Go West..ahem..Miami, Young Man!

[Lucas]

Two articles one from a local newspaper 'Ambito Financiero' with a copy and paste job in 'AFP Agency' by Juan Castro Olivera....and the other from which I think is the original one.

Foreign buyers are buying Miami condos again

PRICES HALVED

There, buyers can find a one-bedroom for under $75,000 and a two-bedroom for under $100,000. That same one-bedroom, used to cost $190,000, according to Florida Home Finders’ website.

Ellis said he’s actually having a hard time coming up with enough Florida properties in the $150,000 range. Of course, he’s picky. He’s looking for good value, a good location and properties without legal complications. Most of the Canadians want condos, but Ellis said he has some requests for single-family homes.

Though buyers from Europe, Latin America — most from Argentina, Brazil, Colombia, and Venezuela — and Canada predominate in the South Florida real estate market, a smattering of Chinese investors and African buyers also are starting to make purchases.


With international offices in Mexico and Argentina, Fortune can tap directly into those markets, and it frequently holds seminars on the legal and financial aspects of owning property in the United States. At one recent event in Buenos Aires there was space for just 200 people, so Fortune decided to charge a $60 fee. “We still had to close reservations,” said Defortuna.

Instead of investing their earned money in here they invest it in Miami, I hope they're the first ones that go broke the damn bastards!

 

[Davidglen77]

I happen to know the South Florida market very well, and while yes there are many apartments that appear to be incredibly inexpensive, the premium, and high end properties in prime areas are going to be out of reach for 99% of the people from Argentina. Most of these "bargain apartments" are in gated communities, have age restrictions (one family member has to be at least 55 years old), and, have high monthly maintenance / homeowner fees since the developments have clubhouses, multiple pools, tennis courts, security, gatehouses and grounds fees to maintain. These bargains are located good distances from Miami Beach and South Beach (where all Argentines think they are going when they visit Florida) but they are actually located in Northern Miami, outer suburbs, Palm Beach County, Boca Raton, Boynton, Delray, etc. etc. Also you have to have a car in Florida if you don´t live right in the downtown area, as public transportation is almost non-existant and on top of that homeowner´s insurance is incredibly expensive (approx 300 U$D per month) due to hurricanes. Don´t mean to be aguafiestas (partypooper for those of you who don´t know) but these are the realities of the Florida market. Yes the prices of the prime market areas have come down too, however that $500-600,000 apartment in prime south beach now goes for $300-400,000 dollars, way out of reach for many people in the USA and certainly from here, especially when you are talking about a 2nd home or vacation apartment.

 

[Johnny]

I happen to know the South Florida market very well, and while yes there are many apartments that appear to be incredibly inexpensive, the premium, and high end properties in prime areas are going to be out of reach for 99% of the people from Argentina. Most of these "bargain apartments" are in gated communities, have age restrictions (one family member has to be at least 55 years old), and, have high monthly maintenance / homeowner fees since the developments have clubhouses, multiple pools, tennis courts, security, gatehouses and grounds fees to maintain. These bargains are located good distances from Miami Beach and South Beach (where all Argentines think they are going when they visit Florida) but they are actually located in Northern Miami, outer suburbs, Palm Beach County, Boca Raton, Boynton, Delray, etc. etc. Also you have to have a car in Florida if you don´t live right in the downtown area, as public transportation is almost non-existant and on top of that homeowner´s insurance is incredibly expensive (approx 300 U$D per month) due to hurricanes. Don´t mean to be aguafiestas (partypooper for those of you who don´t know) but these are the realities of the Florida market. Yes the prices of the prime market areas have come down too, however that $500-600,000 apartment in prime south beach now goes for $300-400,000 dollars, way out of reach for many people in the USA and certainly from here, especially when you are talking about a 2nd home or vacation apartment.

Indeed, and also it's important to know that many condo associations in Miami are underwater. Owners have not been paying their maintenance fees, some for years, resulting in a host of not easily solved problems. And, those problems not often for the casual viewer of the market. Buyer beware and do your research.

I sold my condo in South Beach in January 2006, left for BsAs a week later, and haven't looked back.

 

[Amargo]

Instead of investing their earned money in here they invest it in Miami, I hope they're the first ones that go broke the damn bastards!

Why should they buy something in Argentina? Their property could be occupied and the government would do nothing to help them.

 

[kre8ivelyXposed]

I own a condo in the South Beach area of Miami Beach as well as an apartment in Bs As. I only recommend to my Argentine friends to buy a condo in Sobe area for their personal use (or family) or in a building with little supervision of guests that might overlook other short term rentals (friends, etc). I don't recommend Sobe/Miami Beach for long term rental really due to the previously mentioned hindrances. But admittedly, the prices are incredibly cheap relative to a few years ago.

 

[Will]

Argentines and Brazilians buy in Miami-Dade, not so much South Beach... and in Pompano Beach, Broward County.

Yes, they are bullish on FL real estate because it's been relatively stable...

 

[Will]

By "stable" I mean it's gone up over the last 20 years... And probably now looks reasonably priced compared to Brazil.

 

[Davidglen77]

Homeowners insurance premiums and property taxes in Broward / Dade / and neighboring counties are even higher than Palm Beach county, due to the area being more prone to hurricane damage. Right now my aunt pays U$D 600 per month in homeowner's insurance premiums and U$D 350 per month in property taxes and U$D 400 per month in Homeowner's association dues. Her 3000 sq ft house is barely valued as $275,000 and there are various houses in the development are abandoned, boarded up and have been vandalized. This is in the Kendall section of Miami, dade county. I don't think florida is that great of a deal right now unless you can buy a beachfront condo in a hopping area. The florida situation is tricky and money can be made in the long term but you have to be very careful as to what you choose.

 

[Mahara]

Hi
Last week I googled Panama City, thinking of Panama, the country and instead got Panama City Florida. The site was yahoo.com real estate. There were some foreclosed homes for $50k and when I changed the paramaters to $0 I found a few at $18,000. Amazing, but as others have said, there is more to it than the price. However, if the price is that low-----

 

[fred mertz]

Compare utility bills between BA and South Florida.