Possible relo to Miami - help! Lots of questions (Coral Gables: where to stay, real estate)

[tigerllo]

I have been talking about a relo from Atlanta to Miami. Although I have family in Ft Lauderdale, I dont feel like I know much about Miami from anything other than a tourist perspective. I have been getting conflicting information from different sources so I would appreciate any help with all or any of the questions.

One of my colleagues says that it is really a renters market right now and I would be better off renting rather than buying. But I read other sources that says Miami is a great place to buy right now. Any thoughts?

I am also wondering about a condo vs a home. I had a house for years but recently moved to a townhouse and love the maintenance free lifestyle. I would love to move to a condo, but the difference in price between a house and condo seems ridiculous. I love the water so I would enjoy being somewhat close to the water.

Finally...location. I have a son who is going to college in the fall, a daughter that will be a junior and a step son that will be a senior. Schools would be a concern. I have wondered about Palmetto Bay, Coral Gables, Brickell and Coconut Grove. Any comments or any other suggestions? Also, how terrible would it be from a school and commute standpoint to live in Ft Lauderdale (close to the 17th St Bridge)? As far as price, I would like to keep it under $700K, maybe less if condo fees would be significant.

Thank you in advance!

[rootzdread]

Why do you want to live in Miami? It seems like you want to stay close(r) to Ft. Lauderdale.

[tigerllo]

My grandmother is in Ft Lauderdale so it would be nice to be close to her, but I have done the commute from my office a few times and it was not great. i was also wondering if the housing was more affordable and if the schools were better

[bale002]

Originally Posted by tigerllo

I have been talking about a relo from Atlanta to Miami. Although I have family in Ft Lauderdale, I dont feel like I know much about Miami from anything other than a tourist perspective. I have been getting conflicting information from different sources so I would appreciate any help with all or any of the questions.

One of my colleagues says that it is really a renters market right now and I would be better off renting rather than buying. But I read other sources that says Miami is a great place to buy right now. Any thoughts?

I am also wondering about a condo vs a home. I had a house for years but recently moved to a townhouse and love the maintenance free lifestyle. I would love to move to a condo, but the difference in price between a house and condo seems ridiculous. I love the water so I would enjoy being somewhat close to the water.

Finally...location. I have a son who is going to college in the fall, a daughter that will be a junior and a step son that will be a senior. Schools would be a concern. I have wondered about Palmetto Bay, Coral Gables, Brickell and Coconut Grove. Any comments or any other suggestions?

As far as price, I would like to keep it under $700K, maybe less if condo fees would be significant.

Thank you in advance!

I assume that you seek at least 1,750 sq.ft. and at least three bedrooms.

The short answer is look for townhouses in:

- Coconut Grove, zip code 33133, but check for safety street by street;

- Coral Gables, zip codes 33134, 33146, but look for named streets, not numbered streets;

- South Miami/Dadeland/Pinecrest, zip codes 33143, 33156.

Keep in mind that with many townhouses you will pay both a common maintenance fee and separate insurance for external roof and wall insurance (plus internal content insurance), though with some townhouses the common maintenance may also include external roof and wall insurance. Make sure you verify on case-by-case basis.

You will be hard-pressed to find a suitably big condo in Brickell (zip codes 33129, 33131) for under $700,000, and monthly condo fees, which include external roof and wall insurance, can easily run above $1,000 per month.

In the other zip codes listed above, you will be hard-pressed to find a big enough condo unless it's like 1970s construction and shabby looking.

In all cases, as a rough guide, figure annual property taxes at 2% of purchase price.

If you opt for a single family home, as a rough guide for annual insurance also 2% of purchase price, plus all other maintenance (lawn, pool, repairs), plus possibly also home owners association (HOA) fees, as well as the roughly 2% of purchase price in annual property tax.

If you can buy cash, then buy if you plan on staying at least five years (10-20 years is better). If you need a mortgage or plan on staying less than five years (or even less than 10), then rent, unless you plan on staying 20-30 years or more.

Good Luck!

[joeandmich]

You can look up property values at the following link.

Miami-Dade My Home

And you can look up realestate tax information at this link.

Miami-Dade County - Property Tax - Real Estate Property Tax Information

Joe

[tigerllo]

Thank you so much! This is great information!

[rootzdread]

Originally Posted by tigerllo

My grandmother is in Ft Lauderdale so it would be nice to be close to her, but I have done the commute from my office a few times and it was not great. i was also wondering if the housing was more affordable and if the schools were better

Housing more affordable in Miami vs. Fort Laud? No...

[Coralsex]

You should rent for a year while you familiarize yourself with the different areas of Miami-Dade county. Then you will have a better idea of where you want to buy.

[joeandmich]

Originally Posted by Coralsex

You should rent for a year while you familiarize yourself with the different areas of Miami-Dade county. Then you will have a better idea of where you want to buy.

I totally agree.

[andcas7]

Originally Posted by Coralsex

You should rent for a year while you familiarize yourself with the different areas of Miami-Dade county. Then you will have a better idea of where you want to buy.

I second this... this way you can decide for yourself on where to stay. My family did this, rented for 1 year, then purchased a home after that.

As far as renting vs buying it does depend on maintenance fees and where you would buy, but for the most part, it is much smarter to buy than to rent right now.

If you don't like the maintenance that comes with a single family home, then a town house would fit you best, considering the amount of rain we get here. I cut my grass every week in the summer, but I do like having control over when to do it, and doing it without damaging my property, as opposed to some contracted landscaping services many places have with associations.

Whichever route you take, be very careful with associations and the high costs that come with them, if you decide to buy, double check for any liens on the property both from the city and association(s).

The commute from Ft Lauderdale to Miami isn't that bad, my sister does it, but coral gables would probably be the best area in my opinion, unless you want to go further down to Palmetto Bay, also nice, also high taxes.