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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: jrhana who wrote (81657)	7/22/2007 11:58:03 AM
From: Travis_Bickle	Respond to of 306849

old joke about miami: Q why do latin americans love miami? A cause it's so close to the united states

To: jrhana who wrote (81657)	7/22/2007 3:08:53 PM
From: John Vosilla	Read Replies (1) \| Respond to of 306849

You need to check places in SW Florida. Houses have already crashed near 60% based on some recent low priced listings in Cape Coral. I don't really follow in depth specifics in the Miami condo market yet but maybe I should<g>

To: jrhana who wrote (81657)	7/22/2007 3:23:41 PM
From: Clever Nick Name	Read Replies (2) \| Respond to of 306849

I imagine that in about 5-7 years they will be giving away some condos with spectacular views of the water. I mean they could well be giving away stuff that was selling for a million plus in the peak. I wouldn't be surprised to see those kinds of places going for 2 or 3 hundred thousand. The problem with this plan is that these new condo towers have been going to market with $1-2k+ / month in association fees. So even if you buy it at a bargain price you have a permanent mortgage payment in the dues. Combine it with taxes and insurance and you're better off staying at a suite in the Ritz for the time you are in Florida. The builders have put their claws into these condo owners deep, and there was no pressure on controlling the fees because the buyers weren't planning to take possession. I suspect that even with majority control of the condo board you might find it hard to eliminate the contracts that are channelling the dues money to parties related to the developer. I looked at my HOA charter, and it appears impossible to dissolve the association for at least 40 years.