When you walk away from preconstruction you just lose the money because you don’t have a mortgage yet. Technically the developer could take you to court to try to get a judgement to force you to close but I doubt any developer is stupid enough to do that.

-Samir

Amanda <3

In every industrial park you enter here, there are “For Lease” signs on nearly every building. People and companies are indeed getting out of here because they see no future with the high cost of living getting even higher. Fixed income people “the elderly” have experienced a huge drop off from moving down here. Don’t see it changing anytime soon, at least for another 5 years to notice any change for the better.

Get out of Miami and get out fast.

what planet do you live in that a 1/1 condo in miami rents for 1700. im sorry but you are the biggest sucker for buying in especially at a time like this. Italians most be the biggest idiots.

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,

Let’s face it, Miami has nothing to offer.

For starters, why would a baby-boomer retire to Miami when the working class can’t even afford to live in Miami? Can you imagine living in Miami on your baby-boomer retirement income? Who’s out there assuming that baby-boomers are showered in cash? Besides, I tend to think that baby-boomers have a lot more taste and class that Miami just can’t match.

Future recovery! Most of you are under the assumption that some mythical recovery will take place in 1 to 2 years. Some in the media are under the assumption that this might even happen in 5 years. Well, I’d hate to be the reality bitch slap, but there will be no 1 to 2 year recovery or even 5. We haven’t even hit bottom yet and once we do, it will take about 15 years for this economy to get back into shape. In the mean time, incomes will be tied up with debt and just trying to meet basic needs (gasoline, food, medical bills). Furthermore, Miami’s economy is upside down with companies fleeing since the desirable human capital pool has fled to bigger better places (including me). Face it, no one wants to work in ghetto Miami! Oh, and it’s not bad press…it’s reality! In fact, out of all the large metros in the USA, Miami has the highest poverty rate in the nation (Miami is the poorest large city). So how can anyone possibly claim that Miami’s real estate will pickup in 2 years?

The Miami is the New Manhattan fallacy. Perhaps this would be true if Manhattan was a 3rd world country; but it’s not! How can anyone actually be out there comparing Miami to any world class city? Nice weather? From June through November, Miamians don’t know if they’ll be homeless from one week to the next thanks to a HURRICANE! So much for nice weather. Not fun to live in terror for 6 months out of the year. Where are Miami’s cultural attractions to compare them to Manhattan? Do you think that the Miami Museum of Art can compare to anything in Manhattan? Get real! What about schools? Do you honestly think that FIU or UM offer anything? No one, and I mean no one, is out there head hunting for the latests UM or FIU graduate. Brickell will never be anything. Have you every tried walking left of Brickell, just one block in and you’re in one of the most crime and drug infested neighborhoods I’ve ever seen. Green spaces; I guess Miami’s Tropical Park can be compared to Central Park!

My advice to you is not to walk away. Run away instead. Miami’s real estate boom was built on hype. Snake oil sales men took advantage of a lot of banks and a lot of foreigners and when the locals got caught up in Uber Town the locals got burnt. When you factor in your mortgage, your insurance, your taxes, and your association fees you are going to be loosing more than you will ever hope to make from a sale in Miami. If you can live in the place then live in it; but then again, who’d want to live in a one bedroom “condo”.

Darling, who in Miami has the money to pay $1,700 a month for an apartment? You are proof that Italians have no clue as to what they’re doing or talking about.

What’s this 1 to 2 year time frame you’re coming up with? The Miami condo market will NEVER recover because so much overpriced garbage was built that no amount of buyers will ever absorb the worthless inventory that’s out there. Miami’s outrageous taxes and outrageous insurance rates are caping the market to death.

Furthermore, there is no economy in Miami other than drug dealing and prostitution. Companies are bolting out of Miami like the plague had struck. And they’re doing it for good reasons; because no company wants to do business in the Miami Banana Republic.

I can’t help but agree with Brickell Princess: “In fact, for $200,000 I could buy what Miamians would consider a MANSION in Indianapolis, Indiana. So why would I overpay you for a hole in the wall that doesn’t even have enough closet space to store my luggage between trips?!?”

Garbage always gets built in Miami since people in Miami have such low standards.

I would price that condo at $88,000…and that’s being INCREDIBLY generous. Why? Because there is plenty of real estate in the USA to be had that offers a lot more architecture, better construction, better neighborhoods, oh, and a city with actual CULTURE for much le$$. Beaches, they’re everywhere baby! Texas has beaches that are a million times better than anything in Hurricane Alley Miami.

In fact, for $200,000 I could buy what Miamians would consider a MANSION in Indianapolis, Indiana. So why would I overpay you for a hole in the wall that doesn’t even have enough closet space to store my luggage between trips?!?

My advice to you, is to grow up next time you decide you’re man enough to play with the big boys. Because the big boys of real estate sure bit your greedy pretentious ass pretty bad. They sold you junk!