Property Grunt

Wednesday, March 02, 2005

Question from Miami

This question comes from Sellrealest8 who by the way has an excellent blog on the Florida real estate market and has a great perspective on the real estate market in general.

I am in this Miami Market of the condo craze and new contruction flips.We are also having a huge condo conversion craze. The gut feeling I have is like the old pyramid scheme where you invest $1500 and get like 5 of your friends to invest in the pot $1500 and when you reach the top you get the jackpot but the people on the bottom that you talked in to doing it also lose out. Regarding the website to learn how to do this reminds me of the "No Down Payment" days when you stop making money doing it you then write a book to make money because the "No Down Payment" days were drying up. So is the new construction investment days starting to dry up? Do you feel there is a trend?

The trend is a seller's market expecially in New York and I am not just talking in Manhattan. Brooklyn, Queens and even Westchester are getting bombarded with buyers. There seems to be more construction being implemented in Manhattan and these boroughs. Are there unscrupulous parties taking advantage of this situation? All you need to do is take a look at this blog to see its not all happiness and sunshine. Now is the new construction investment trend drying up? Right now, no. However the near future is anyone's guess especially with the weak dollar and that Greenspan is looking at raising interest rates.