Looking at condos in Miami and feeling kinda torn. Rates going up this year but nothing crazy. Buy now and enjoy the benefit of historically cheap debt financing or wait a bit for rates to rise, the market to cool down and for supply to overwhelm demand? Plan is to stay for ~5 years and hopefully at least recoup down payment + principal & interest payments.
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I guess that's the question I'm asking. I get the trade off, trying to figure out logically which is the better move. Obviously no one is a fortune teller so we're all just guessing.
The amount of condos under development right now in Miami is staggering. I remember when condo + Miami was a four letter word. I can't believe we're already back.
So are you saying wait to buy? Response is not super helpful in the context of my question
I'm not in a position to give you advice on whether or not to buy a condo in Miami. Most people on this board aren't because this isn't really a residential real estate focused forum. I'd look at a couple of units, look at the $/SF relative to historical prices, and see what you think. No one's going to be able to tell you whether it's a smart buy. My gut says that Miami is one of the most cyclical markets in the country and right now things are white hot.
Not a question a lot of us can answer precisely. Many can make general, overarching statements, but if someone who directly works in the Miami condo development space can answer, that’d be the most helpful. Also, OP, it’d be helpful if you pointed out particular submarkets your interested in. Supply / demand dynamics vary by region.
Thanks. Looking at Brickell and Edgewater.
For the love of god. No one know whether the market is going to go up down or sideway. Buy a place if you see yourself settling down to the city or rent if not. Its a lifestyle choice and buying a property where you live in shouldn't be viewed as an investment decision. A residential purchase is highly emotional decision, and should be that way - it's your house for a long period of time and the decision to buy/renovate should satisfy your own needs.
This.
Best advice I ever received was to stop thinking about your home as an investment. Yes, some people buy at the perfect time and can make a lot of money, but it's an expense at the end of the day. Hard to view it as an investment when you are looking at $/SF and comping out to the neighborhood, and Stephanie or Janice are willing to overpay for it because they like the backsplash.
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