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The florida/miami discussions on the board have mostly been in looking for real estate for personal use. I know very little about Florida (been there only for brief business trips and visits to friends), but will need to put somewhere between $1M and $1.5M in an investment property (I absolutely rule out NY for that) and Florida is more appealing to me than Colorado.
Any suggestions as to good areas in Florida to look at for investment would be appreciated.
you and apt23 could be neighbors.
Own in both Miami Beach and Colorado. Both have been great investments, although the Miami Beach place is relatively new, so verdict is still out. Bought at low in Miami Beach when we couldn't get a deal signed in NYC. Worked out well.
Buy anywhere! It doesn't really matter. The way the government is printing money you are better off having real property and a long mortgage than cash. The dollar could become the peso. I would much rather have a hard asset anywhere nice to live than fiat money.
NYRE - where in Miami Beach and where in Colorado? Re: Miami, where and how did you start your search?
A property in SF is being sold so this is really to avoid the heavy taxes. Would be looking at mortgage of less than 50% LTV but would like to see some positive cash flow, as well as appreciation potential.
ph41, what do you think was the issue between you and aboutready in this thread?
Does Florida have any economy whatsoever? What happens to Florida when the pension era wanes and government support of every imaginable sort contracts?
No, Florida does not have an economy whatsoever, they live in a bartering society. They move into fascism, that's what happens.
Why do you rule out NY?
nyrenewbie, where in colorado?
DC area ... fairly good rent ratio, low vacancy rate, relatively high employment growth rate, lots of dirty government "privatization" money everywhere, close enough to NY for you to deal with property issues.
ah - thanks for the suggestion - will check it out.
Miami Beach property is at 60th and Collins in a transitioning neighborhood which is part Hispanic, everything from Cuban to Brazilian, and part Hasidic. Interesting combination, but it somehow works. The property was bought out of a foreclosure by a developer and I got my 3 bedroom, 3 bath, condo with private rooftop terrace for a third of what it originally sold for before the original developer went bankrupt. It is called Terra Beachside Villas.
Our townhouse in Keystone, CO is called The Enclave, across the street from the slopes. We bought it in 2000 and renovated it to a 5 bedroom, 5 bath home. Highly recommend The Enclave if anything comes on the market.
In spite of making numerous offers, we were never able to make a deal in NYC. We haven't seriously bid on anything for the last two years when the market started to tighten. I keep waiting for a "deal" to come along, but may have missed the opportunity. We'll see. NYC has been a very difficult market for us: difficult to get in to see apartments, difficult to get information, and difficult to negotiate.
Thanks NYRE - re: Keystone - do you find the 5BR easy/difficult to rent? I would have thought a 2/3 bedroom better for investment.
Flmaozzz. I'd like to be your president but would like to avoid the heavy tax. What to do. What to do.
Florida RE. The good rape vs nyc re, the bad rape!
Bet you a 'trading places' dollar my 375k sprint position doubles quicker than any 'investment'you make for whatever holding period the ph lady desires.
I'm up 2% today. 98% more to go.
Remember inclusive of transaction cost! W67 is up 14% vs miami re! Any day now get into your position! No no no not that kind of position. Old ladies have no business doing that.
ph41 - If you are looking purely for investment with a long time horizon (at least 10 years), I recommend taking a look at Palm Coast or Flagler Beach. When I went on my Florida odyssey looking, those were two areas that seemed underdeveloped. If you live in Manhattan, you would not likely want to live in either area, but as investment, the area has many traits that I value. There is a lot of junk down there also, so you have to be willing to take the time and really look. My real estate agent down there just called me and alerted me to 127 Cochise Ct in zip 32137. One could not duplicate the setting or the construction for $250K, which is asking price. It is a short sale. So many variables go into investment decisions that I do not believe in any investment being "good" or "bad;" any investment has to simply be the right fit for the given investor. Running the numbers on my Palm Coast property as I sit here today, it has been a good investment for me; had I cashed out in 2005 when someone offered me three times my purchase price for it, it would have been a great investment; I have no plans to sell the property as I sit here today because the lovely retired couple who have been my tenants for the past few years have professed a desire to finish out their days in the house, and the rent more than covers the expenses, so all is good. However, who knows what the world will look like when/if ever I decide to sell - that is the only point in time when I will be able to evaluate whether or not it was a good investment for me.
Two last thoughts before I get back to work: (1) In the interest of full disclosure, I own on Cochise Ct, and the seller of 127 appeared to love that house; I have owned down there for over 10 years, and he was on the street before I arrived, always visibly caring for the property. I have no idea why it is in short sale, but my agent down there called to ask me if I knew what the story was. I don't, but I do think the setting of that house is lovely. Pictures do not do it justice. I have not been inside. I will be curious to see how long it stays on the market and what it actually goes for. (2) Speaking of "good" and "bad" investments, it is too hard to keep up with every thread where it comes up, but has w67th locked in Sprint gains? Is s/he recommending holding for the long haul? What is time horizon for the recommendation or is the whole thing just a giant joke that has gone completely over my head?
