Is there any chance for small time REI in Miami?
drt on Mar 13 2007 at 11:07 pm | Filed under: Miscellaneous, RE Investing
The other day I posted my question concerning the skycrapers in Miami. On my flight home, the lady beside me also expressed her curiosity on what would they do with all these skycrapers. Most of them are empty. At least there were not much lights there, she said. I didn’t notice that or should I say, I didn’t pay too much attention when I went out at night. To me, Miami is not so bright at night.
While having dinner with my youngest son and his girl friend when they came to visit us last night, I mentioned that I was in Miami beach the night before. His face looked funny and he asked me, ‘did you say you went to Miami Beach on Friday night?”
+ Yes, what’s wrong?
- Didn’t you realize it was Friday night, and it was spring break?
+ How would I know when you guys were not home anymore? But yeah, no wonder there were so many young kids, particularly girls younger than you with such a minim clothes. I mean, I was curious when I saw them on the bus.
- Dad, what’re you doing there?
+ Nothing. I just had time to kill and I thought, every year when I came down to Miami at most I just went to eat at Bayside Market Place since our meeting was in American Airline Arena. This time the hotel guy told me there were a lot of restaurants at the Ocean Drive and buses were passing by the hotel, so I simply jumped into the bus and went there. The ticket was only $1.50 or $2.00 if you have to change the bus.
- So what did you see there, Dad? And my son keep laughing at me.
+ Nothing beside the crowd.
- What did you eat?
+ Too many people in too many restaurants. I went into a small depot name Sultan something with Mediterranean food and ordered shiskabab. That’s all.
- OK.
Then we got back to the RE Investing conversation again. I just curious, would that be any portion for small time RE Investors there?
Tonight, I went to check the Miami MLS sites, and found this Miami RE map there. I have cut the map for ease of posting. But the markers confirmed what I’ve mentioned in my previous posting on Who Will Live There?
While there is an adage saying that you can always make money in real-estate anywhere any time, but I really don’t know how a small time RE Investor is going to make money at such a large market in Miami. To a local investor, may be it is okay. I believe there is always a chance for those who know more about the local market as compared to an out of town small investors. But looking at the MLS site of Miami, I’m glad that I don’t live there. For a visit yes, but to live there, I don’t know, at least for now. I love the way people drive in my hometown.
Popularity: 7% [?]
Not everyone will be in a position to profit from the bust in Miami. You’ll probably have to wait for a year or so and pay cash to pick up a good bargain.
Ever since 1925, there have been recorded booms and busts in Florida. It gets ugly every time.