Real Estate Investing
With Recovery Underway, Is It Time To Buy in South Florida? (Telephone Interview with Ross Milroy)
Here are some comments about the South Florida market:
– the market’s terrible.
– stay away ’cause there’s blood in the streets.
– nobody’s buying.
– prices are still dropping.
– Oy (actually, that’s not a South Florida comment, that’s what my Mom says to her friends when they ask about me)
These comments were certainly justified in 2008 and 2009, and maybe even in 2010. But what about now, in Feb. 2011? Is the market around Miami still too toxic? Or is it time to think about buying that retirement condo for and renting it out until you’re ready to live in sunny happiness?
I don’t have a crystal ball (although as many of you know, I do carry with me a Magic Eight Ball at all times), but consider this:
Homes sales in 49 states rebounded during the 4Q of 2010, and 4Q existing home and condo sales increased 15% to 4.8 million homes from 4.16 million the previous quarter, per the National Realtors Association. Even though sales were down 19% as compared to 4Q 2009, this is probably due to the homebuyer tax credit program being in effect at that time. Even jobless claims are starting to abate. Because of this, many economists believe real estate is finally starting to see the beginnings of a real recovery.
All good news but, of course, what happens on a national level doesn’t necessarily translate to the S. Florida market. To get some real answers, I decided to take my investigation right into the lion’s den.
I contacted Ross Milroy, a residential and commercial consultant in S. Florida, and owner of Miami Angel Properties, LLC, a full service Real Estate Brokerage that represents many buyers in the Miami area, including those from Europe and Latin America.
Ross was gracious enough to take time out of his busy schedule and give us answers to the following questions:
– Can you describe the investment buying atmosphere right now in S. FLA?
– What are the hot investment areas in S. FLA?
– Where have prices been in the past 12 months and where do you see them going short term, mid-term and long term?
– Is this the best time to buy an investment property in S. FLA? Why?
– Are condos the best investment right now? If so, why? If not, what else would you recommend our readers look at?
– What are your buyers doing about insolvent HOA’s?
This interview is full of great information about the market. You’ll learn why the Miami market is considered the “Little Hong Kong,” and why insolvent HOA’s are not as big a deal as you may have thought.
You’ll even get Ross’ top tips for buying investment real estate in South Florida!
So if you have some cash or credit available, have thought about getting prime real estate at the bottom of the market, and want to hear a really cool South African accent, check out this interview.
visit http://www.hmbcribs.com for the interview
Hard Money Bankers, LLC