Miami Condo Sales Up 200% over 2008

Buyers returning after Miami's housing bust (Video)

Condo sales up 200% over 2008

http://www.msnbc.msn.com/id/3032619/ns/ ... /#36160404

I saw this on the NBC Evening News tonight.
Use the link, scroll to the bottom of the page and click on

"Buyers returning after Miami's housing bust"

Or try

Buyers return after Miami’s housing bust

2min 18 secs
Nightly News
6:09 PM Apr 3, 2010

April 3: The city’s uninhabited condominiums are being snapped up at bargain-basement prices. NBC’s Michelle Kosinski reports.

http://video.mobile.msn.com/en-us/news/ ... 1cc2d386f2

And how many of the purchasers are U.S. citizens?

Quote:

---

Originally Posted by vortex

And how many of the purchasers are U.S. citizens?

---

Very few from what I have heard. Many buyers are foreigners from Europe and South America. I wonder how much of them are being purchased with drug money or other proceeds of crime.

From what I remember was that real estate agents had to have a paper trail from where the money was coming from before they sold and helped the buyer obtain a mortgage, and the state was guaranteed that they would be able to withhold 10 percent of the sales price for capital gains taxes. The buyer also had to sign agreements that radon gas could be present, and that they understood that if the property was in front of the Coastal Construction Control Line, they would not be able to rebuild in that zone. On a small island like Captiva, the majority would have not been able to rebuild if a hurricane devasted the property. Some would have only 10 feet left and since building code required a 25-foot setback, they could have pitched a tent at the most.
In Lee County, the Germans were buying everything in sight, especially empty lots in old neighborhoods with two bedroom homes and putting up huge houses, not realizing that location is everything in resale. This was in the 1990s before the investor/flippers came in. Too many stories, but will cease and desist.

Quote:

---

Originally Posted by vortex

From what I remember was that real estate agents had to have a paper trail from where the money was coming from before they sold and helped the buyer obtain a mortgage, and the state was guaranteed that they would be able to withhold 10 percent of the sales price for capital gains taxes. The buyer also had to sign agreements that radon gas could be present, and that they understood that if the property was in front of the Coastal Construction Control Line, they would not be able to rebuild in that zone. On a small island like Captiva, the majority would have not been able to rebuild if a hurricane devasted the property. Some would have only 10 feet left and since building code required a 25-foot setback, they could have pitched a tent at the most.
In Lee County, the Germans were buying everything in sight, especially empty lots in old neighborhoods with two bedroom homes and putting up huge houses, not realizing that location is everything in resale. This was in the 1990s before the investor/flippers came in. Too many stories, but will cease and desist.

---

When my mom was sick my parents sold the condo in the early 90's. They had money withheld as they were Canadians who came down for the winter. When they bought they paid cash and never had to prove anything. I think it was because they were elderly Canadians.
As for sales this is Miami and many agents don't bother with laws. Sad but true. This is especailly true when they are dealing with people from the same country.

There was a foreign national that owned a piece of commercial property, and got a loan from the bank to construct a hotel. He sent photos of the construction progress to get his construction draws every month, and the bank kept sending money. Except he was submitting photos of progress going on across the street.
As far as dealing with countrymen, a few from eastern Europe were selling homes they were renting to the newly arrived for cash. Nice employment if you can get it.

Some times honest (non-drug dealing) Americans and honest (non-drug dealing) people from other countries buy condos in Florida to live in when they retire. They rent them out until they are ready to retire to help pay the insurance and upkeep on them, because all maintenance and repairs are deductible on rental property.