Advice for Living in Downtown? Brickell? (Miami: real estate, lease, condos) - Florida (FL) -Miami-Dade County - City-Data Forum

mechanesthesia · 08-20-2010, 08:15 AM

I just finished my bachelor's degree and I'm going to start on my master's for Business Admin. After I do that, according to my research, I can be making $70,000 a year.

My dream has always been my dream to live in Brickell. I've seen some places that are around 600,000.

I'm trying to figure out what I will need to live there. How much money I will need to make. I need to focus on my career and move up and hopefully make more money. Maybe I can have other jobs on the side, like real estate or something?

Is it possible? How much would I need to make?

flyers29 · 08-20-2010, 08:21 AM

Condos are certainly going for a lot less than 600k...

Coconut1 · 08-20-2010, 08:57 AM

There's no doubt in this market a $600K condo is going to be very nice.

I don't know of your past experience, but I think even with a MBA, you probably won't make $70K off the bat if you're just graduating. I think a more realistic number is around $55K to $60K and I would lower you housing budget to about $375-$400K.

There are a lot of Realtors in the Miami metro area, and if you're working 9-5, I'm not sure when you'd have time to work with properties.

I don't mean to be a dream crusher, just somewhat of a realist.

flyers29 · 08-20-2010, 11:37 AM

Quote:

Originally Posted by Coconut1

There's no doubt in this market a $600K condo is going to be very nice.

I don't know of your past experience, but I think even with a MBA, you probably won't make $70K off the bat if you're just graduating. I think a more realistic number is around $55K to $60K and I would lower you housing budget to about $375-$400K.

There are a lot of Realtors in the Miami metro area, and if you're working 9-5, I'm not sure when you'd have time to work with properties.

I don't mean to be a dream crusher, just somewhat of a realist.

While we're at it, $375-400k is still way too high for that salary.

FlyMIA · 08-20-2010, 02:23 PM

How about just worry about doing well in school and getting the job before you start thinking about a 600K condo.

SFLrunner · 08-20-2010, 02:49 PM

If I were you I would find a place to lease for a year, get to know the area and then buy....

boxus · 08-20-2010, 04:36 PM

"I just finished my bachelor's degree and I'm going to start on my master's for Business Admin. After I do that, according to my research, I can be making $70,000 a year."

Only if your father is Bill Clinton or someone of similiar influence. Besides blue collar joe and lawyers, MBA's have gotten laid off left and right. Many MBA's are starting at the low end trying to get a foot in the door.

"My dream has always been my dream to live in Brickell. I've seen some places that are around 600,000."

Brickell is nice, but I think you need to get out more if this is your dream. Yes, there are some places for that much, there are many others for less than $600k. By the way, $600 is over your budget unless you got a hefty down payment or more sources of income.

"I'm trying to figure out what I will need to live there. How much money I will need to make. I need to focus on my career and move up and hopefully make more money. Maybe I can have other jobs on the side, like real estate or something?"

What you will need to live here is: First month, second month, and security deposit. You can live here making $35k a year easily, as long as you do not have debt to pay.

Real estate on the side? FL is overflowing with real estate agents, I look out from my condo and see condo after condo sitting empty. Not many are buying, many of the ones that are bought are just purchased by speculators trying to get a jump on the market and an easy profit.

"Is it possible? How much would I need to make?"

If you made over $33000 a year, you could easily live in this area, even less if you are frugile.

mechanesthesia · 08-20-2010, 08:59 PM

Wow really?

That's really good to know.

I said 600K because I want to live in Icon Brickell!

But maybe I'm over my head.

I know real estate is a bad choice. I'm just thinking of some other source of income that I can make.

mechanesthesia · 08-20-2010, 10:35 PM

Quote:

Originally Posted by boxus

Brickell is nice, but I think you need to get out more if this is your dream.

It is my dream because I don't like typical houses. I want to live in a skyscraper and I want to stay local. I don't like the beach because the whole place gets flooded everytime it rains a little too much, it's isolated, it's too touristy, and everyone looks alike.

Coconut1 · 08-21-2010, 08:04 AM

Quote:

Originally Posted by mechanesthesia

It is my dream because I don't like typical houses. I want to live in a skyscraper and I want to stay local. I don't like the beach because the whole place gets flooded everytime it rains a little too much, it's isolated, it's too touristy, and everyone looks alike.

There are plenty of skyscrapers in both Brickell, Downtown and even a few in Midtown.

I wouldn't limit yourself to looking only at Icon, you'll probably find a better deal in a different building that's just as good, or nicer than Icon.