Miami Development with CastleGlen

G

george 22

Guest
Hi,
I have recently been looking at investing in a developement in Blue Lagoon, Miami.

Prices seem expensive @ $362,000 for a 2 bed 2 bath, 1150sq ft Ground floor apartment.

Has anyone looked into this developent and what are your thoughts?

Thanks

George
 


This is not expensive. I am not aware of the development but you need to look at the price fer sq ft. Get comparables in the area to see if you are buying below market value or at market value. If it is for investment I woul also look down the coast to Lauderdale, it is cheaper but the price increase tredn according to my sources will move into that area. I am looking at a development called Isles at Lago Mar. It is a condo conversion, which can be very lucrative as the completion times are shorter so youcan move quicker. It is around 30,000 euros to get in i.e. 10% deposit, fully furnished directly on a golf course. I am keen on this.
 


I think this is a little hasty. The miami market in my opinion has slowed you are right there. But the right proeprty in coastal locations towards Lauderdale and over on the gulf coast are still hot and will continue to be. Florida gets pigeon holed all the time as Kissimiee and Orlando villas close to Disney etc. This is dead I agree. I look at Coastal holiday and residential lets. Water and beach front property at the right money will always work in Florida. Over 1000 people a day relocate to florida.
 

Occupancy rates, holding costs (including insurance) and net yields?


It's the classic beginning of a bust," said Sid Rosenberg, a real estate professor at the University of North Florida. "Next, all of a sudden, people who can't sell begin to reach a point where they must sell and drop prices."
Click to expand...



http://www.jacksonville.com/tu-online/stories/061806/bus_22139421.shtml
 
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