Miami Condo Fiasco

Comment from sorry dude
Time: June 4, 2008, 11:37 am

I am stunned that a smart man like you have gotten yourself in such a hole. Anybody who had a passing interest should have known Miami was about to implode. Go to any Miami-cotent message board, you will hear about the horrific Cuban-led racism, rudeness, traffic, crime, cost of living etc, etc. Miami is only home to those that cannot escape Miami.

However, i agree that you are smart to walk away from your condo. As those new condos will be nothing more than Section 8 public housing 3-5 years from now. Especially as the future Miami crime wave begin to strangle the throat of Miami-Dade county.

I, however, as a recent law student graduate, will soon join the hundreds of other future prosecutors to practice in Miami. As the word in the legal circiles is that Miami will soon turn into the most crime-ridden city in the Western Hemisphere.

Good luck, and god bless,

Comment from sorry dude
Time: June 5, 2008, 10:39 am

Arent you concerned that when you walk away, that you may ruin your credit for years to come?

Comment from W.C. Varones
Time: June 8, 2008, 1:02 pm

So what’s the conclusion? Did you walk away? I think you’ll be glad you did.

Comment from joe
Time: July 6, 2008, 6:41 pm

Dude before you put money down you should have financing secured. you obviously wanted to profit from it and sell it later for a bigger price.
so the prices went south and you lost. so swallow it like a man. stop trashing everybody else. plaza on brickell is doing great. it is just your problem that you got burned

Comment from ted
Time: September 9, 2008, 5:44 am

“Plaza on brickell is doing great.”

Ha! Delusional buyer. Have any sold lately for anywhere near what you paid? I think not.

Comment from Vince
Time: June 23, 2009, 5:31 pm

Your condo just isn’t worth what you paid. That is the bottom line. There is not the income levels to support so much real-estate at the current prices. The New York Times reported that there are 19 million vacant houses, condos and apartments while there are only 6 million listed. You over paid, there is an oversupply and you are hanging on tooth and nail, but it is inevitable that you will lose. “A Gloomy Outlook for Home Sales’ Big Season” in the New York Times. Published: March 6, 2009

Comment from HOUSINGFEAR
Time: June 5, 2010, 4:49 pm

If you look at miami condo investments blog they are reporting that 1 bedrooms in condo on brickell is now selling as low as 165,000.

I told you that walking away was the right choice. I hope you feel better about your choice because you only lost 80,000 as opposed to being 300,000 under water.