Buying a new condo in Homestead? (Miami, Fort Lauderdale: for sale, real estate, apartment) - Miami-Dade County - City-Data Forum

SouthFloridaFan · 02-05-2008, 02:50 AM

We've been coming to the Florida Keys for several years for our spring vacation and our dream would be to buy a condo or townhouse in South Florida and retire there in 15 years. We enjoy very much the Keys but we like the Miami area too. The idea is to find something in Homestead so we would be close to both areas. We've been looking at new condo developments located east of the Turnpike. Prices are now dropping and it makes this project more attractive. We like the Carribean Villas community near Campbell Drive very much. Does anyone know this neighborhood? It is safe, family friendly ? Is it a good place to buy real estate ? We may want to rent the place as a vacation rental since they are many interesting tourist attractions nearby that would attract the snowbirds from North America and European tourists as well. Thank you for giving your "local" imputs on this. Greetings from sunny Switzerland.

yakfish75 · 02-05-2008, 05:59 AM

It is a relatively "new" neighborhood. There area lot of new amenities going in that area. The hospital just opened a while back and a lot of new malls coming to that area. Safe is a relative term. South Fl. is not the safest community on the block. I live in the area and used to have a big problem with break-ins. My street established a neighborhood crime watch and that seems to have helped out a bit. I am sure things will be getting better in Homestead the further it progresses. Good Luck!

cuquiandgus · 02-05-2008, 06:14 AM

homestead is a growing in progress project its the future place to buy water park. movie studio. etc future project REALLY GROWING

tallrick · 02-05-2008, 07:34 AM

Why would you want to move to the boondocks just to cram into a condo? Ten years ago those "condos" were tomato and sweet potato fields. So many of those cookie-cutter pidgeon holes are empty, because they are WAY over priced. In my opnion the east side of Homestead leaves a lot to be desired, and the quality of life is low. The Keys Gate area has been popular with retirees and is established, but I would not live there. For me Homestead means rural, and I would only live there if I bought a home with 2 or more acres. Perhaps you can retire to Key Largo, after the next hurricane and the economic crash, I am sure there will be plenty of good deals around here.

SouthFloridaFan · 02-05-2008, 08:53 AM

Actually we like Homestead because it is rural but it has all the services you need close to that neighborhood. Everything is brand new in that area. I wonder why you say that the quality of life is low. Key Largo is great but it is still too expensive (even with the real estate crash) and there are only old condos for sale. And we want a brand new condo and not a house. At the moment a 3BR condo is for sale for about $150,000. That is not too bad compared to 2 years ago when they were for sale at over $200,000!
Is there any update on that new project with the Metro Zoo and possible water park ? I looked in the internet and could find the latest. Is it really going to happen or not ?

♥♥PRINC3Ss♥♥ · 01-20-2009, 01:38 PM

I wouldn't buy in Miami-dade right now since prices are probably gonna drop even more and a communities can change a lot with all the foreclosures that are going on in Miami.

I go to Downtown homestead on a regular basis without a problem. Even though crime there is above average, for whatever reason I feel much safer than in other areas of Miami Dade, but I have seen police activity. I'm talking about downtown only.

I'm not familiar with the safety of the Caribbean Community. Last time I saw it was when they were building it. I believe they have a HOA so who knows if they have issues with vacation rentals. I think it's gated too but I'm not sure what kind of security check they have.

crisp444 · 01-20-2009, 01:57 PM

Quote:

Originally Posted by SouthFloridaFan

Actually we like Homestead because it is rural but it has all the services you need close to that neighborhood. Everything is brand new in that area. I wonder why you say that the quality of life is low. Key Largo is great but it is still too expensive (even with the real estate crash) and there are only old condos for sale. And we want a brand new condo and not a house. At the moment a 3BR condo is for sale for about $150,000. That is not too bad compared to 2 years ago when they were for sale at over $200,000!
Is there any update on that new project with the Metro Zoo and possible water park ? I looked in the internet and could find the latest. Is it really going to happen or not ?

That area of Homestead (east of the turnpike), is brand new and has a lot of new stores. It is now more suburban than rural. Though Homestead as a whole is not a great place (lots of bad neighborhoods and crime), I would not be concerned about that in the area where this condo is located because it appears to be fairly nice. I think that buying a condo there is a fine idea because you will not only be thirty minutes from Key Largo, you'll also be close to Miami and its suburbs, where there are plenty of shopping/dining/entertainment options.

SouthFloridaFan · 01-21-2009, 06:15 AM

Thanks for your imputs. Now the prices there are down to $90,000! It does look more and more interesting year after year. It is like the mermaid voice is calling us to buy! We are coming back in April and will check the area again. I have a few questions :
1. HOA fees are still rather high. I've heard that if some homeowners can't pay the fees anymore, the others are responsible for the difference ! Is this true ? It worries me because the community is really big and there is at the moment a higher risk of people becoming unsolvable. What happens if urgent maintenance works need to be done in the community and all the fees have not been paid by homeowners? Does the area become a slumb ?
2. Are the hurricane and home insurance still very expensive with uncontrollable rates ?
3. Is it true that in South Florida, you cannot turn off the air conditioning in your apartment or house even if you don't live in it because mold will start to grow due to the high humidity ? How do people owning a second home in South Florida manage that ?
Thanks for your replies!

tallrick · 01-21-2009, 08:44 AM

1. HOA fees are still rather high. I've heard that if some homeowners can't pay the fees anymore, the others are responsible for the difference ! Is this true ? It worries me because the community is really big and there is at the moment a higher risk of people becoming unsolvable. What happens if urgent maintenance works need to be done in the community and all the fees have not been paid by homeowners? Does the area become a slumb ?

If the HOA goes bankrupt the remaining owners will be responsible for maintenance. A hurricane can reduce the place to rubble and if the insurance lapsed you lose everything. Even minor problems can come to the attention of the corrupt building and zoning department who will fine the property daily until it is saddled with thousands of dollars in debt.
2. Are the hurricane and home insurance still very expensive with uncontrollable rates ?

Yes and they will only get worse as the financial problems of the US reduce the appetite for risk among insurers.

3. Is it true that in South Florida, you cannot turn off the air conditioning in your apartment or house even if you don't live in it because mold will start to grow due to the high humidity ? How do people owning a second home in South Florida manage that ?

That is not true if your home is not leaking water. Most people set their air contitioners to 80 and close up when leaving. However, I have seen many homes empty with no air conditioning and the mold was not an issue.
Thanks for your replies![/quote]

Please do not buy any home in an HOA in Florida. If you must buy here look for a home on a real piece of land. If you buy a home with space around it you will never live in a slum.

SouthFloridaFan · 01-21-2009, 12:59 PM

Thanks Tallrick. You confirmed what we were afraid of. Buying a house in FL would be my dream but since we come only once a year (probably twice if we buy real estate), we are worried about the maintenance (lawn) and safety of the home. I guess we would need to rent it on short term lease. But then it needs to be located in a true vacation spot like Key Largo, Key West or perhaps Fort Lauderdale. And prices there are quite different! I guess we have to study the market more in depth in those areas.... Any advice ?