Job in Boca Raton - Where to live with only a $465K Budget for a SF home? (Coral Springs: for sale, real estate)

[MamboJambo]

Hi,

I have a job offer in Boca Raton and would like to get some feedback as to where to live considering my budget. I'm considering the move to the East Coast of Florida from SW Florida.

I'm concerned that with a max budget of $465k 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 N. Federal Highway in Boca Raton?

Is Coconut Creek a viable option? What about Coral Springs? I might not be able to afford Coral Springs....

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.....

Any advise would be truly appreciated.

Thanks!

[TriMT7]

I don't think you'll have any trouble finding a home in Boca with that budget. You may not get in an intracoastal community, but there are plenty of large, nice homes for sale in Boca right now that you may even be able to make an offer on at less than your budget.

This is a $459k, 4 bedroom home @ 3000 sq. ft, for example:

REALTOR.com: Find a Home - Listing Detail

Your best bet, of course, is to find a realtor. There are probably a zillion willing to work for you right now!

[MamboJambo]

How is this area? How long of a drive to N. Federal Hwy on rush hour?

Could you tell some communities in that price range that you would want to live in?

I'm not ready to talk to a realtor yet. I'm just researching in order to decide if we should move or not. Besides, I still have to sell my home in SW Fla, which won't be an easy thing to do.

Originally Posted by TriMT7

I don't think you'll have any trouble finding a home in Boca with that budget. You may not get in an intracoastal community, but there are plenty of large, nice homes for sale in Boca right now that you may even be able to make an offer on at less than your budget.

This is a $459k, 4 bedroom home @ 3000 sq. ft, for example:

REALTOR.com: Find a Home - Listing Detail

Your best bet, of course, is to find a realtor. There are probably a zillion willing to work for you right now!

[bale002]

Absolutely agree, tons of decent inventory from around $360k and up in Boca Raton, and probably coming down a bit. You will probably have success with an offer around 10% below asking, maybe even less if the credit crunch continues and spreads.

From north to south try zip codes 33487, 33431, 33432 and 33433 (southcentral), avoid 33434, 33496, 33428, too far west if your job is on Federal Hwy. Zip code 33432 is the priciest, probably can find an older dwelling, though with a bit more property than in the other neighborhoods.

Congratulations and good luck!

[bale002]

Originally Posted by MamboJambo

How is this area? How long of a drive to N. Federal Hwy on rush hour?

Could you tell some communities in that price range that you would want to live in?

I'm not ready to talk to a realtor yet. I'm just researching in order to decide if we should move or not. Besides, I still have to sell my home in SW Fla, which won't be an easy thing to do.

Nahhh, too far west for my blood. Try first the zip codes I mentioned above. Just avoid the area immediately around Fed Hwy and Dixie Hwy, but there are some nice pockets even there. Whereabouts exactly on N. Federal Hwy, Glades, Yamato, between Yamato and Linton? Sounds like 33431 and 33487 are your best bets to start with.

Yeah, it sounds like your biggest problem will be to sell the house in SW Florida, the epicenter in Florida of everything that's gone sour with the credit/real estate bubble.

[TroyBoy]

Parkland is the best area - great schools, awesome neighborhoods, family friendly, lots of parks...

Originally Posted by MamboJambo

Hi,

I have a job offer in Boca Raton and would like to get some feedback as to where to live considering my budget. I'm considering the move to the East Coast of Florida from SW Florida.

I'm concerned that with a max budget of $465k 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 N. Federal Highway in Boca Raton?

Is Coconut Creek a viable option? What about Coral Springs? I might not be able to afford Coral Springs....

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.....

Any advise would be truly appreciated.

Thanks!

[rkumar3]

I think you should focus your search on Boca instead of coconut creek or Parkland since Boca is really nice and will hold its value in the long run. Not to mention it has great schools, shopping, restaurants, shopping... basically a great quality of life. I also just sent a PM with some more info... feel free to PM with more questions.

Good luck on the move!

[JimKing]

With all the uncertainty regarding Florida real estate, why don't you rent? South Florida is a mess and only going to get worse.

Seems to me the much smarter play would be to rent the same type and location house you are thinking of buying. Check the owner for any late payments, negotiate the rent and deposit, and insist that your deposit be kept in escrow.

We are looking to move to Boca or Parkland early next year and would not even think of buying for a while. There are tons and tons of great rentals available in either place. It is a renters market to make a killer deal.

Why risk paying $450,000 for a house that might be had for $350,000 in 2-3 years?? Here is the estimate on how risky that market is from MSN real estate:

At the highest end of the spectrum, the following major markets all have a greater than 60% chance of declines, according to PMI:

* Riverside-San Bernardino-Ontario, Calif. (65.2%);



* Phoenix-Mesa-Scottsdale, Ariz. (64.6%);



* Las Vegas-Paradise, Nev. (61.4%);



* West Palm Beach-Boca Raton-Boynton Beach, Fla. (60.7%).

[ddlove01]

I understand you are trying to help, but some people really just want to buy, not rent. After 30 years of paying a mortgage, at least you can stop making payments (as long as you didn't refi and take out a 45 year mtg after 10 years!!!)

[JimKing]

Considering the vast majority of people stay in a home less than 7 years, your 30 year theory does not fit. The poster stated he would be moving to a new area for him and his family, taking a new job. How can he possibly know he will be happy there for 30 years...or even 2 years? His situation literally screams for a rental.

It makes far more sense to rent after a historic housing run up, in Florida, with as much uncertainty as there has ever been in the history of American real estate.

Saying you have $465,000 as a housing budget, then paying that for a house in Boca Raton, a grossly overpriced market, is not wise.

If he or his wife decide they don't like the move and they want to sell in a year or two or three, he would get nailed trying to resell the house. Boca Raton prices for $400-500,000 homes will be lower in 1 year and in 2 years and in 3 years. Only a fool would bet otherwise with all the evidence out there.

And he is looking to spend his max budget? Come on folks, we all know that this person should rent. If he were your son or brother, you would grab onto his pant leg and keep him from meeting with any realtors!