www.CostaRicaTicas.com

The majority of time when I fly to Central/South America I connect through Miami. I often stay overnight in Miami if I can't book good connecting flights or simply want to break up the trip.

I was thinking of buying a condo in Miami so I would have somewhere to stay when traveling and as an investment opportunity. I have other partners who are interested, however some say Orlando would be better.

When we weren't using the condo ourselves we would rent out the unit through a management company. By the way, I have been in the rental property business for many years so I know what I am getting myself into.

I would appreciate any feedback in regards to how much we will need to invest and what area to purchase in. We would need something with at least 3 bedrooms as my partners have families.

Thanks

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The most dangerous adversaries are the ones that come with a smile instead of a sword

I'm not playing the contrarian but have you and your partners had a free and frank discussion about what you expect long-term from Miami vs. Orlando? Friendly buy-out provisions if needs/goals among the partners change?
Good news: You should easily find superior digs at still-reasonable prices in both cities, and both have superior growth and appreciation probabilities. What you shop for hardest, of course, is a Realtor. Best of luck and skill.

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"A man accustomed to hear only the echo of his own sentiments, soon bars all the common avenues of delight, and has no part in the general gratification of mankind"--Dr. Johnson
"Amen, brother"-ED

Jazz, I know you are from the Gulf side, but which of the two cities mentioned do you like for the OP's idea?

When I took my Legal Environments of Business course for my MBA the Professor basically said all Partnerships are doomed to failure, something/someone eventually goes astray. Limited Liability Corps. were discussed as having many many advantages. I mean individual ownership in any investment property is complex enough. Anyway I respect your decision however you proceed.

Now MIA versus O-town:

Negatives to both: Even though real estate seems to be recovering, more than one Analyst fears it is temporary and will greatly slow. Many reasons including slowing of U.S. Feds Quantitative Easing policy, increase in interest rate etc.

However I could be wrong. If I had to choose between the two prefer MIA since it is that much closer to CR and many many more flights to CR and rest of Central and South America in case of flight disruption/cancellation.

Other pluses for MIA:

- A nice rail system that now connects to the airport and other lines within Miami-Dade County and Tri-Rail to Broward and Palm Beach Counties.


Negatives for MIA:

- Much higher overall property tax rates. A lot of this is due to overall corruption in the banana republic of Miami-Dade and politicians able to get the public to approve billion dollar bonds sales for public works infrastructure that you know down there must be incredibly corrupt and inefficient. They don't care just pass the extra costs of corruption on to the property tax payers.

- Higher chance of destructive Hurricane winds although if purchase a newer condo. hurricane impact glass should be installed and no need for shutters at the last minute.

- Higher overall property costs. Now they are talking about this mega development in Doral west Miami-Dade and selling prices starting at $325/SF!!!

- Higher maintenance and windstorm policy costs.


Seems there are many more negatives to Miami however MIA location the absolute best if you can afford it. I think that trumps any negatives again if within your budget.

"I would appreciate any feedback in regards to how much we will need to invest and what area to purchase in. We would need something with at least 3 bedrooms as my partners have families."

I just furnished upcoming Doral new construction per SF costs. Thinking anything decent on the beach easily $500/SF on up. Brickell and downtown MIA both real good places also and perhaps a little more reasonable, say $450/SF on up. But beware of older condos. with lower per SF costs because the HOA fees will eat you up. PLeas make sure on any purchase to investigate how much the HOA fees are and whether or not any increases are forthcoming. Maintenance cost in the heat, humidity and salt air incredible expensive. Orlando at least not the salt air so I expect maint. costs there to be substantially lower. Maint. costs should include cost of your windstorm to protect the building, also ask if that's included or something else you need to pay.

Skip both and buy in the greater Ft. Lauderdale area. You can take JetBlue or Spirit from FLL or even drive to MIA if necessary.

I'd say we outsiders don't have enough info to give direction but my gut says Orlando--more storm-resistant, I believe long-term there's more upside, less costly immediately, more stuff for younger folk to do, energy costs lower and most other costs probably as well. But hey I'm gonna pimp SW Florida now, especially if talking long-term everything. Hertz Corp. chose us for their world HQ for a variety of reasons and the "halo effect" means less reliance going forward on traditional economic engines. Not usually trumpeted but we have large and growing Canadian and German populations (not just seasonals or visitors). Coastal but not nearly as weather-battered. Miami is about 2 hours one way, Tampa/St. Pete 2 hours north, Orlando about 3-4 hours. A good and getting better international airport (and a good small-plane airport plus 2 airparks [taxi your plane right up to your house]). A thriving arts/cultural scene. The area is just urban enough, just rural enough. All in all, it's the sweet spot--come on down!
Bro Jester mentioned HOAs and fees--also consider an HOAs power, effectiveness and reasonableness. Tough to define but you know it when you see it.

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"A man accustomed to hear only the echo of his own sentiments, soon bars all the common avenues of delight, and has no part in the general gratification of mankind"--Dr. Johnson
"Amen, brother"-ED

Yeah they are re-vitalizing downtown Hollywood Young circle area and not as pricey as MIA. Some older homes options as well to the north of SR 84 that may appeal to you. I know that;s where some SWs hang out for sure!

Also a $5 train ride to MIA during the day.

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Softbob

There is nothing either good or bad
but thinking makes it so.
HAMLET

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Jaco is called little USA by all ticos

Man, for some reason I read, "Buying a Condom in Miami".

I was thinking, "Wow, do we need an entire thread just about a condom purchase?"

I once bought a condom in Miami. Never got the chance to use it until I moved to Costa Rica.

My vote is not to buy the condo.

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* These are the "Good Ole Days". Enjoy Them.

* RENT but, "Don't Buy a Home in Costa Rica" until you have lived here for THREE years.

Agreed...and my reasoning is this: rental/lease prices are still in many cases 10% below the equivalent cost of owning. Not universally true but look at the sacrifices, the necessary compromises made, the flexibility lost in owning. Is there a midway point available? Maybe owning a small condo in a popular place, giving you all entree to a selection of tempos suited to you and your compadres (I'm big on keeping the peace with even an extended family w/o selling out)? There has to be 1 or more such agencies that are honest.
NOTE: I'm not posing as a Sage--just presenting a POV.

_________________
"A man accustomed to hear only the echo of his own sentiments, soon bars all the common avenues of delight, and has no part in the general gratification of mankind"--Dr. Johnson
"Amen, brother"-ED

Ah my beloved Florida, God's Waiting Room!

Some of us rusticate, some of us thrive and possibly for the first time. Freedom and warm weather are what you make of them.
Apropos of nothing: http://www.youtube.com/watch?v=8rArmFRkaFY

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"A man accustomed to hear only the echo of his own sentiments, soon bars all the common avenues of delight, and has no part in the general gratification of mankind"--Dr. Johnson
"Amen, brother"-ED