As I continue my search for a mutli-family property in Miami I have learned many things along the way. Mainly, that finding a property that is not over-valued is very difficult with our current circumstances. That being said there has been talks of a real estate bubble being created which may lead to another crash in the future. However, I have read some articles saying that although the market is slowing down there is still small room for growth and soon we will have a more stable market.
Can anyone fill me in more in depth in this topic? What type of effect does this have on SFH vs. MFH? As an investor should this drive me away from Miami? Maybe look into neighboring cities such as Broward, Palm Beach, or Ft. Lauderdale?
Any help is much appreciated. Thanks!
From an income generating point of view, Miami properties have been over valued for years. To. Many foreigners, mostly S American, looking to safely park their money in the US, and more concerned about not losing value (or just getting their money out of their country while they can), as opposed to income.
It just depends where in Miami you look. The bulk of the overpriced / competitive property values are in Miami Beach / Brickell. Like @Wayne Brooks said, the international competition makes it tough, but there is still plenty of ways to enter the Miami real estate market and be successful.
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