Miami FL Real Estate Officially a Buyer

**alex shay** · 10-18-2006, 12:52 PM

It

**Real_Estate_Agent** · 04-24-2007, 12:15 AM

Thanks for the information about Miami Florida

**REbuyersgroup** · 04-24-2007, 10:13 AM

Do you know any developers with Inventory ready for liquidation in the $600k-$999k appraisal value?

**jorgeherrera21** · 05-10-2007, 02:14 PM

Hey, I'm Jorge. I bought an apartment in Palm Beach Gardens in April of 2006. I believe I bought at the wrong time, since the latest apartments in the area similar to mine are selling for 30G's below what I paid for mine. EVERYBODY told me I'd earn at least 10% in my first year as an owner, but obviously I'm losing tons of money as I write this.

For the experienced around here, what would you do if you were me?

THANK YOU so much in advanced for your advices and thoughts.

Best,

Jorge.

**Codythebest** · 05-10-2007, 07:57 PM

As expected I guess. I sold my south Florida home in time to cash out.
So it is a buyer's market. But is it the time to buy? Are sellers ready to decrease their asking price? Or is it wise to wait more time, and buy when EVERYBODY is sinking deep?

Originally Posted by jorgeherrera21

Hey, I'm Jorge. I bought an apartment in Palm Beach Gardens in April of 2006. I believe I bought at the wrong time, since the latest apartments in the area similar to mine are selling for 30G's below what I paid for mine. EVERYBODY told me I'd earn at least 10% in my first year as an owner, but obviously I'm losing tons of money as I write this.

For the experienced around here, what would you do if you were me?

THANK YOU so much in advanced for your advices and thoughts.

Best,

Jorge.

Keep it for at least 10 more years....

**REbuyersgroup** · 05-11-2007, 11:02 AM

I work that market. If you are upside down, I recommend holding it till the market turns.

Where is the unit? PBG is a good area for the most part. I have 2 clients who purchased 1st floor 3/2/1 condos in Jupiter pre-construction. Their price was $270,000 -$20,000 incentive at closing. The owners are upside down on rentals, but the price was still very reasonable for the area.

Market currently is $280,000-$320,000 for a similiar unit.

I feel PBG and Jupiter are solid markets with upside potential. Stick it out if you can. You will be thankful you did.

**jorgeherrera21** · 05-12-2007, 08:53 AM

Hey man, thanks for that reply.

I bought a 2nd floor 1/1 unit at Legacy Place about a block away from I-95 an PGA Blvd. I bought on March 2006 for 230k (too high a price if you ask me, but I was seeing the area and the new construction of a mall and a plaza right next door, more than I was seeing the price at the time)...right now those units are still not sold out at Legacy Place, and last time I checked, they were selling around 200 to 205k. I can hold on to it, and I will, but my worry is that since I don't know the market that well, I have no clue of wether and when it should start going up again.

Thank you again for your reply.

Jorge.

**REbuyersgroup** · 05-12-2007, 12:03 PM

Legacy Place is nice, but a VERY large community. PGA blvd is a growing area with the Gardens Mall, and Downtown at the Gardens across the street. The location is good. I would stick it out, and yes, you did get in on the high side.

**getty** · 08-17-2007, 02:29 PM

I'm not being contentious but Florida got hit first. This is no revelation. The buyers market is in progress. I thought Miami and Lauderdale were the first ones hit here but I'm not down there.

Any feeling whether South Florida residents are still moving to North Florida or are they stuck because they cant sell right now?

**Codythebest** · 08-17-2007, 03:53 PM

Originally Posted by getty

Any feeling whether South Florida residents are still moving to North Florida or are they stuck because they cant sell right now?

They stuck. Average asking prices at $1,200,000 for condos are at average of $830,000 now. That's already 30% less. Let's give South Floridians another 12 months and we all can buy there for peanuts