Foreclosure

[just123123]

Anyone heard or interested in buying US properties? With growing foreclosure properties especially in Florida, I'm considering puttin' on my Snidely Whiplash moustache and making the trip.

I've been doing a little research in Dade county (Miami; Miami Beach; Ft Lauderdale etc area) and they are auctioning off a whack of properties every week!

[nearace]

stay north of US1 as they cannot get flood insurance east of that point.

[bogeytrain]

FYI, property taxes in the Miami area have quadrupled over the last decade.

[golfpal]

Warm weather golfing everyday, stare at a beach each morning take your chances with the insurance. Good time to buy down there lots of good deals. Ft. Lauderdale is Broward county. Really nice areas Hollywood and around there too. Building is insane and contributes to sale prices dropping last couple of years going crazy. Now with the market too its great advantage and nice place.

Nearace think you meant west of US1 cant be north. But either side is fine, prices higher more demand west of US1.

[cdnputter]

The only concern I'd have is dealing with Capital Gains and Estate Taxes for your estate if things don't work out with living forever.....

Seriously, I was out for lunch yesterday with a few guys that have property down in Florida and their biggest concern was taxes due upon sale or in estate planning. Not that they'll really care if they do pass away, but what shape will that leave their estate and what they had planned to leave to their heirs? They seemed to be of the consensus that a time-share option might be the best way to go since it avoided a major tax crunch with ownership actually residing with a US based corporation.

[Merlot]

FYI, property taxes in the Miami area have quadrupled over the last decade.

I believe they went up for non citizen owners, not so much for full time residents. For example, a resident might pay 2000$ in taxes every year where as a non resident would pay 7000$ in taxes on same property.

Warm weather golfing everyday, stare at a beach each morning take your chances with the insurance. Good time to buy down there lots of good deals. Ft. Lauderdale is Broward county. Really nice areas Hollywood and around there too. Building is insane and contributes to sale prices dropping last couple of years going crazy. Now with the market too its great advantage and nice place.

Nearace think you meant west of US1 cant be north. But either side is fine, prices higher more demand west of US1.

It used to be property west of US 1 was dirt cheap. Everyone wanted to be close to the ocean. Hollywood/Dania just west of US 1 is like the wrong side of the tracks. Scary or atleast used to be.

[golfpal]

Merlot my apoligizes writing as someone comes in to office shouldn't do that. You are correct I thought them right got them backwards here. You are correct. Pembroke/Dania is scary.

[just123123]

Another issue with buying additional property (2nd home etc) anywhere, is upon retirement (depending on your cash liquidity from a travelling perspective), you may be locked in to only that property.

I asked my kid's what would make more sense to them:
a) Mom and Dad buying a place down in the Miami Beach area and leaving them the property in our Will or...
b) Mom and Dad travelling to golf destinations around the world, spending a 1/2 million dollars over the next 30 years...

Guess which scenario they picked?:rofl:

[nearace]

Warm weather golfing everyday, stare at a beach each morning take your chances with the insurance. Good time to buy down there lots of good deals. Ft. Lauderdale is Broward county. Really nice areas Hollywood and around there too. Building is insane and contributes to sale prices dropping last couple of years going crazy. Now with the market too its great advantage and nice place.

Nearace think you meant west of US1 cant be north. But either side is fine, prices higher more demand west of US1.correct brain tic lol

[Merlot]

Merlot my apoligizes writing as someone comes in to office shouldn't do that. You are correct I thought them right got them backwards here. You are correct. Pembroke/Dania is scary.

Spent alot a winters in Hallandale/Goldenbeach and Hollywood as a child. Little time in Boca West before there was a Boca Raton.

sounds like you know the area. haven't been ther for years. Did they ever turn the old Riveria in Hollywood into a casino?

[pthrashe]

a relative of mine is flying down to Ft. Lauderdale next week to go to an auction. If you can afford to pay the taxes and insurance I'd go for it if the property is priced the same as it was 5+ years ago!

It's ridiculous how many foreclosures they have right now

[just123123]

a relative of mine is flying down to Ft. Lauderdale next week to go to an auction. If you can afford to pay the taxes and insurance I'd go for it if the property is priced the same as it was 5+ years ago!

It's ridiculous how many foreclosures they have right now

I'm considering doing the same thing. I've been in contact with the county and there are hundreds of foreclosed properties up for auction. The problem with the county listings is you don't know exactly what you're getting until you fly down there to view the properties you have researched at home. You also have 24hrs to finalize the deal. It's a good idea to have your ducks in a row or better yet, some feet on the ground down there. It can be like shooting in the dark.

I'd be very interested in how he made out.

[golfpal]

Spent alot a winters in Hallandale/Goldenbeach and Hollywood as a child. Little time in Boca West before there was a Boca Raton.

sounds like you know the area. haven't been ther for years. Did they ever turn the old Riveria in Hollywood into a casino?


Yeah I have spent quite a bit of time same area quite nice there. I haven't been for 4 or 5 years now. But have family that goes down and it has changed so dramatically in the past couple of years. I heard they did turn it into a casino yes. But am not 100% on that pretty sure though. Lots of good memories there. Definately a nice location and golf courses galore to spend your lovely free time. :)

[Merlot]

a relative of mine is flying down to Ft. Lauderdale next week to go to an auction. If you can afford to pay the taxes and insurance I'd go for it if the property is priced the same as it was 5+ years ago!

It's ridiculous how many foreclosures they have right now

In some cases a sad situation but alot of speculators got caught with their pants down.

[RCCHGA]

I believe they went up for non citizen owners, not so much for full time residents. For example, a resident might pay 2000$ in taxes every year where as a non resident would pay 7000$ in taxes on same property.

Florida sticks it to the non-resident property owner every way they can as that state is effectively bust. A better bet is Arizona!

[golfpal]

You are right in that statement right now Arizona is very hot. Ha Ha not temps wise I meant the place to be for sure.:)

[just123123]

Florida sticks it to the non-resident property owner every way they can as that state is effectively bust. A better bet is Arizona!

I hear ya....but it's so far!

[Chambokl]

One of my friend left last Friday to buy a house in Florida... I will report when he is back...

Prices are really low... I think it is a good time to buy but I heard the same about the taxes...