Foreclosures?

Downtown Miami and South beach are cool areas if you are young and single.

 

Coral Gables, Pinecrest, Coconut Grove, Sunny Isles, and Key Biscayne are great areas if you have big money to spend and you have a family.

 

Doral, Kendall, and pockets of places in other areas are great for lower to middle priced homes.

The House I just bought is in Kendall, my Townhouse is in Homestead. The neighborhood that the townhouse is in isn't that bad. It's really once you drive 5 minutes to a store. Cheapest places you will find are down there though.

 

I remember seeing a 6 bedroom 4 bath place with a 3 car garage (total ac sq. Ft. Was 4534), with a pool on a half acre for $239,000. It was brand new. That same house, if you were to transplant it to where I just bought would be roughly $800,000-$1,000,000.

 

If you have a great security/camera system, you'll be fine.

 

 

Thanks! I see the law of location is even more evident during market busts. I guess with time Homestead will develop towards the better, especially considering there appears to be limited land available for expansion of greater miami.

 

Although me and my fiancée would likely start out with an apartment, some knowledge of surrounding areas is valuable. We'll start by spending the summer in miami beach, exploring the city.

You bought a house before a lambo! YOU IDIOT!

Thanks! I see the law of location is even more evident during market busts. I guess with time Homestead will develop towards the better, especially considering there appears to be limited land available for expansion of greater miami.

 

Although me and my fiancée would likely start out with an apartment, some knowledge of surrounding areas is valuable. We'll start by spending the summer in miami beach, exploring the city.

 

Tons of condos available in downtown which is 5-10 minutes from the beach. They have really cleaned that area up, and there are TONS of new highrises.

You bought a house before a lambo! YOU IDIOT!

 

I have officially given my wife notice. I am buying something FAST within the next 12 months. Wont be a Lambo yet, but will be a stepping stone to one.

Tons of condos available in downtown which is 5-10 minutes from the beach. They have really cleaned that area up, and there are TONS of new highrises.

 

Downtown is our primary option.

 

Thnx & Best of luck with both of your homes!

 

Congrats on the house Mike!

 

Tons of condos available in downtown which is 5-10 minutes from the beach. They have really cleaned that area up, and there are TONS of new highrises.

 

Look in the Brickell area of downtown Miami. It's very nice, close to everything you would want, and there some really great buildings and prices now.

Thanks guys.

grats on the new house, AND second mortgage Mike. Back to the OT, I came across this article and immediately thought about you...... sucker!

 

Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population. the CoreLogic data suggest that many of the well-to-do are purposely dumping their financially draining properties, just as they would any sour investment.

 

“The rich are different: they are more ruthless,”

 

http://www.msnbc.msn.com/id/38158763/ns/business-real_estate

 

 

Congrats Mike! We did it on the same day!!!

Congratulations PM.

 

Regarding the topic:

 

 

It seems to me that the housing "problem" will be a long term one. Salaries WILL NOT increase on pace with inflation much less a real rise in cost of living. The RE people ( banks, realtors, mortgage brokers et al) KNEW the rise in home valkues could NEVER be sustained for any lenght of time. The economy could not, can not & will not be able to support this.

 

As said above, morality issues aside, BOTH banks (brokers et al) and buyers now have to think of their own financial viability. Our gov't said many of the large financial institutions we "too big to fail". This is a perverted view of capitalism. If they are "too big" what about the average American!!!??? They WERE lied to & manipulated!!

 

What should have been done is ...LET these insolvent institutions whither away leaving a more stable and healthy system intact.

 

 

It seems to me that the housing "problem" will be a long term one. Salaries WILL NOT increase on pace with inflation much less a real rise in cost of living. The RE people ( banks, realtors, mortgage brokers et al) KNEW the rise in home valkues could NEVER be sustained for any lenght of time. The economy could not, can not & will not be able to support this.

 

As said above, morality issues aside, BOTH banks (brokers et al) and buyers now have to think of their own financial viability. Our gov't said many of the large financial institutions we "too big to fail". This is a perverted view of capitalism. If they are "too big" what about the average American!!!??? They WERE lied to & manipulated!!

 

What should have been done is ...LET these insolvent institutions whither away leaving a more stable and healthy system intact.

Good points.

Hate to bring up an old thread, but thought this might be of interest.

