I'm 29, single and I pilot a corporate jet. I've been looking to buy a condo for a couple of years. My budget is about $250,000.
I put in an offer in Coconut Grove almost two years ago. I bid the asking price with 20% down and lost the sale to an all-cash buyer. That's common here. There are a lot of foreign buyers from Europe and South America and they buy all-cash.
A year later, a nearly identical condo came on the market in the same building. This time the price was $300,000, $100,000 more. Not only that but the agent told me if I wasn't a cash buyer, forget about it.
I make good money, $90,000 a year or more. I pay $1,750 a month rent, which would go a long way to paying off a mortgage. But I can't find anything I can afford in Coral Gables, Brickell, Miami Beach or other neighborhoods where I want to live.
It's more affordable out in the suburbs, in family areas. But that's not where I'm at in my life.