Brickell condos? (Cutler Ridge, Cutler, Westwood Lakes: to rent, homes, buyers)

[ace587]

Icon definitely has high HOAs, There are other options for Condos in the area especially brand new ones. Brickell House, NINE, etc. Like I said Neo Vertika was my choice and I almost bought one there (HOAs run just around 300). Check out Latitude and Axis (dont get the South one) because SLS blocked it. I make under 100k/year.

[Benzo93]

Originally Posted by RayNagin504

Serious Trolling. If you can comfortably afford a $450k condo your yearly income should be aound $225k+ a year which I doubt. The monthly HOA fees on a 1/1 (940sq ft) $450k condo at Icon runs $750 a month. Add that to your mortgage. That's another $270,000 over 30 years if the price doesn't increase in which it will. Your $450k condo just went to $720,000 not even counting the interest from the loan. Sounds like a great investment

Serious trolling? Lol why is everyone concerned about what my budget is. I wish someone would just answer the questions I posted.

[logybogy]

If you are looking at this for an investment, check out the Edgewater area. It will be the up and coming area in the future. Find a unit with an unobstructed water view direct to the bay that can never be blocked. That will be gold.

[RayNagin504]

Originally Posted by FlyMIA

How did you come up with that number? If someone makes $250k a year they could afford more than a $450,000k condo to live in. This is not an investment he wants to live there. Someone makes $120k a year could afford a $450k home/condo. You mention HOA but if you buy a home insurance cost just as much. I don't get your numbers.

Fly MIA, You don't get my numbers because you are not a millionaire or wealthy. You should never purchase a house that's twice or even three times more than your yearly income. Just because a bank will finance you doesn't mean you can afford it. If the OP lives in a $450k condo do you think he will drive a Honda? I think not. He will most likely have an $60k+ car to compliment that condo. The OP's consumption is far higher than the average person. How much will he have after mortgage payments to invest? Little or nothing. Home owners insurance yearly is no more than $1000. How is that even close to $750 a month in HOA fees? I don't get your numbers. Elchevere, does the OP sounds like someone who has made a lot of money in the stock market? I think not.

[Cubanchic]

Originally Posted by RayNagin504

Fly MIA, You don't get my numbers because you are not a millionaire or wealthy. You should never purchase a house that's twice or even three times more than your yearly income. Just because a bank will finance you doesn't mean you can afford it. If the OP lives in a $450k condo do you think he will drive a Honda? I think not. He will most likely have an $60k+ car to compliment that condo. The OP's consumption is far higher than the average person. How much will he have after mortgage payments to invest? Little or nothing. Home owners insurance yearly is no more than $1000. How is that even close to $750 a month in HOA fees? I don't get your numbers. Elchevere, does the OP sounds like someone who has made a lot of money in the stock market? I think not.

Excuse me. BUT home owners insurance in Florida is about 2 percent of the value of the home, my 230k home is way above 1000k a month.

SIL had 1000k on a sunny isles condo for condo fees, really this is what drives the poor out, or even middle class. SIL oupted out.

[elchevere]

"You should never purchase a house that's twice or even three times more than your yearly income."

???....have you ever been to CA or NY??. Please.

[FlyMIA]

Originally Posted by RayNagin504

Little or nothing. Home owners insurance yearly is no more than $1000. .

You clearly know little or nothing about owning a home in Florida. Windstorm insurance a lone is over $1,000 a year. Just windstorm, no flood, fire etc..

Originally Posted by RayNagin504

You don't get my numbers because you are not a millionaire or wealthy. You should never purchase a house that's twice or even three times more than your yearly income. Just because a bank will finance you doesn't mean you can afford it. If the OP lives in a $450k condo do you think he will drive a Honda? I think not. He will most likely have an $60k+ car to compliment that condo. The OP's consumption is far higher than the average person. How much will he have after mortgage payments to invest? Little or nothing. Home owners insurance yearly is no more than $1000. How is that even close to $750 a month in HOA fees? I don't get your numbers. Elchevere, does the OP sounds like someone who has made a lot of money in the stock market? I think not.

