Sunday, February 24, 2008

Miami real estate today

I found this at The South Beach Bum.

I'm lucky I bought this condo several years ago before the real estate prices went sky-high. I don't know whether I could afford to buy it today. Even though the real estate market has bottomed out here, my place is still worth a lot more than what I paid for it. However, with the subprime lending crisis upon us, a lot of buyers in my building can no longer afford their places and haven't been paying their monthly maintenance fees, so we've had assessments to cover their delinquencies. Now the monthly maintenance is sky-high. (They recently lowered it by $100 however, by reducing the monthly reserve assessment fees.)

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