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Old 01-16-2024, 05:31 PM
 
141 posts, read 320,176 times
Reputation: 151

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Monthly fees are huge in many -- especially the high end luxury ones.
So most ROI will totally be eaten by the monthly fees which are just gone for good.
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Old 01-17-2024, 05:34 AM
 
21,619 posts, read 31,197,189 times
Reputation: 9775
The days of buying in South Florida for investment purposes are over. It’s far too expensive.
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Old 01-17-2024, 07:59 AM
 
182 posts, read 140,166 times
Reputation: 157
Long gone. Costs on all forever rising. Repair, construction, lawncare, electricity, insurance, taxes, maintenance... South florida is extremley high COL now. Food, auto, clothing, leisure: dining out...
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Old 01-17-2024, 10:50 AM
 
Location: Florida
4,895 posts, read 14,139,157 times
Reputation: 2329
Quote:
Originally Posted by Miamibuyer View Post
I would be a cash buyer
Makes more sense to take a mortgage & invest the $ you don't have to pay out; finance 101.

Are you from Florida or an out of state buyer?

As a Florida licensed CAM, I'd recommend you do your due diligence & ask for the following on anything you're interested in, especially units over 25/30 years within 3 miles of the ocean/intra-coastal:

Operating & Reserve 2024/2023/2022 Budget
One year of Minutes
One year of owner financials
Association documents; pay close attention to Use Restrictions
25 years & older-> SIRS & Milestone Inspection reports
Ask about any upcoming special assessments which are known
Yada Yada Yada...
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Old 01-17-2024, 12:40 PM
 
182 posts, read 140,166 times
Reputation: 157
Makes sense to take a mortgage & invest the $ you don't have to pay out; finance 101

?? Invest money you don't have?
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Old 01-19-2024, 03:35 PM
 
16 posts, read 33,174 times
Reputation: 13
Appreciate all your comments. I may not of articulated my situation clearly but I appreciate you all for taking the time to provide your perspectives. Overall it seems that I should wait a bit before buying. More on my situation…I am fortunate to have cash to buy something in the $5m range. I’m not looking to rent it. I just want a place for my own enjoyment to visit when I can. At the same time, I don’t want to spend $5 million on a condo and then be in a situation where it is difficult to sell in a few years or at a loss. I understand there is risk in everything, I’m just trying to minimize them as much as I can. Fortunate to have options, and I love South Florida, and I like having a place that’s mine that I can go to whenever I like. I am not a real estate expert, and I used to own the place in Miami that I loved, and I sold and made some money to boot. But prices have gone up so much so fast, And given I have the means to buy something nice, I want to try to find the right time to make this move.
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Old 01-19-2024, 04:00 PM
 
Location: Gainesville, FL; formerly Weston, FL
3,237 posts, read 3,192,672 times
Reputation: 6507
If that is the case, let these new condo regulations play out. The more stringent requirements on routine repairs and reserves will separate the ones who can afford condo living versus those who now find they cannot. The ones who can’t will have no other choice but to leave and go elsewhere, for a cheaper cost of living. I predict prices will drop as a result. Give it about two years.

Of course, we’ll see how well this comment ages!
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Old 01-19-2024, 09:16 PM
 
16 posts, read 33,174 times
Reputation: 13
Quote:
Originally Posted by wizrap View Post
If that is the case, let these new condo regulations play out. The more stringent requirements on routine repairs and reserves will separate the ones who can afford condo living versus those who now find they cannot. The ones who can’t will have no other choice but to leave and go elsewhere, for a cheaper cost of living. I predict prices will drop as a result. Give it about two years.

Of course, we’ll see how well this comment ages!
Thanks Wizrap! My biggest weakness has always been patience. Sometimes that a good thing and sometimes it leads to bad decisions. I’d hate to wait 2 years but I think waiting until later in the year is something I should do at the very least. I’ve already noticed some prices coming down slightly. I’m blown away by how much HOAs have been going up. Super high HOA just makes it even more difficult to sell at some point. It’s one thing to be able to afford the condo but it’s another thing to have to spend 10 K a month on HOA and taxes which is quite a high burn rate!
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Old 01-21-2024, 08:45 AM
 
17,302 posts, read 22,030,713 times
Reputation: 29643
Quote:
Originally Posted by Miamibuyer View Post
Appreciate all your comments. I may not of articulated my situation clearly but I appreciate you all for taking the time to provide your perspectives. Overall it seems that I should wait a bit before buying. More on my situation…I am fortunate to have cash to buy something in the $5m range. I’m not looking to rent it. I just want a place for my own enjoyment to visit when I can. At the same time, I don’t want to spend $5 million on a condo and then be in a situation where it is difficult to sell in a few years or at a loss. I understand there is risk in everything, I’m just trying to minimize them as much as I can. Fortunate to have options, and I love South Florida, and I like having a place that’s mine that I can go to whenever I like. I am not a real estate expert, and I used to own the place in Miami that I loved, and I sold and made some money to boot. But prices have gone up so much so fast, And given I have the means to buy something nice, I want to try to find the right time to make this move.
buy a decent waterfront house in East Fort Lauderdale......Rio Vista/Harbor Beach/Las Olas and rent the dock. It will help with your annual costs without having to have a tenant inside your house. End goal is to sell the house to developer who will knock it down and build something new.

This is a little high in price (sold 2.25mm in 2021, looking to score 1.5+ in profit in 3 yrs).

https://www.realtor.com/realestatean...=srp-list-card

But a yacht like that would pay $1400 a month to lease the dock ($17 a foot) plus electric/water so it would take some of the burn off the carry. I'd take the chance with no property insurance if the value is 90% in the lot.
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Old 01-21-2024, 09:21 AM
 
182 posts, read 140,166 times
Reputation: 157
Quote:
Originally Posted by City Guy997S View Post
buy a decent waterfront house in East Fort Lauderdale......Rio Vista/Harbor Beach/Las Olas and rent the dock. It will help with your annual costs without having to have a tenant inside your house. End goal is to sell the house to developer who will knock it down and build something new.

This is a little high in price (sold 2.25mm in 2021, looking to score 1.5+ in profit in 3 yrs).

https://www.realtor.com/realestatean...=srp-list-card

But a yacht like that would pay $1400 a month to lease the dock ($17 a foot) plus electric/water so it would take some of the burn off the carry. I'd take the chance with no property insurance if the value is 90% in the lot.
The insurance alone ona house on water in south florida will kill.
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