Is let’s see: you buy a small condo in Miami for $750,000. Your HOAs run about $1,000. Now you hold your breath till the engineering study is completed and get the good news you only need to come up with $83,000 for future work which needs to be done. Then next comes the new insurance bill which went up 74%. This will add $734 to your HOA. I can’t understand why the condo market is soft.
Investors will come in and buy the units or complex at steeply discounted prices. On the west coast of Florida, people who were recently flooded are selling homes at lot value with a good number of properties pending sale. After a disaster, opportunity knocks.
@@phillipturner9598 the majority of them no. Most condos have 30 day/6 month minimum restrictions. There are however a few condos which accept short term daily rentals
Is let’s see: you buy a small condo in Miami for $750,000. Your HOAs run about $1,000. Now you hold your breath till the engineering study is completed and get the good news you only need to come up with $83,000 for future work which needs to be done.
Then next comes the new insurance bill which went up 74%. This will add $734 to your HOA.
I can’t understand why the condo market is soft.
Investors will come in and buy the units or complex at steeply discounted prices. On the west coast of Florida, people who were recently flooded are selling homes at lot value with a good number of properties pending sale. After a disaster, opportunity knocks.
@@kennixox262 this is true. If sellers can they should
Hold but that’s not always possible.
Great insight
Hey, can those condos be used as short term rentals?
@@phillipturner9598 the majority of them no. Most condos have 30 day/6 month minimum restrictions. There are however a few condos which accept short term daily rentals
Possibly
no clarity
Thanks for the comment
Miami