Is it worth buying a condo in Miami right now? Specifically, as a primary residence.

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The market in Florida is starting to slightly decline for rent / purchases, but long term is expected to rise, so I would start looking.

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Miami‘s real estate market is still going up this year, according to Goldman Sachs.

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Lots of inventory coming online over the next 18 months. Buy if you want to live in Miami for a while. But if prefer a single family home in The Roads.

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same thoughts

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Would wait to at least the summer to ponder current market conditions, but with the current APR I wouldn’t buy right now unless is a too good of a deal.

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Really depends which area. Brickell/downtown has gotten pretty saturated and probably won’t see too much appreciation going forward. If anything I’m seeing more depreciation in property values in the past 5 years since inventory is so high (minus the unexpected COVID surge of course).

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Check HOA and insurance fees. I was going to buy a condo in my current building (I’m renting; in Miami Beach) and I got to know there was going to be an increase in the HOA fees due to a new assessment (insurance increase) plus the owner was notified of a new increase in his insurance…those two increased were going to drive my monthly outflow by around 900…ao it was a no-no for me.

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Buying a house in a upincoming or the outskirts of Dade would be cheaper. Slot of units are coming online so that should stabilize the lower condo prices.

As a Miami, Florida resident for over 30 years, I say please don't. For residents, we already have a housing crisis, with most residents having a $100-600 rent increase last July due to buyers flooding our market, making it impossible for us to afford to live where we've been living for decades. Can you imagine your rent/mortgage going up $600 from one month to the next without a matching income increase? It is already hard enough to get decent housing without out of state competition. The same house in my childhood neighborhood that was $1400/ month just 3 years ago now costs $3300/month.

Traffic is extremely congested regardless of the time of day. It could be 6am or 9pm and you could be stuck in heavy traffic that spans 4 counties (Palm Beach, Broward, Miami-Dade, Monroe).

The job market isn't great, unless you're a teacher. I do a lot of work with schools, and Miami-Dade County Public schools has a 400+ teacher and support staff shortage. But overall the cost of living doesn't match the income scale. Even a middle class family requires two incomes at least in order to afford to live here.

My aunt lived in Miami from 1990 up until 2 years ago. She bought a house in Davenport because it was more affordable to live up there than it is here in Miami. I'm even considering moving a little more north, because the housing crisis is out of control here, and unless you can speak fluent Spanish, it's nearly impossible to find a decent job earning decent money in Miami.

I’m looking to buy in Boca instead of Miami. You get more for your money.

You get more for your money.

I agree with some comments and don’t recommend buying a condo in FL… especially in Miami… you’ll end up paying crazy monthly charges because HOAs are the worst buyers or they are corrupt. You can nice single family pool houses in north Miami or Miami Shores areas without HOAs.

No.

Condo not so much, single family would recommend more in suburbs but depends on personal and financial situation

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