Miami Beach real estate can no longer claim to appeal strictly to people with six or seven figure salaries. Today the surplus of properties up for sale in the city has eroded prices, revealing plenty of possible investment prospects for those willing to ignore the steadfast doom cries of the real estate soothsayers and find their next lucrative opportunity.
If you’re renting at a condo like Terra Beachside Villas or ICON, it may come as a slight shock to be told that the money you’re plunking down for your lease is potentially going to waste. Instead of it becoming something that will return you a long term profit, you’re periodically losing hundreds.
Recent news reports show overall property values have plummeted to an eight year low, which essentially equates to being able to actually live in that luxury condo by the ocean closer to an imminent reality than the future pipe dream it once seemed. Pre-construction units continue to materialize and their prices also come with an increasingly reasonable price tag. If you decide to simply wait it out and join the legion of â¬Sdoomersâ¬, don’t be surprised if you find yourself possibly regretting that decision once the market returns to a healthier state.
Since you’re already living in Miami Beach, it’s safe to assume you’ve got fairly deep pockets. If you’re managing that spare change in order to pay off your â¬Spadâ¬ in the next decade or so it’s quite likely the market will be in better shape come that time which means your condo’s value would likely have increased substantially.
If you’re not in it for the money, that’s fine. Then again, a hint of bragging bravado never hurt anyone. You may find yourself filled with giggly delight as your friends and loved ones stare in amazement at how you were capable of conjuring the funds for that bewildering three bedroom sanctuary with all the bells and whistles that often come with the word “luxury” attached to them. Obviously you didn’t pay anywhere near the princely sum they have in mind but that will be your own little secret.
Nobody’s telling you to go out and splurge on the first property that catches your eye but, just like the old adage “misery loves company”, don’t just sit around with your arms folded like so many of these pessimistic real estate enthusiasts and let a potential opportunity pass you by. After all, there’s absolutely no harm in looking.