Richard Lehman, noted investment advisor, puts it this way: "Think about it, what better way to bail out debtors and clear out an excess housing inventory than through inflating the value of hard assets and at the same time diminishing the value of debt claims?" And all the government entitlement programs are keyed to the rate of inflation, so the politicians look like heroes.
Here is what I would recommend you did instead of running to a property agent the minute you decide to sell your house. Try an online real estate company such as you might find on FlatFeeListing in your state. They will put your home up for sale in a Multiple Listing Service. At one time, it used to be that these were only accessible to a real estate in Marbella. estate agent; not anymore. And you don't pay 6% either - all you ever do is to make a one-time payment of $500. Of course you'll still owe 3% to the buyer's agen. But, that the could still save you thousands of dollars.
To this negative picture one must real estate development. bear also in mind that various positive/balancing measures that are now in hand. The reducing interest rates [as for 1.1.08 from 4.5% this rate it is reduced to 4.0%] and the longer repayment periods of loans that are now offered have helped.
Not knowing or being comfortable with the selling price after purchasing and renovation is completed. This is also known as the "After Repaired Value" real estate company or service. ARV for short.
Miami is not a city located somewhere in the USA where people merely buy and sell property because they are able to afford more, or because they are downsizing. It's not a place where only people palacetes de banus who live here, buy property. It's a city where people from all over the world buy and sell, so, unless some unknown disaster strikes, almost anyone buying Miami Beach real estate, is going to be very glad they did.One last thing that should be mentioned is that those who are interested in luxury real estate are not hesitating to purchase a home because of negative economic conditions. It appears as if the economy is fine at the moment. They are hesitating because they don't know what to do. No one wants to make a bad deal, and no one knows what the future will bring.
Banks are also getting in the mix. Obviously, banks are the sole financiers of any real estate market and unfortunately the cap between them and condo developers has widened to about $3 billion currently. That is a serious investment issue. If banks are nervous about the currently luxury market their credit line will decrease significantly. Factors on the world stage don't help the market either. The United States and Europe have experienced drastic economic instability over the last several years, and world banks have taken note of that and are preparing themselves in other markets. copyright is no stranger to recessions either. During 2011-2012 the country experienced a housing market bubble that it won't soon forget, and banks certainly haven't forgotten either.
When trying to decide what to build on your land, be sure to look at the surrounding neighborhoods to see how your project will fit in. The value of the land is directly related to the income that it produces.