moderator cut: english only

[UrbaneAspects]

Originally Posted by Lost in Translation

Really? Granted I was only a tourist when I visited, but I found the city very bland. Didn't hate it, but didn't especially like it either. What did I miss?

I said the same thing; it was pretty boring.I didnt like it at all either.

But; it happens in most places when you end up in the wrong area. I can say that if I had never heard of south beach I'd probably not like Miami either. I always lived in Florida so the 'great' weather isnt much of a amenity for me anymore. There isnt much to do in Miami except for downtown and south beach and the US 1 strip.

I cant stick up 100% for Dallas since I lived there for about 4 months; and it wasnt even Dallas it was 20 miles outside of there. But I can say I have researched alot and that I been in all areas of Miami enough to know...I'M GETTING BORED LOL.

South Beach is the only area of Miami that I would miss once I leave. But I wont miss the ridiculous prices that I've spent dining out and buying drinks...which is not worth it to me. It's fun when you're new here and after 3,4 times you look at the bill and you're like "oh wow, hahahaha". But when ya do it every time you go out...you start gettin pissed.