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Old 02-01-2010, 08:32 PM
 
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Hi:

My husband got a job at UM. We need help to find a good area to live within a 10 mile radius distance to UM. We can afford housing under 500K. What is te best bang for the buck in the city considering what Miami has gone through? Is Pinecrest still the best vlaue for money? Any suggestions? Thanks much.
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Old 02-01-2010, 08:36 PM
 
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Coral Gables, Coconut Grove, South Miami, Pinecrest, and Brickell are all excellent options where you can find plenty of inventory for under $500,000.
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Old 02-01-2010, 09:19 PM
 
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Thanks much Crisp.
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Old 02-01-2010, 09:20 PM
 
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Crisp444- Can you rank these areas in order please? Coral Gables, Coconut Grove, South Miami, Pinecrest, and Brickell.

Which is closer to beach? Of course the price shoots up? In addition, the commute to UM is a key thing as well. In addition, we are looking for any short sale deals as well or bank owned properties. Where can we find the surplus?

Thanks
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Old 02-01-2010, 10:13 PM
 
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I am not really sure what kind of area you want, so I will just describe each neighborhood to allow you to rank them for yourself. All of them are close to UM, so commute will not be an issue.

Coconut Grove - upper-middle and upper-class area (though there is a small, lower-income area in the western part of the neighborhood) that is a mix of single-family homes, townhomes, and mid-rise apartment and condominium buildings, some of which have views of the bay, ocean, and skyline. The neighborhood is generally pretty walkable and has a nice area with shopping, dining, some nightlife, and a large movie theater.

Coral Gables - very established inner-ring suburb with a large, walkable downtown area with plenty of shopping, dining, and even some playhouses. Upper-middle and upper-class in general. Historic Mediterranean architecture that is well-preserved by strict ordinances. Mostly single-family homes, but several mid-rise apartment and condominium buildings, some of which have golf course and skyline views.

South Miami - middle-class to upper-class inner-ring suburban area with a cute, walkable downtown area with plenty of restaurants, shops, and a movie theater. Mostly single-family homes, with some low-rise apartment and condominium buildings in the downtown area.

Pinecrest - upper-income suburban area with homes on large lots. Some estate properties that sell into the millions. Most well-regarded public schools in Miami-Dade County.

Brickell - Miami's financial district, just south of downtown. Lots of highrise apartment buildings with views of the bay and beyond to the ocean. Plenty of upscale dining options, some nightlife, some shopping. Upper-middle and upper class area.
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Old 02-02-2010, 11:33 AM
 
Location: Miami
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I would add to crisps suggestions to look at Palmetto Bay and East Kendall, 500k will get you more in these two areas. Though Palmetto Bay will be a little more of a commute from UM, but should be considered.

As far as which one is closest to the beach, it depends on what beach. Coconut Grove is probably the closest to Hobbie Beach (which isn't really a beach imo). South Miami and Pinecrest have a small beach in Matheson Hammock.
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Old 02-02-2010, 12:57 PM
 
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Quote:
Originally Posted by mcotocjb View Post
Hi:

My husband got a job at UM. We need help to find a good area to live within a 10 mile radius distance to UM. We can afford housing under 500K. What is te best bang for the buck in the city considering what Miami has gone through? Is Pinecrest still the best vlaue for money? Any suggestions? Thanks much.
Not in my opinion, still overpriced. Consider renting. I wouldn't pay more than 400k for a property there under any circumstances. I especially do not recommend it if you can't pay cash or make less $150k or have other debts.
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Old 02-02-2010, 07:07 PM
 
Location: Lots of sun and palm trees with occasional hurricane :)
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Is your husband's job at the Coral Gables or Medical campus?
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Old 02-02-2010, 10:27 PM
 
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Thanks much for all the responses folks.


VPCATS: My husband will start teaching in Biomedical Eng field and I am assuming it is a shuttle between CG and MC.

Princ3ss: I wondered the same too. I still believe Miami is in a bubble mode and it may decline another 20%. Perhaps we can rent for a year and decide what is the best option.

Crisp444 and Doggiebus & Others: If I were to rent, I may need a 3-BR Condo or Apt. (at least 200 SF). Where can I find the best deal for the money? I more rustic kind of person. Not much into fine dining, no partying, very religious and austere. We have only one daughter and she is in college already. Therefore, the school district has no bite for us.


Thanks again for all of you.
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Old 02-03-2010, 07:43 AM
 
Location: Coral Gables, FL
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I would also suggest renting. I don't believe that housing prices have stabilized yet and you want to make sure that you really like your neighborhood before making a commitment you may have trouble getting out of on the back end. Good luck!!
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