Law School Discussion

University of Miami

Re: University of Miami
« Reply #80 on: April 19, 2005, 07:58:08 AM »
Whatever you do, don't buy real estate in Miami right now.  It's a huge real estate bubble, and the prices are going to come down over the next few years. Granted you're never going to get that home you could have bought in Coral Gables for 189k in 2000 again, but you're certainly not going to pay 515k that you would have to today, probably more in the ballpark of 300-350k in a few years.  By the time you graduate the homes will be more affordable, but if you buy now you're going to take a big loss if you have to sell when you graduate.  The entire Miami market is being bought by investors who are flipping on the closing day to someone else. All those condos and condo/hotels are going to crash in value, 90% are being bought by investors. With rising interest rates those guys are going to be sunk.  Foreclosures in Florida were up 42% last month, in CA it was up 45%, thats the first sign, these are Americans who are stretching to get into homes with ARMS instead of the traditional 30 year fixed and are finding they can't afford their homes as Greenspan raises rates and their arms go up as well, Greenspan is going to be raising all year, plus the University of Michigan Consumer Sentiment last month reported that Consumer sentiment for investing in real estate is at a 25 year high, if you remember when the stock market bubble popped in 2000, Americans thought it was the best time to invest in the stock market were at 40 year highs.  These are all contrarian indicators, and needless to say short homebuilders now, and stay away from investing in real estate. Smart money is selling now to suckers who are buying at all-time highs.  Another telling sign is that major homebuilders are no longer exercising options on land because the prices are to high, they're waiting for a market correction to pick up that land much cheaper.  Just be careful, and I would rent not buy if you're going to lawschool in Miami.

Harrahs

Re: University of Miami
« Reply #81 on: April 19, 2005, 02:50:24 PM »
well, i just wonder how anyone could afford buying a house and enroll in the university of miami.  that being said, i don't believe buying a house in miami is a bad idea -- you just have to be able to afford it.  how many of us are going to buy a five hundred thousand dollar house?  none.  if you buy a one hundred fifty thousand dollar house in south florida, i would bet it would appreciate over the next three years. 

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Whatever you do, don't buy real estate in Miami right now.  It's a huge real estate bubble, and the prices are going to come down over the next few years. Granted you're never going to get that home you could have bought in Coral Gables for 189k in 2000 again, but you're certainly not going to pay 515k that you would have to today, probably more in the ballpark of 300-350k in a few years.  By the time you graduate the homes will be more affordable, but if you buy now you're going to take a big loss if you have to sell when you graduate.  The entire Miami market is being bought by investors who are flipping on the closing day to someone else. All those condos and condo/hotels are going to crash in value, 90% are being bought by investors. With rising interest rates those guys are going to be sunk.  Foreclosures in Florida were up 42% last month, in CA it was up 45%, thats the first sign, these are Americans who are stretching to get into homes with ARMS instead of the traditional 30 year fixed and are finding they can't afford their homes as Greenspan raises rates and their arms go up as well, Greenspan is going to be raising all year, plus the University of Michigan Consumer Sentiment last month reported that Consumer sentiment for investing in real estate is at a 25 year high, if you remember when the stock market bubble popped in 2000, Americans thought it was the best time to invest in the stock market were at 40 year highs.  These are all contrarian indicators, and needless to say short homebuilders now, and stay away from investing in real estate. Smart money is selling now to suckers who are buying at all-time highs. Another telling sign is that major homebuilders are no longer exercising options on land because the prices are to high, they're waiting for a market correction to pick up that land much cheaper.  Just be careful, and I would rent not buy if you're going to lawschool in Miami.

Re: University of Miami
« Reply #82 on: April 19, 2005, 02:51:58 PM »
lol, goodluck finding a house for 150k.

Harrahs

Re: University of Miami
« Reply #83 on: April 19, 2005, 03:00:08 PM »
well, there are plenty of homes under 200k.  the point i was making, in response to thefloridaguy, is that few of us will be buying homes, and i would assume those of us that will buy will not be in the position to spend 500k.  we all talk about renting in brickell, coral gables, and coconut grove.  of course we will not be able to find comparable housing if we choose to buy in those same areas. 

