What is your feel on the market down here in South Florida?

Question

Hey South Florida people! Just trying to gather some thoughts and figured I wouldn't be the only one with this question on my mind so here it goes..

I have two deals under my belt and my feel/opinion lately, compared to last year, is that I have a tiny bit more confidence in the overall market down here in but honestly still have a good bit of above average hesitation when it comes to fully going through with a deal. I'm mostly focused in Palm Beach County multifamily 2-4 units but also sometimes expand my search into Broward but would be super interested to hear some thoughts from you any of you guys in the community here.

Side note: This might sound silly but I don't know if I have been scared off a bit because past 3-4 months I have been I following this alliedrealtygroup blog and while it does seem to be a bit on the doom and gloom side of things, the numbers presented in some of the recent posts are hard for me to dispute sometimes and I'm sure my perspective has been somewhat skewed since I started following and reading their posts. http://www.alliedrealtygroup.com/market-outlook ...

Anyways though guys, would love to share and see what's on your minds..

Thanks,

Michael Randell

Tags: Palm Beach, West Palm Beach, Boynton Beach, Lake Worth, Jupiter, Palm Beach Gardens, Juno Beach, Tequesta, Riviera Beach, Royal Palm Beach, Wellington, Loxahatchee, Fort Lauderdale, Delray Beach, Boynton Beach

Mitchell Jaworski · Answer

@Michael Randell cool man, thanks for the support. The ScaredyCatGuide site is my passion project. I hope to come out with a second book this summer now that I'm done creating a video course.

Trusted Capital Investments holds a meetup in Palm Beach gardens on a Saturday as well. You can find them on facebook. I also go to the Tropical REIA in boynton beach, been part of that one for years.

Mitchell Jaworski · Answer

@Michael Randell for the most part I fit in with that group's opinion, until about a month ago when interest rates fell off a cliff and the 10 yr hit 2.5 again. Cracking 3 was my whole reason for going bearish on the market. Now it just got another shot of steroids.

The number of closing are down in Feb and March in Palm Beach county compared to a year ago, but I wonder what April-May will look like now that that extra push of buyers is back with the drop in rates.

I'm selling one of my townhomes in boynton and after a very quiet first quarter with nothing doing, the community now has a batch of homes under contract and the comps are about to jump, wish I'd waited an extra month to sell it lol.

Also, if you want to chat with other investors in the area there are a couple good meetups, feel free to DM me.

Michael Randell · Answer

@Mitchell Jaworski thanks for the response, I actually follow your blog scaredy cat guide as well! Really good stuff and I appreciate your work sharing.

I have been just saving up money on the sidelines for a while at this point and am itching to get a deal but just have the feeling that waiting a couple more months to see what the next batch of numbers look like before diving into a deal at this point in the cycle might be a good idea.

I'm planning on coming to the next Delray beach coffee with investors meetup! Any others you can recommend?

What is your feel on the market down here in South Florida?

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