A very close friend of mine is moving to Miami at the beginning of November. Coincidentally one of the many newsletters I get (see spam) had an article about Sunny Miami today. Suddenly I didn’t feel so bad for sellers in Boston.

Here’s why.

according to Zip Realty, 43% of mortgages in Miami are of the adjustable-rate kind

Can you say Welcome to Miami, “The City of Sub-prime”

To makes things worse Forbes was quoted in this article for rating Miami atop the most risky cities in America to own real estate.

Due to its massive build out of condos in Miami proper a 500k condo bought last year might, and I mean might, sell for 300k this year.

So Boston… still think we have it bad?

Filed under: Boston Real Estate Trends and Statistics