Help! Looking for Perfect Place to Relocate in Miami (Miami Beach: short sales, real estate)

[RetireYung]

Hello CD. I am looking to buy a 2br condo in the Miami area. I am strongly considering Aventura but am looking for other suggestions. I am married with my youngest child turning 18 this year- in my late 30's and would probably not move full time for at least 5 years. I'd love to be close to shops, restaurants, within 3-5 miles of the ocean and obviously in a safe and well kept area. Unfortunately my budget is a max of 225k. I really love the area of Brickell but am realistic and don't expect to find anything in my price range. Any suggestions besides Aventura? Any alternatives to Brickell that are somewhat affordable? All info would be greatly appreciated!

[NeverBeingBoring]

Realistically, that is not a lot of money for a nice area. Are you looking to buy now for a potential move in 5 years or looking to buy closer to your move? Things are changing and areas like midtown are turning (slowly in some parts) into nice places to live. Brickell is poised to grow more expensive but know some people who live in the area and paid about what you indicated for a studio. It is a buyers market now but there are so many cash offers and short sales.

[RetireYung]

Yes. Looking to rent until I am able to retire from civil service job which will be eligible for pension in about 5 years or so... I also run a small biz which I can do from any location...I have seen a decent amount of condos in Aventura between 175-250k, just not too sure if the particular communities are desirable. I plan to come out in March and prospect some. Are there any other areas I should be looking at?

[NeverBeingBoring]

What attracts you about Aventura? The cost of a condo is one thing - the insurances are quite another. We pay upwards of $3.500 a year for wind insurance alone.

What other areas have you been to and like?

[hurricaneMan1992]

As mentioned above, price is not so much the concern, as there are quite a few 2/2 condos in Aventura that go for 150-200K. Insurance is going to hurt anywhere in South Florida, especially near the coast, but it is less painful in a well-constructed condo complex as it is included with the HOA. Well-constructed is the key: some buildings look like they'd be gutted and become uninhabitable in a major hurricane.

Besides Brickell, the Roads, Coral Way, and some parts of Coral Gables would also be in your price range and relatively close to the beaches. Insurance there would also be somewhat lower because it's west of US1. There's also midtown and the "upper east side" areas, just stay away from 79th st.

[RetireYung]

Thanks for the responses. Do most HOA fees
Include "wind insurance"? How about property
Insurance or is it incorporated in "wind insurance"?
I am not sold on any particular area. Just looking
For something in a relatively safe and desirable
Area close to amenities such as restaurants, beach, shops
Etc.

[NeverBeingBoring]

Wind insurance protects your roof, house and yard from wind damage. Where I live it is a cost above HOA fees. Usually HOA will vary slightly. Check with the complexes you are looking to live in. HOAs can run upwards of $500 a month or more depending on where you are.

Be sure to do your research. I would talk to some property managers and realtors.

[bale002]

Originally Posted by RetireYung

Thanks for the responses. Do most HOA fees
Include "wind insurance"? How about property
Insurance or is it incorporated in "wind insurance"?
I am not sold on any particular area. Just looking
For something in a relatively safe and desirable
Area close to amenities such as restaurants, beach, shops
Etc.

With a condo, the HOA fee includes insurance that covers the building in general, i.e. the roof and outside walls (structural insurance), as well as general maintenance, landscaping, gym, pool maintenance, any security, any elevators, water, and often cable TV and even internet. You need to purchase individual insurance to cover inside walls, fixtures and personal belongings inside the unit, say around $500-$1,500 per year depending on location, quality of building, size of unit, quality of fixtures and personal belongings, and of course quality of insurance company. Do due diligence.

With a townhouse, it varies, sometimes the HOA fee includes structural insurance, sometimes it doesn't, do due diligence case by case.

In southern Florida, 3-5 miles from the beach is an eternity: I live about two miles and 20 minutes (but maybe an hour depending on traffic) from the beach and have gone once in more than three years, and only because invited as part of a group outing. Better look for a place with a nice pool, which I use almost everyday in the hotter months, unless you live within walking distance to the beach.

Anyway, as mentioned, quality of building is of utmost importance, usually meaning construction from 2007 onwards, though you may find something older acceptable. Prices can range from around $175-$350 per square foot, generally depending first on location (Brickell is the epicenter), then quality of building, also often quality of school district as is the case with Coral Gables and Pinecrest.

Monthly HOA fees could range anywhere from $0.45 to more than $1 per square foot per month, depending on location and quality of building, its amenities, and size of unit. Do due diligence.

Obviously rent first, but, as mentioned, for $225k right now you may find a small 2 bedroom in Aventura, also possibly look at the other beach communities from there down to Miami Beach, and also, as mentioned, mid-town, downtown, skip Brickell because probably too expensive (often $400 per square foot and even upwards), then perhaps Third Avenue in the Roads, Coconut Grove, maybe Coral Gables, then on down to South Miami, Dadeland, possibly even Pinecrest, basically the southern part of the Metrorail corridor.

Finally, some real estate agents are honest professionals, some try to mislead people. For example, when determining the square footage of the unit, also look at the Miami-Dade property appraiser site for the official adjusted square footage, do not rely on real estate listing numbers, check them against the official record. And of course, the property manager will probably neglect to mention any problems with a building. Try to inspect both the building and the unit, as well as the building/HOA financial statements. Do due diligence.

Hope this helps and Good Luck!

[angelscorpio]

It's my impression or everyone wants to leave out the properties around the beaches. There is a unusual tend nowadays and I assume it's caused by the weather conditions happening recently and the ones coming. I think ppl is considering the beach a non-safe place anymore to live.

[RetireYung]

Thanks to all for the replies -Bale002 Thanks for your for your detailed response. Anyone have insight as to condos in the Roads and Coral Way which may be appealing?