See on one hand I want to say a bust is coming but I can't because there are so many cash buyers and tons who've locked in ridiculously low rates that I just feel they can sit on the property and don't have to sell like those with bad adjustable rate loans in 2008. These guys are all cash or fixed rate loans.
I have been shopping around south florida for a place to buy and Miami prices are going bonkers but the rentals are so far below market it's comical. Literally condos that are $1.5M are renting for $4500/month and I mean those condos have $3500/month in maintenance fees + taxes. The condos being bought are all by argentinian,venezuelan,brazilian and european buyers but there are no renters since the locals cannot afford the subsequent rents along the beach.
I just can't see these people taking a loss on cash which is what the realtor I've been working with told me is the difference this time. EVERYONE is paying cash and my realtor is a friend of mine for over 20 years so it's not someone spewing BS to me, but that cash isn't american cash.
I would love for the miami bubble to burst bc I know some people in the building Im looking at who paid $750K in 2010 for units that are $1.7M today its ridiculous. Damn foreigners driving prices into the stratosphere.
I will say if you're seeking to work from home and rent a ridiculous unit for cheap, miami is perfect. Dallas on the other hand, a $400,000 home will fetch $4k so in terms of rental affordability texas is much more expensive than miami where the real estate is quadruple the total price.
This post was edited on 6/25 at 10:50 pm