 

I have been investing heavily in foreclosed homes for the past year. I buy Trust Deed Sales primarily (personal investments), and this past week I have seen a tripling of the number of forclosures being released on the court house steps. I dont know if this is nationwide or just in the counties in Los Angeles that im buying. BUT IF THIS CONTINUES THERE WILL BE ANOTHER 10-20% DROP IN HOME PRICES. the banks are suddenly letting them go fast and furious. I was buying one a month, then got 2 this week alone. Looking at next weeks list I see the same if not more Notice of Defaults to be released at the courthouse. I would love to hear some thoughts.

Hate to bring up an old thread, but thought this might be of interest.

 

I have been investing heavily in foreclosed homes for the past year. I buy Trust Deed Sales primarily (personal investments), and this past week I have seen a tripling of the number of forclosures being released on the court house steps. I dont know if this is nationwide or just in the counties in Los Angeles that im buying. BUT IF THIS CONTINUES THERE WILL BE ANOTHER 10-20% DROP IN HOME PRICES. the banks are suddenly letting them go fast and furious. I was buying one a month, then got 2 this week alone. Looking at next weeks list I see the same if not more Notice of Defaults to be released at the courthouse. I would love to hear some thoughts.

You have two choices... Cut your teeth and hold hold hold, get fat on rental income till 2012-2013. OR sell, sell, sell NOW... I'm sure there's some profit in it.

 

We're getting close to the final quarter of the year. It's time for Banks to start cutting lose their bad stuff off the books that they thought they could get something out of this year (short-sales etc.). No more Modifications (those are dead), the last shorts sales are either getting done fast now or they are pulling the trigger and foreclosing on delinquent homeowners faster than before. This could potentially drop prices a bit again. Because there isn't really a high demand of buyers right now. Mortgage applications for new home purchases have dropped again for the 3rd straight quarter. Not a good sign...

Hate to bring up an old thread, but thought this might be of interest.

 

I have been investing heavily in foreclosed homes for the past year. I buy Trust Deed Sales primarily (personal investments), and this past week I have seen a tripling of the number of forclosures being released on the court house steps. I dont know if this is nationwide or just in the counties in Los Angeles that im buying. BUT IF THIS CONTINUES THERE WILL BE ANOTHER 10-20% DROP IN HOME PRICES. the banks are suddenly letting them go fast and furious. I was buying one a month, then got 2 this week alone. Looking at next weeks list I see the same if not more Notice of Defaults to be released at the courthouse. I would love to hear some thoughts.

foreclosures are up by 6 times over last year. Banks cant hang onto them forever. Equity will continue to suffer for another two years.

 

Maybe real estate agents will learn how to actually work as a result of this blood letting.

foreclosures are up by 6 times over last year. Banks cant hang onto them forever. Equity will continue to suffer for another two years.

 

Maybe real estate agents will learn how to actually work as a result of this blood letting.

LOL...they haven't worked for 6 years why are they gonna start now?

LOL...they haven't worked for 6 years why are they gonna start now?

maybe banks should represent all properties and take agents completely out of the game.

You have two choices... Cut your teeth and hold hold hold, get fat on rental income till 2012-2013. OR sell, sell, sell NOW... I'm sure there's some profit in it.

 

We're getting close to the final quarter of the year. It's time for Banks to start cutting lose their bad stuff off the books that they thought they could get something out of this year (short-sales etc.). No more Modifications (those are dead), the last shorts sales are either getting done fast now or they are pulling the trigger and foreclosing on delinquent homeowners faster than before. This could potentially drop prices a bit again. Because there isn't really a high demand of buyers right now. Mortgage applications for new home purchases have dropped again for the 3rd straight quarter. Not a good sign...

 

Selling is not an option. I think the thing to do now is use up the rest of my cash, then pull equity and go on another shopping spree. Im averaging 12% on rental income. Even at 6% on a loan I think I can manage a profit, IF rent prices stay the same. But I hope your right Swil, and that the bads are just clearing the books for EOY.

maybe banks should represent all properties and take agents completely out of the game.

 

AMEN to that. At first when I started this venture I tried Short Sales. At one point I was in escrow on 5 properties with all cash offers at ASKING price and 2 week closing. Not one of them worked out. Even with bank approval. I think there is a loop hole in the system, where defaulters can squat on the property and the bank cant sell. I think the trick is you Short Sell the house, go into Escrow then delay escrow indefinetly by not signing off. The Title company cant do anything, and the bank is stalled. all the while the home owner sqauts on the house. Happened to me twice until I had to pull escrow, and then the bank put in another notice of defult.