Miami Foreclosure Trends....

Posted by Honore Investments on May 25, 2008 at 21:53:14:

Throughout the 80s and 90s, there were parts of Miami that were extremely dangerous to drive through (i.e., Liberty City, Overtown, Opa Locka in Dade and Sunland Park, Sistrunk Blvd in Broward) However, we are observing a few trends that are turning these neighborhoods upside-down...for the better.

1. Caribbean & Latin American immigrants are moving to these neighborhoods in large numbers primarily because they are some of the only neighborhoods they can afford when they come to the U.S. Their priorities are (A) Citizenship/Residence (B) Homeownership (C) the Education/Acceleration of their children. While many Caribbean-born or Latin American-born kids take-on the style of hip-hop and adopt their clothing trends, you will find a kind mannerism that is civil and positive. As a result, these neighborhoods may sometimes look dangerous, but may not be.

2. Tons and tons of money is being poured into the redevelopment and revitalization of these cities, particularly Sis trunk, Sunland Park, and Liberty City. Just go on the city websites to see the plans.


3. During this real estate bubble crash, many of the older African-Americans are losing or having to sell their homes. And for the most part, neighborhoods such as North Miami Beach and Miami Gardens have more homes with real equity than some of the newer suburbs out west. This is why these neighborhoods make such great investment farm areas. We are seeing a process of (A) investors buying these homes with tons of equity (B) selling them to Caribbean and Latino families for a profit. This means that the young adult thugs throughout these cities can no longer live with their parents and for the first time must go out and get a job to pay their own rent. Many others are moving to Georgia and Alabama.

4. Most of the thugs of the 80s and 90s that once inhabited these neighborhoods are either locked-up or getting out of jail at an age where random crime doesn’t seem so cool anymore. There is also a growing African-American population returning from college and grad school to buy homes with their new families in these neighborhoods. These young urban professionals are making it a point to "keep their money in their neighborhoods". Miami Gardens is a good example of the ongoing transformation. Formally the crime-infested cities of Carol City, Opa Locka North, and Norland, Miami Gardens is one of few still appreciating cities in South Florida. This is just one of the reasons it is getting so much attention from seasoned real estate investors.

5. Toughened Jews and Europeans from Canada, Boston, New York City, South Africa, and the UK are moving right into these neighborhoods knowing that they can get a good bargain or two in this changing market. They tend not to have any altercations with the few thugs left, because these people are less likely to Pre-judge and are more likely to get to know the locals. This is the opposite of "white-flight" and for me; it is an investor's dream.

Follow Ups:


Name    : 
E-Mail  : 
Subject : 

Comments:

 

      The "Reply" function is disabled for older messages.
Please visit the Foreclosure Discussion Board for current discussions.