Ya I agree honestly and it’s inevitable just a matter of when but it will crash. It’s not just south Florida it’s everywhere which is crazy to see on such a national level but that’s the belly of the beast. I got a job offer to go back to south Florida but honestly I’m just going to wait till the same.
MDOcane gets it. There aren’t the same factors as in the past which cause crashes. There eventually will be a slow down in price increases and maybe even a small pullback, but nothing remotely like a crash. We are entering a new era. And this is a long term trend.
I disagree. This all started up due to COVID. The work at home situations, the feds giving out money, ppp scams, small business grants, spread into new yorkers and Californians buying houses sight unseen(which is still crazy to me) one of my chicks has a real estate company and she says it's become normal for individuals (not to mention hedge funds, money managers etc.)to submit offers significantly above ask just to avoid the bidding war without ever seeing the property. Now the most important part is simply spend on a good camera man who knows all the tricks. With rates and inflation sky rocketing I can't see how the market can possibly sustain itself. The middle class has essentially been eliminated throughout most major cities. COVID is doing what it was designed to do. But funds have to start drying up. Unless the job market goes bat**** with it.
You’re showing what we all know. You said an unrealistic ROI over two years. Your example isn’t over the same time period. Every person on this board knows what’s happening in the housing markets currently. It’s not a big deal. You were exaggerating to make a point. Again not a big deal.
Doesn't apply to South Florida. Miami / Dade population increase since '89 has been 880,000 .... a huge growth. 75% or better of that growth has been the arrival of wealthy business people from virtually every country in Latin America due to the off the charts growth in the Ag Import sector. Large growers in Argentina, Chile, Peru, Brazil, Guatemala, Panama, Dominican Republic, have opened offices in Miami, have second homes in Miami, and their children attend schools in Miami. 20 years ago I had difficulty hiring sales reps from outside of Miami due to the high cost of housing THEN compared to other metro areas. A rep I hired from Atlanta couldn't find anything close to the home he had in Atlanta that he was selling for $350,000 at that time ... would have taken $600,000 at least to match it. Situation has gotten progressively worse.
What's the story to this
8230 SW 53rd Ave, Miami, FL 33143 | Zillow
8230 SW 53rd Ave, Miami FL, is a Single Family home that contains 8829 sq ft and was built in 2005.It contains 6 bedrooms and 8 bathrooms.This home last sold for $7,900,000 in March 2022. The Zestimate for this Single Family is $9,205,900, which has decreased by $25,519 in the last 30 days.The...www.zillow.com
It’s about a 2 mile drive but the actual house is 1.1 miles from the closest corner of campus.
Not making it a big deal. No need to emphasize it. But I said something like that. Before COVID came it was something like that. I get the example with that particular house only shows from 2011. It was only an example. But as u state also not really worth dwelling on as we all know the market has pumped prices beyond belief.
we’re not both in the “prices beyond belief” category. Housing is expected to rise 27% in 22 and another 11% in 23. Inflation is caused by printing money. There’s only 8% inflation currently, but 25% more money in circulation then before our new president took office. There’s a LOT of room to run between those two numbers. Costs of goods and labor are also driving that, along with an inventory shortage in real estate. I don’t believe Covid is the driving factor in what you think is unreasonable pricing. I’m sure, seeing as you’re a category expert in real estate, you know it has a tendency to run in ten year cycles. 2006-2016 was the housing downturn in Florida. 2017 to 2027 should be the up leg of pricing expansion. I’ll wait another three or four years to see the collapse you think is coming any day now in real estate. I don’t know if it will pullback, implode or just flatten out. This is fun stuff. It’s a message board, so I’ll assume everyone is awash in cash and living their best life. I’ll do my best to get by on crumbs, one nickel at a time. Good luck to you and everyone making bets. The only thing that truly matters here is our Canes. You played, started and won a national championship at Miami correct? We can both agree on this upcoming season being a special one for all of us.
