No. of Recommendations: 3
We've been looking a bit in Florida, tired the weather up yonder.
I noted there was a cheap condo for $109.9k - too small and dreary for us, but I also noted the monthly fees ($675) are almost exactly the same as what the payment would be on this loan with 20% down and 6.something% on the note.
What does this mean? It can't bode well when the value of a piece of RE seems to be headed down, and the upkeep goes up. Reminds me of buying like, a 2 year old Land Rover for a song, which is also a near-assured perpetual expensive maintenance project.
It seems hard to capture or understand the upper bound of the necessary intangibles in some RE markets. We've all seen various types of insurance spike, and the local markets are always...well, local. And Florida is bonkers.
