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Permalink Like Dislike The latest news reported here in South Florida is South Americans
are buying up a lot of property since their economy is strong.
Is the media still trying to fake people into false hopes of an
actual recovery in this area? Why am I not surprised?
All comments welcomed...
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It is doomed.
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Laguna Beach, CA
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South Florida is one of those markets that got crushed. I wouldn't be surprised to see that they are at rental parity just like Phoenix, Detroit, parts of Atlanta.
Of course, there's a reason the bubble deflated in those areas a lot faster. I personally wouldn't live in South Florida, Phoenix, Detroit or Atlanta.
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Laguna Beach, CA
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E-man says
I would rather you do that too. I actually hope less people move to Irvine. It's getting crowded, and competition for homes here is ridiculous.
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Emeryville, CA
robertoaribas says
Are there good jobs there? I've been to Florida a gazillion times, and as far as I can tell it's all old people and people who service old people's needs.
I know there is Latin American trade, but what is the state of the jobs there?
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CL says
Those were the good ole days.
When I moved here in 1985 there were two industries.
This was the nations Senior Citizens warehouse repository, where the nations wealthy lawyers and doctors were deposited after they hit 63, so their kids could squabble over their Manhattan Apartment they left back it the city. These old geezers were so alone and isolated, that by time I would show up to install carpet in their Century Village condo, they treated me like I was their long lost grandson that never wrote or called.
The second big industry was Seasonal Snow birds and tourism business.
That also not only encompassed eateries and hotels, but also a myriad assortment of support trades, from carpet installers to plumbers.
But alas both industries are long gone, the old folks died off, and their kids that sentenced them to their condo imprisonment, will retire on baron frozen wasteland somewhere in Sibeiria before they step foot in South Florida when they retire. After the old folks died, their kids sold their condos and or seasonal south Florida homes off(The spark that ignited the bubble).
Then the Nation stopped vacationing in South Florida, Ft Lauderdale was dumb enough to kill Lauderdale Spring Break.
Unless you're a Lawyer, in the medical field or in IT at some capacity supporting companies that have their headquarters here, then there isn't any industry in South Florida.
The Boat culture is even dead, but that was Bush Sr. that killed that with his Luxury tax(and you say Republicans don't like to tax).
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Dade County seems to be predominantly hispanic and as one moves up the east coast into Palm Beach County it becomes more English speaking Caucasians. Perhaps the bulk of the South Americans are buying in Dade, but that remains to be seen. The tourist season in all of South Florida is horrendous -- taking 20 minutes to go just a few blocks in some areas, and not just waiting for one red light to change but staying in line for several to change which ties up streets going in all directions. There's no police directing traffic so it's literally mayhem.
Nevertheless, it's fairly certain that there's a huge gray inventory in this area, but it's quite well hidden as it is in many other areas of the country. Who's in control of keeping the numbers? Banksters?
Where can we find the straight scoop without being duped or have we become a country of fraud and lies?
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I lived in Fort lauderdale way back in the late 90s. Cheap then-an apt in an ok part of town was 30-40k. Rent in the same place was 340 a month.
I was just a few miles from the beach and used to drive every morning to the beach and take a dip in the ocean. I left before the housing bubble-so not sure how it is now. Went back recently-no more free parking at the beach I used to frequent. They have parking meters all over.
Nice place-but can't beat CA for the scenery-mountains, beaches, deserts, high deserts. Even back then, most people I knew worked in the call center industry-heard that was offshored pretty much.
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Musica2 says
Many companies dont establish HQ in latin america due to wide corruption and high crime rate.. so they set up their Latin American operations in Florida. So some of the Latin American or US employees are moved to Florida and PAID relocation costs... You can see operations from USA to Euro and Asian firms set up shop there. These are small numbers overall, but a good reason your seeing the "foreigner buyer.
So the talk of Latins buying up in FL is partial true, but the realtors are again exaggerating and not being honest.
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CaptainShuddup says
You forgot the Cocaine business.. it was several times more than Tourism.
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San Jose, CA
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How are the bugs in Florida? That and the humidity were the two things my dad constantly harped on about Florida.
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In the end, even cannibals won't want to live in S Florida.
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I live in South FL
Job market is bad..no doubt abt that
Old ppl are no more moving in here,as they used to do a couple of decades back
As for the housing market,I am not sure
i want to believe its still down..but all the sales in my neighborhood sold off pretty quickly and at around 15-20% more than what they sold in 2010.. this might be localized though
i have a friend who bought a SFH for 315k last year and this year he refinanced as it appraised for 400k.. an 85k increase in an year
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Thanks for all the replies.