The joke is that people get on here touting the numbers behind buying as equal to renting, and amongst one of the favorite lines of argument is that the cost of capital on a downpayment is somewhere between 0% and 3%. A number of us have explained how that is silly, but logic has a hard time penetrating. There is also disbelief in the idea that a long-term renter could/would put that money to work in stocks/bonds/etc.
So w67th publicly made a call on putting a significant amount of money into Sprint as of 4-6 months ago, which has approximately doubled since his call.
You are a renter, but you didn't buy Sprint.
Why not own the home you live in and buy sprint?
The board has zero jurisdiction over this tenant. The managing agent had zero jurisdiction over this tenant. Zero.
w67 has finally made some money in the market and can't stop screaming about it.(He's gone from impressing strangers on the street with his watch(es) and car(S) to trying to impress anonymous strangers on an internet real estate talk site). LOL
Sort of like the guy who gambles in Vegas, finally has some winnings, and forgets about all the money he's lost there in the past.
I see. Regardless of past performance, calling Sprint 4-6 mos ago is impressive. So impressive that I worry for w67th that SEC is in process of subpoenaing SE for user identity. W67th - if SEC starts harassing you, I know a number of experienced attorneys in that area. :-)
The SEC is in the process of subpoenaing SE for user identity?!
LOL! w67th needs all the zzzzzz he can get.
I just came back here today for the Empire State Building shooting discussion.
Now I read this.
NYCNovice: How do you "know experienced attorneys in that area"?
I've been gone for a week so I may have missed something.
While I'm waiting for a reply that I don't really care about, I'd like to sing my ph41/apt23 theme song again:
Black swan flyin' by ph41
take apt23 and learn to fly
all her life
she was only waiting for Miami to be free...
You think w67 gets tips from Raj Rajaratnam's sources?
Sprint looks solid so I am sure w67th would not have an issue, but I have friends who used to work in SEC enforcement and were tasked with patrolling Internet discussion forums for anyone discussing specific stocks with too much enthusiasm. Those same friends have now gone to defense side and specialize in white collar crime defense, including market manipulation and insider trading.
You think he's playing the classic pump and dump?
When your friends were working in SEC enforcement did they get assigned to Bernie Madoff's office, where they were submitting their resumes hoping to get hired?
They don't work there now -- but others do.
Oh, w67th -- you could be in deep shit!
Truth - hope you're enjoying Barcelona and Bay Ridge
StreetEasy's "Own Your Home" is hopelessly dreary. Will it turn out to be anything more than a megaphone for shills of various sorts?
ph41>> w67 has finally made some money in the market and can't stop screaming about it.
Let me get this straight. In the one corner, we have ph41. Member since Feb 2008. Unabashed NYC RE bull the whole time, screaming about it like it's the second coming. But NYC RE down 10% or so since then. Meanwhile, bonds up 60%, 80% if you include coupons. Stocks up 17%, 25% with dividends.
Then you have w67th, member since Dec 2008. Unabashed NYC RE bear, rent+invest bull the whole time. Stocks up 80% since then, 90% with dividends. Bonds up 35%, 45% with coupons. Real-time Sprint call, up 100%.
Why aren't you going to invest in NYC? Did all those years of listening to w67th finally register? Go on, he double-dog-dares you to do it. Don't you want to show him?
"He's gone from impressing strangers on the street with his watch(es) and car(S) to trying to impress anonymous strangers on an internet real estate talk site."
At least he's never tried to browbeat SE posters in various "lesser" neighborhoods with a superiority complex revolving around a "fabulous" penthouse. Mind you, the building is in Midtown East off the Q-M tunnel drainage by an FDR on-ramp, averaging $700 ppsf.
I'd look at Key Biscyane or Fisher Island over Miami Beach. Miami Beach is overbuilt, overbought, and very "honky tonk". If you're looking for an upscale place you can rent out to a higher end clientele, i'd look at those other places first. In south beach, you're high end rental is just as likely to be reneted to a bunch of barfing bachelor party transients.
ino - I have never been a real estate bull - "screaming about it like the second coming" - where have I ever said that?
I have never posted anything whatsoever on whether people should buy real estate - that is just totally BS on your part.
I have never tried to "browbeat" posters in various "lesser" neighborhoods" - why the hell are you making this up?
And sorry - yes, my apartment is fabulous - too bad, so sad for you
And no, strictly for investment, would not buy in NY
Investing in an auto dealership - which I've done, yes - but W67 and most other people can't, yes!!!
