Job Offer in Coral Gables - Where to live on $3000/mo rent or $465K buying? (Miami: rentals)

[GordonGecko]

I have a job offer in Coral Gables (Ponce de Leon) and would like to get some feedback as to where to live considering my budget.

I'm concerned that with a max budget of $465k to buy and $3000/mo to rent for the initial 6-12 months we might not be able to find a "decent" home within a reasonable driving distance to work. We (Wife and a baby) currently live in a 2,350 SF home with a pool (built in 98) in a nice masterplanned community in SW Florida.

Where would you want to live with that budget considering the job is located on Ponce de Leon?

I would like to stay within a 30 Minute MAX driving time to work.

A Townhome or a Condo is out of the question for the Wife. (We also have 2 large Dogs). And of course she wants a pool, but it might not be possible.....

I am researching on where to live now and I will probably rent for the 1st 6-12 months. If anyone could also give me an idea of good areas to find SF home rentals around $3000/month, I would truly appreciate it.

Thanks!

[bale002]

You should have no problem finding a suitable rental in Coral Gables itself for $3000 a month.

As for purchasing a house, yes $465k will be a challenge in Coral Gables itself unless prices come off around 30%-40% in Miami as a whole in the next 12-18 months, but even then Coral Gables prices may hold up relatively well.

Try South Miami/Dadeland (33143) and the Sunset section of Kendall (33173). After that you may have to go further west in Kendall, then traffic and schools become an issue.

You should be aware that the house price/quality ratio in Miami-Dade will most likely be noticeably unfavorable compared to what you are used to in SW Florida.

Good luck!

[GordonGecko]

Thanks for the info. I;m not expecting to live in Coral gable with that price point. Was thinking more like South Miami or maybe Pinecrest (is it possible ?)

Definitely noticed the house price/quality ratio in comparison to say Fort Myers or even Naples.

If you had $3000 / MO budget for a Single Family Rental, where would you look for (specific communities would be greatly appreciated).

Originally Posted by bale002

You should have no problem finding a suitable rental in Coral Gables itself for $3000 a month.

As for purchasing a house, yes $465k will be a challenge in Coral Gables itself unless prices come off around 30%-40% in Miami as a whole in the next 12-18 months, but even then Coral Gables prices may hold up relatively well.

Try South Miami/Dadeland (33143) and the Sunset section of Kendall (33173). After that you may have to go further west in Kendall, then traffic and schools become an issue.

You should be aware that the house price/quality ratio in Miami-Dade will most likely be noticeably unfavorable compared to what you are used to in SW Florida.

Good luck!

[bale002]

Originally Posted by GordonGecko

Thanks for the info. I'm not expecting to live in Coral Gables with that price point. Was thinking more like South Miami or maybe Pinecrest (is it possible ?)

Definitely noticed the house price/quality ratio in comparison to say Fort Myers or even Naples.

If you had $3000 / MO budget for a Single Family Rental, where would you look for (specific communities would be greatly appreciated).

At $3000 a month, I see no reason not to look first in Coral Gables itself.

As for buying, I believe Pinecrest is on a par with or more expensive than Coral Gables. South Miami is certainly worth a try. Your best bet is that even SFH prices come off in the next year or two while you rent, otherwise it will be tough. Your other best bet is that your wife seriously, seriously, seriously adjusts her expectations ... downward ... in terms of the quality of housing compared to what she's used to ... Miami is a step down ... at least in your bracket and with respect to where you're coming from.

Anyway, I already mentioned the 33173 zip code which is reasonably close to Coral Gables.

I'm sure you know about the various MLS listings sites such as realtor.com and ziprealty.com ... some zip codes worth following are 33133, 33134, 33146, 33156, 33143, further west, 33173, 33176, 33186, and 33196. There are also some communities further south such as Palmetto Bay, I believe.

Anyway, you will learn better what's what as you rent in the beginning which is always a good idea, and by that time you may be ready to high-tail it out of there.

Good luck!

[lawadvocate]

Not to burst your bubble but $3,000/month will only get you about a $350k home in South FL w/ taxes and insurance