hey guys. i might be taking a trip to miami in the near future. i figured it wouldn’t hurt to research the market a bit before i go.
would anybody like to share some information on the following?
-sheriff sales, when are they held? (cant find on the county web site)
-how’s the preforeclosure market?
-what’s the trend? are investors still bailing out or are they buying up at steep discounts?
-where do you see the market going in the next 6months - year?
I bet you can pickup some high rise condos at great prices. There is way, way to much overconstruction there and I’m sure either investors or builders are desperate to get rid of them. When I was there in the summer - MY GOD - I’ve never seen so much construction. Now I’ve been told by locals that you can’t give condos away. And some big projects have been stopped. But buying a condo & sitting on it won’t do you any good - either see if it’s feasible to flip it in the future, rent it out, etc before making such a big purchase.
Between the insurance problems that are plauging the entire state and the serverely volatile market its going to be hard to make any money down there now. Maybe if you can find a REALLY good deal it will be worth it but even then expect extended hold times, extra holding costs, dropping prices, big insurance premiums, etc. Factor that all in with your bid on anything you buy. You’re going to have to buy low enough that you can still sell at a discount and beat out all of the other people trying to sell, and there’s a lot of them. And while you’re holding that property trying to sell the prices are still dropping. Way to risky for me personally.
In normal land without falling prices you are shooting for 70 cents on the dollar minus rehab costs right? Is that extra 20% going to cover ALL of the above concerns? If it does go for it, if not go lower. Is there money to be made? Sure. Is it far harder there than in other places, I think so.
I’d have to seriously look at the marketplace before I decided, maybe if after all costs were figured in I could get it that cheap I would. But myself personally I probably won’t leave my area. CT probably isn’t the best investment market in the world but it’s what I know.