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Harrahs

Re: University of Miami
« Reply #84 on: April 19, 2005, 10:01:42 PM »
i hear ya pumpkinfreak.  the good news is that the listings on miamiherald.com indicate that there is a lot of reasonably priced housing in coral gables and in coconut grove.  however, brickell is outrageous.  i make a bit of 30k a year now and wouldn't want to spend more than my 630 a month now -- i can't imagine spending over a thousand, which everything in brickell appears to be.

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Re: University of Miami
« Reply #85 on: April 20, 2005, 05:04:37 AM »
i hear ya pumpkinfreak.  the good news is that the listings on miamiherald.com indicate that there is a lot of reasonably priced housing in coral gables and in coconut grove.  however, brickell is outrageous.  i make a bit of 30k a year now and wouldn't want to spend more than my 630 a month now -- i can't imagine spending over a thousand, which everything in brickell appears to be.

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i know it may hard or weird because you guys may not know anybody.. but staying in that price range is not that hard if you get a 2-bedroom and a roommate.. usually the difference between a 1 and 2 bedroom is a couple of hundred dollars...

Harrahs

Re: University of Miami
« Reply #86 on: April 20, 2005, 05:38:40 AM »
very true.

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i hear ya pumpkinfreak. the good news is that the listings on miamiherald.com indicate that there is a lot of reasonably priced housing in coral gables and in coconut grove. however, brickell is outrageous. i make a bit of 30k a year now and wouldn't want to spend more than my 630 a month now -- i can't imagine spending over a thousand, which everything in brickell appears to be.

casino

i know it may hard or weird because you guys may not know anybody.. but staying in that price range is not that hard if you get a 2-bedroom and a roommate.. usually the difference between a 1 and 2 bedroom is a couple of hundred dollars...

Re: University of Miami
« Reply #87 on: April 20, 2005, 07:23:26 AM »
i'm a bit bored on the real estate talk.. no offense..

But I was wondering if any of you know how they split the sections of our class? and how many sections there are??  Just curious..

I'm soo anxiously awaiting starting school already.. i know they say to relax and enjoy the last summer before law school.. but i'm not good at relaxing.. especially when i feel like i've begun my lame duck session at work.. no incentive to do an outstanding job.. so i've been shopping for law school items, while I still have an income.. but even thats getting boring.. anybody feel similarly?? or are most of you still in school and just studying hard for finals??


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Re: University of Miami
« Reply #88 on: April 20, 2005, 08:24:51 AM »
When are you leaving your job?  I haven't officially decided D-Day yet.  I need the cash, but fear my employer will say "see ya!" when I tell them I am going back to school.  No ambition to do anything, almost the equivalent of senioritis, but I still put a full effort into everything because it's not my style to act differently.

Re: University of Miami
« Reply #89 on: April 20, 2005, 08:38:39 AM »
My last day will be July 22nd.. I had to tell my boss about my plans because nobody in the office has any idea how to do my job.. and it'll take me a few months to train somebody.. so thats why I couldnt, in good conscience, give a two-week notice.. so now my work has kind of doubled and tripled since.. I still have all the same responsibilities plus I'm training different people to do my job... in addition, we're gonna start interviewing for entry-level positions and I'm the one thats going to start training the new employees.. so although i feel like i have senioritis(sp?) as well.. i have enough work to keep me busy.. but less motivation i guess..

by the way... if anybody knows anybody looking for an entry-level job in Miami that has studied abroad and/or has a degree in International Relations/Affairs.. tell them to check out this website: http://www.jsilny.com/html/employment.htm

We're gonna start interviewing for about 2-3 positions soon..


When are you leaving your job?  I haven't officially decided D-Day yet.  I need the cash, but fear my employer will say "see ya!" when I tell them I am going back to school.  No ambition to do anything, almost the equivalent of senioritis, but I still put a full effort into everything because it's not my style to act differently.