A different affliction has plagued the real estate market and has nothing to do with the sour economy. This one, could have been prevented--Chinese drywall. Real estate news throughout Florida is a recurring litany of hear-wrenching stories of families forced out of their homes. If you are considering either buying or renting a new home or condominium, it is strongly advised you hire a drywall expert and get a guarantee in writing that Chinese drywall was not used in the building of your home.
One's family saga has a happy ending. To read their story, click here for the Miami Herald article.
Always do your homework. Increasingly real estate companies are targeting foreigners. In speaking to a multitude of prospects in my building, a new development only one year old, most potential buyers are foreigners with little knowledge of the neighborhood, the developer's financial buoyancy and inability to complete amenities and services (as advertised in brochures), and the local economy. I'm amazed how many prospects do not take the time to talk to residents living in condo buildings. This is an advantage over a home. The seller is not going to disclose every loose screw, leaky faucet or anything not covered under the law.
Never rush and do your homework. It's your investment.
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