Is it a good time to buy in Miami? Are investors worried about climate events?

[Martin D.]

Hi BP world!

Been investing for a few years now and looking to expand in a new market. 

I have my eyes on Miami and have been seeing prices drop like crazy. Some condos which sold for 400k in 2022 are on the market for 275k. Feels like an incredibly great time to buy, am I wrong to assume that?

One thing keeping me back from fully pulling the trigger is the amount of climate-related events that Miami seems to endure and the cost on repairs, HOA fees and of course, taxes. Wanted to hear from local investors/agents what their thoughts were about that. I'm feeling like Miami experienced a rebirth during COVID and the trend isn't stopping. I am European and I hear of friends moving there all the time, unlikes LA and NYC where people keep leaving.

Also, if anyone has thoughts on how to find cash-flowing deals, I'm open to it! Right now all I can find is barely break-even.

Thanks everyone!

[Basit Siddiqi]

I personally don't like condo's as investments.

1) If you are talking about a large condo complex, you are competing with 100's of others who have the same exact floor plan. It is hard to compete with amenities or differences in the house. You can only compete on price.

2) You are at the whims of the condo board regarding condo fees

I like Miami as a place to invest in but I personally don't like condo's.

Best of luck!