priced out cesar echeverri
  • Name: Cesar Echeverri
  • Location: Miami
  • Searching for: 2 years

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.

Related: Buy vs. rent: What you'll pay in the 10 biggest cities

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.

First published April 3, 2014: 3:43 PM ET

Partner Offers

Find Homes For Sale

Real Estate Calculator

Was my home a good investment?

Find out now

Personal Finance

Most Popular