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Miami Condos - Condominiums in Miami

There has never been a better time to buy a condominium in Miami but there are dangerous traps to avoid .  The Florida real estate market is in it's largest slump since the great depression with prices falling by about 60%.  Condos have been  particularly hard hit with some buildings dropping 3/4 in value.

This decline represents a great opportunity but also a high risk .  Those buildings that have fallen the most are experiencing mass foreclosures .  In turn, the monthly maintenance fees necessary to operate these Condos are not being paid by delinquent owners .  In the best case scenario the other condo owners pay the difference and get the money back with interest on a sale .  Unfortunately,  Florida law does not provide condominium associations with the same "first claim" protection that other jurisdictions to do.  Existing Owners often end up paying for all of those people who have lost their unit and the maintenance fees can get to be prohibitive. 

The second thing to be careful of is hurricane insurance .  If there was a massive category four or five hurricane hitting Miami and Fort Lauderdale, the state running insurer, Citizens Insurance, would be overwhelmed and unable to pay all of the claims.

The third worry is property taxes .  Without state income tax, Florida relies disproportionately upon property taxes to pay its bills .  Even though a condominium you buy may sell today for 50,000, it may be appraised for tax purposes at $150,000.00 and the yearly tax bill could be close to $5,000.00.  This is an extreme example and you can appeal your taxes , nevertheless make sure that you  investigate everything thoroughly.

Miami is a great place to live and at Miami condo is a great winter retreat and a good investment. Just make sure you do your homework first.

Coral Station at Brickell Ave.
1470 SW First Ct

SMA
14th St. and S Miami Ave

Park Place
1450 Brickell Ave.


Four Seasons
1441 Brickell Ave.


Infinity at Brickell
60 SW 13th St.


The Sail
170 SE 14th St.


Axis at Brickell Village
1101 SW. 1st Ave.


Espirito Santo Plaza
1395 Brickell Ave.


South Miami Ave. Condo
1300-1340 S. Miami Ave.


Premiere Towers
850 S. Miami Ave.


Plaza on Brickell
851 & 901 Brickell Ave.


Neo Vertika
690 SW 1st Ave.

Icon on Brickell
495 & 501 Brickell Ave


 


Brickell on the River
31 SE 5th St.

     

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