Anyone considering moving to Miami?

Question

Hello everyone! I'm curious to know if many people here have been considering moving to Miami with this big boom in the real estate market. There are several good deals in the pre-construction developments but most of it is currently being sold to foreign investors. I haven't seen much about it in BP yet so I figured I would bring it up! Hope to hear some thoughts from you!

"Knowledge is Power"

Gonzalo Baraybar - Miami Dream Properties Inc.

"Knowledge is Power"

Gonzalo Baraybar - Miami Dream Properties Inc.

Ray S. · Answer

I moved to Miami recently. What areas do you think have the biggest chance for growth? I feel it's too late to get in on many areas, especially on the beach, but even the city is getting very expensive. The pre-constructions are mostly sold out and need roughly 40-50% of the purchase price tied up in cash for up to 2 years before you can finance, that's a lot of money sitting idle for a long time.

Gonzalo Baraybar · Answer

Hi @Ray Slater ! You said you moved to the Miami area recently, where did you live previously if you don't mind me asking? Miami is an excellent place to live. I appreciate it much for what it is now and even more for what it will be in the coming years. @Gustavo AL You are 100% correct my friend. A lot of business people from around the world are coming into Miami. It is my belief that Miami will soon grow to be much like NY but with a more tropical and a bit more relaxing environment, hence why people are investing into it now. It is already headed in this direction. @Ray Slater There still are several good deals on the pre-constructions and keep in mind, a lot of these may be negotiable not just in terms of price but also in terms of payment schedules. A lot of the payments are made in installments throughout the development of the building. There are also several new developments coming to the Edgewater area which in my opinion and from what I have seen on several stats from the Miami commission, will be the very next area to boom. This is just north of the downtown area east of Biscayne. I think many people fail to see many of the great deals in a lot of these pre-construction projects. As an agent myself, I know this for a fact. We have to stay 2 steps ahead of the game to get our clients in early with what they want and with the best deals possible. All I can say is if you are interested, it is not too late at all. Send me a message if you decide to take a look around and what is out there. I'd be glad to help any way I can.

Gustavo AL · Answer

Miami Native here, and i think people from around the world come to Miami. Some come on vacation and never leave. We have the largest International business hub for all South America and Europe.  Meaning lots of high level business people moving to Miami. Any were new building and neighborhood  are built they get sold and rented quick. Take a look at Miami 5,10,15, 20, years back, no one thought we ever have houses build near Krome Ave (end of city limits)

Now their are neighborhood build "way out their" and are nice houses and neighborhood.

Miami have always had money coming in from many different sources and i only see it growing bigger and better...

Ray S. · Answer

A lot aren't really relying on oil, but another trade that doesn't seem to be drying up any time soon (unfortunately), and if so the money will keep flowing in. But now we're getting people from all over who are seeing the value in Miami and what a great place it is to live in: http://blogs.miaminewtimes.com/riptide/2014/12/rich_new_yorkers_talking_about_how_cheap_it_is_to_live_in_miami_will_make_y.php

I love SoCal, but have come to prefer Miami personally. Nicer weather year round, nicer beaches, cleaner, fresher air, and TONS of growth on the horizon. The people suck, but I feel like that is getting better. What they are doing to Miami right now is amazing, it's going to be a completely different place in the next 2-5 years. It's getting expensive now, but you can still live really well here for what would cost a fortune elsewhere. I doubt that's going to last much longer. I'm pretty bullish on Miami, as a resident and investor. Hope I'm right :)

Albert Hasson · Answer

It will be very interesting to see if the foreign investors, many of whom rely on oil revenue for their wealth, will continue to bid up Miami real estate prices.

As for your question, I would rather move to SoCal, much better weather.

Anyone considering moving to Miami?

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