Any thoughts on buying pre-construction condos in the Miami/Brickell area? Its apparent that this area is having tremendous growth right now and there have already been several more approved projects to boost up the property values in the coming years. I've dealt with several clients and have come across some mixed feelings although most have been positive. Has anybody already invested into this or has anyone been considering? I am very interested in hearing everyone's thoughts about the pros/cons about investing into pre-construction in Miami.
"Knowledge is power"
- Gonzalo Baraybar - Miami Dream Properties Inc.
I wonder what is going to happen to the market in Miami without Venezualan and Russian oil money?
@Richard C. Can you elaborate?
Hi @Richard C. !
Well several Russian investors have been seeking refuge now in the Miami real estate market. The last few years there was a huge increase in ultra-luxury properties being purchased by the Russian community. Even most of the new luxury comdominiums here in Miami now are back by funds coming from Russia. The recent shift we have seen however has been that now instead of the majority of properties being sold from $20mill+, now the investments are being made in the $5-10mill range and turned into rental properties.
Hi @Dan D. any thoughts?
Thanks for the feedback. I guess at those prices, I'm not real interested. (Haha). That's a tremendous amount of money. It's interesting to see how outside money can impact a area.
@Dan D. Hahaha dont me get me wrong you can still find several good deals here for much less! I was showing a few properties in Edgewater today which is an area just north of Downtown Miami. Excellent growing community since downtown pretty much has no more land to build on and it is now starting to move north. Prices are still reasonable and sure to increase. Great neighborhood to call home also! How is the market in Minnesota? Are you an active investor in your market?
I've had a rental for about 6 years now, and now I'm looking to add more.
I think the market in MN is similar to other areas. The area I'm in is a pretty fast growing area considering the miserable cold we get for a few months during the year.
I keep thinking of putting my stake in the ground in something in Florida, because like a true Minnesotan, we all get a place down south at some point.
@Dan D. Haha yes I can imagine! I just saw it is about 15 degrees there tonight, right? I was in Chicago just a few weeks ago and it was freezing. If you were to buy here, would you consider renting the property (annual leases) to later make South Florida your new home? Or just as an additional home here to come during those winter months in Minnesota?
I'd probably look to the Gulf side for a partial retirement home. (Fort Myers area). Might take a stab for something to rent out on an annual basis.
Aren't rental laws pretty stringent down there?
I am with a title company that has roughly 90% business from investors. I have several that started in Miami but came up to Central Florida because of the market up here being pretty hot. Now a majority of them are back in south Florida so we are getting a lot more higher end closings than we did before from south Florida. LOTS of out of country buyers.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing