Are Investors jumping back into Miami Beach investment property? You bet they are! Want a positive cash flow with a minimum of 20% down? Today’s $1M investment (3BR at 2400 Sq Ft) will return around $6,000 in monthly rental income. Considering taxes of $1,500 and a Maintenance fee (Ave.) of $1,200, today’s interest rate at 5.75% (Principal & Interest) of $4,700 totals $7,500! The Miami Beach investor is putting down 40 to 50% to break even or go negative if choosing to leverage money as the gamble on appreciation at a 3+ year hold is likely. Other points of interest are the bottom of this Miami real estate bubble on oceanfront condos, which may have already occurred.
Across the board, on oceanfront condos in the Sunny Isles area and Miami Beach real estate, we’ve seen an average of 25% depreciation in the last 24 months. In the last 90 days, there have been 71 closed sales in Sunny Isles and 70 in Miami Beach. The aggressively priced condos are selling well at an average of 95% of the asking price.
Miami Beach Investors Return
A recent article on Cory Fritzlers investment portfolio shows he is concentrating now on Dallas and Miami Beach real estate. “Despite record foreclosure rates and declining property values in 2007, evidence suggests the worst may be over. This provided significant opportunities for investors and home buyers in 2008 and 2009. As a result, Cory Fritzler, a real estate investor and entrepreneur, has increased his portfolio in the South Florida market. He continues to hold and manage over 40 rental properties in the Dallas, Fort Worth area.
In addition to the Dallas market, Cory Fritzler has strengthened his company’s position in the Miami Beach area. As the recipient of multiple awards for his work in real estate, Cory Fritzler is known for his innovative real estate investing, unique financing programs, charitable work, and benevolence. In 2008, Fritzler anticipated more investment opportunities, focusing solely on the Dallas and South Florida markets.” – WebWire Jan 17th, 2008
More positive news coming as this year shows a new outlook on Miami Beach FL Real Estate. What do residents, tourists, and International buyers really want? Oceanfront living, a great climate, and an active lifestyle are the major attractions for years to come. Let me know what you think by leaving your thoughts and suggestions below… or contact me here today.