You're probably right about older people not being able to sell their homes to move to Florida. The mantra here was, "The baby-boomers are coming so buy, buy, buy!" Didn't happen and probably won't.
It's probably exaggerated about S. American corporations though. Why relocate in a place that takes forever to drive to work and with insane drivers, too!
Whoever said S. FL. will probably be like Detroit and all the other losing areas is probably right. Many non-professional workers are leaving the area for cheaper places because they can't afford rents (and those are going up).
Seems the higher powers are playing dice with the universe these days.
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Vero Beach, FL
I am in Central Florida and EVERYTHING is selling here. It's mostly fueled by investors AGAIN. I am getting ready to put one of my rental properties on the market, but that doesn't mean I expect prices to dip. I am unloading it only because I used to live in that home and it doesn't make the best (worry-free) rental due to having a pool, easily damaged floors and cabinetry, etc. If I price it right, I expect to have a contract in a day or two.
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Boca Raton, FL
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APOCALYPSEFUCK is Shostakovich says
I always thought that Florida was one of the worst places to be during a zombie outbreak. All those sliding glass doors and single story houses... It's a zombie buffet.
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North Florida anywhere in the trees is way to hot. Trees hold moisture. Stupid people don't understand that. Humidity boils you like a bowl of water. Thats not only in the south but up north in the summertime. Its not a good buy.
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Boston, MA
I live in the Northeast but have a home in FL. My grandparents and parents also had homes here. I never much liked the state then, but I enjoy it now. Maybe I've "grown" into it. Everyone must keep in mind that there is no income tax and no inheritance taxes for FL residents. That is why well to do people get a residency. No tax on all that investment and dividend income. That is why you see Tiger Woods, Celine, etc etc calling it home. There is a lot of new construction underway currently. People can build for less than buying a resale. Regarding resales, people have either given homes back to the bank or swallowed their losses and moved on. Sales are up about 50% from last year, strongest sales are in the $300-500k category.Regarding employment, there are some well paid government positions in addition to the categories listed above.
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Boston, MA
PS there is also a very generous homestead here. Crooks can invest their stolen money in a mansion and people's Florida homes can not be taken from them.
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South central Florida was the investor region for the SE then the tires blews out. Investors lost a lot. Some went broke. Some went home thats how popular it was.
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Another issue not mentioned is the huge expense for hurricane insurance which is another reason it would seem to be a place to avoid for South American investors -- maybe they buy first and then realize AFTER they realize?
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APOCALYPSEFUCK is Shostakovich says
Is there any way to get valid stats on what's happening? News has it BOTH ways .... real estate is getting better and also worse. So, for those who REALLY want to know, where do we go for actual data? Or is it all a big game where we all wear blinders and ask Scottie to beam us up?
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San Jose, CA
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Goran_K says
I personally would rather live in South Florida than Irvine. On a second thought, scratch that idea. :)
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San Jose, CA
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ordertaker says
If your market is like the Bay Area. That's a good move. We have experienced a nice rebound in the last 6 months or so but I don't expect this trend to last. My guess is the market will get softer by next fall and winter, and that's when the bulls and the bears will argue about the YOY decrease.
Good luck. :)
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Scottsdale, AZ
robertoaribas's website
Yeah, who would want to live in South Florida? I mean beautiful beaches, great Cuban, Jamaican, south american food, lively entertainment, great place to go salsa dancing... short flight or cheap cruise deals to bahamas...
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San Jose, CA
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robertoaribas says
Sounds lovely, but you need to have money to do all of that stuff don't you? renting and investing might help one get there sooner. For some reasons, people associate leveraging in investing as debt slave. I guess they need to take more math. :o)
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Coastline Florida is an inexpensive paradise, laid back.
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San Jose, CA
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KILLERJANE says
WTF? 4 dislikes for this post? For what? Weird.
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Not laid back at all. I mentioned some of these things before but ...
Frenzied traffic especially during the season. Takes forever to go one mile --- including waiting through two lights at an intersection. Drivers the rudest in the nation according to A.A.A. so car insurance is very high and because of the hurricanes home very insurance is high. It's also dangerous because if there's a category IV we can kiss our life style (and maybe even our lives) goodbye. Far too many homes were built before strict hurricane standards were enforced.
In Dade County one needs to be able to speak Spanish and it would help quite a bit in Broward and Palm Beach County. If you make a mistake you can drive into a very dangerous area and there are quite a few like Hotel California.
In fact, the more I type the more I'm starting to think I should move farther north.