Now. after having consulted with W67 - go back into your hole
When, exactly, did you become such a POS?
Did you get the part last week when inododo said that certain races tend to be heavier? He's refused to tell us which races, and even refused to address the topic since, but he didn't revoke his statement either.
Ooops, I'm sorry aboutready, does that upset you for some reason, you double owning bear, you.
Zap. Zap zap. Nada that's the 'lonely ugly grade school with no friends' nerve you just hit.
Try that nerve to the right. The 'ugly girl who married an even uglier guy for money' nerve.
Okay stand back everyone.
Is your race one of the races that inododo says is prone to being heavier?
Yes, w67th. phlady likes to think she's the one hitting a nerve when she knows we grew up in families without money. Likes to post comments trying to make me feel inferior to her. She was happy when she wrote that she "must have hit a nerve" in a comment to me.
Then, when I made it clear that "I didn't feel the hit" -- she posted my address.
I gave you some cyber-therapy and you don't let her get to you anymore.
Now she's asking when did inonada become such a POS.
>> I have never tried to "browbeat" posters in various "lesser" neighborhoods" - why the hell are you making this up?
I'd love to go through all the examples one-by-one, but here's one for now. Here's what you wrote on a thread where someone had expressed an interest in a specific apt in Harlem:
>> And the neighborhood, is just wonderful - central Harlem is of course one of the best neighborhoods in Manhattan - LOL
>> the CPN apartment is " crappy penthouse, in crappy building,in crappy neighborhood" LMFO
"Investing in an auto dealership - which I've done, yes - but W67 and most other people can't, yes!!!"
There are these little companies called AutoNation, Penske, Group 1. You go into your Schwab account, type AN or PAG or GPI and hit "buy". Voila! You've invested in auto dealerships. Now maybe w67th doesn't like investing in businesses with the likes of car salemen -- some people won't invest in tobacco companies -- but that doesn't mean he can't do it.
in the odd world of shitty midtown penthouses, it appears that an investment in a car dealership is a sign of financial acumen on a level with providing steve jobs with the angel investment to start apple.
"Now she's asking when did inonada become such a POS."
POS, what strong words. Everybody relax, we're just having fun. The posting of your address, Truth, now that was a pretty shitty thing to do.
inonada: phlady "hopes that I'm enjoying Barcelona and Bay Ridge".
Yet another attempt to make me feel inferior to her.
Yes, I do enjoy Bay Ridge very much. I haven't been staying in the apartment that much but when I'm in Brooklyn I like living there.
My friends from Manhattan have visited me there and they enjoy it. They are richer than she could possibly be and live in Manhattan apartments nicer and more expensive than hers.
ph41 still doesn't get it. She thinks I'm envious of her and her penthouse.
As if she's the wealthiest person I know. (or,know of,in this case).
Sprint .................... that's a condo in Miami?
>ph41 still doesn't get it. She thinks I'm envious of her and her penthouse.
I forgot that you guys have a thing going.
Truth be told
different threads, but within 1 minute
34 minutes ago
33 minutes ago
you never, ever stop.
lets start keeping track.
huntersburg: No, I don't have a thing going with her. She started a thing with me.
So, now there's a thing.
Either way, there's a thing. I forgot about it.
So, have you noticed as well that columbiacounty and Jim both have the same extreme irrational bouts of anger, both have the same tendency to curse and scream especially the 'c' word, and until just now, Jim was counting my posts but now columbiacounty is also counting my posts.
No, I don't read cc.
and yet you use my pet name for the penthouse lady. how can that be?
penthouselady? That's not a tough one. I use it, and she says it's endearing to her.
So about you/JimHones ... I'm still impressed with how you had me missing that link for so long.
huntersburg: Have you figured out a connection between them?
It was months ago when I was actually able to have a civil discussion with hones (after he called me a dick, it wasn't bad). He was wrong, I was correct and that was that.
Investment...... .... Is that a condo in Miami?
In the car universe w67 likes ford at these levels. It's a much longer term hold with serious issues with Europe. But their products line is very nice. 500hp mustangs for $35k. Used $15k.
W67 thinks apple should buy sprint like ford should buy mclaren. Stick a $5k mustang engine in $250k mclaren body and sell for $75k.
Like take a $5.00 ph lady. Stick a $5k boob job on her and viola a $7.50 street walker.
Cars have not been replaced for 6-10 yrs since crisis. time for an upgrade cycle For the aging 250mm units on our road.
>Cars have not been replaced for 6-10 yrs since crisis. time for an upgrade cycle For the aging 250mm units on our road
What if it's a 8-12 year cycle? Are you willing to suffer the loss for the next two years?