Someone should never purcahse a property that is twice their income? That is nuts.

So someone who makes $200k a year can't afford a $450k house? Should they live in the gehtto for 120K or just rent and see no investment opportunity at all with their home.

People need to plan out how to pay for a mortgage very carefully and make sure they can afford it but to think someone who makes a top 5% salary of $200k can't live in an upper middle class neighborhood, because $450k is exactly that in Miami upper middle class is crazy IMO. If someone can't figure out how balance that budget then fine don't buy. But they should be able to figure it out.

And you nothing about the OP and what type of car he drives etc.. Where does this come out of.

Are you some millionaire with all the answers?

OP: I don't know much about the other two but ICON is one hell of a building. Brickell is a great location to be in. But watch out for the high HOA fees. Also as a warning right now is a pure seller's market especially in high end condos. No idea when the market will cool down, more buildings are going up but these buildings are being purchased pretty fast and many of the transactions I think 63% of sales in Miami are cash deals which tends to avoid a market crash. So if you want to live here for the next 10 years then maybe its not a bad decision. If you see yourself here for the short term buying now in this crazy market might not be the best move.

[RayNagin504]

Originally Posted by FlyMIA

You clearly know little or nothing about owning a home in Florida. Windstorm insurance a lone is over $1,000 a year. Just windstorm, no flood, fire etc..


Someone should never purcahse a property that is twice their income? That is nuts.

So someone who makes $200k a year can't afford a $450k house? Should they live in the gehtto for 120K or just rent and see no investment opportunity at all with their home.

People need to plan out how to pay for a mortgage very carefully and make sure they can afford it but to think someone who makes a top 5% salary of $200k can't live in an upper middle class neighborhood, because $450k is exactly that in Miami upper middle class is crazy IMO. If someone can't figure out how balance that budget then fine don't buy. But they should be able to figure it out.

And you nothing about the OP and what type of car he drives etc.. Where does this come out of.

Are you some millionaire with all the answers?

OP: I don't know much about the other two but ICON is one hell of a building. Brickell is a great location to be in. But watch out for the high HOA fees. Also as a warning right now is a pure seller's market especially in high end condos. No idea when the market will cool down, more buildings are going up but these buildings are being purchased pretty fast and many of the transactions I think 63% of sales in Miami are cash deals which tends to avoid a market crash. So if you want to live here for the next 10 years then maybe its not a bad decision. If you see yourself here for the short term buying now in this crazy market might not be the best move.

elchevere, no I have not and that's a bad comparsion. If you can't afford to live in those states/cities then one should move. It's very simple. This is one reason that CA's economic system is all messed up. There are too many people living paycheck to paycheck just to survive with little or no savings let alone investments. It's called over extending themselves. It's true, the OP should purchase a condo that is a little bit less than twice his income. We are not even sure of what the OP can afford because he hasn't shown how much he actually makes. I highly doubt someone in their right mind would pay up to $450k for a 1/1 unless they have money to blow. I don't see nothing wrong with the OP renting if he can't afford the mortgage as long as his rent is no more than 25% of his yearly income. What investment opportunity do you see in financinga home for 30 years? Sounds like you have the average person's poor man mentality. Just hoping the market will go up to generate equity? This is how the housing market is in this mess today.

[elchevere]

I've done quite well in real estate and more so in the stock market which has allowed me to go considerably above 25% of my annual income...maybe if you are referring to someone living in Iowa or Wisconsin where real estate values remain flat-experience very slight gains year over year your economic advice makes sense. Perhaps you live below your means, which is your choice....as far as CA being a poor comparison to FL real estate--specifically, the Miami and Miami Beach area--it is not. There is a reason why real estate prices are booming in this specific area--because people from all over the world want to live there. With 2/3 of all real estate transactions within the past year being 100% cash combined with the largest retail project in the US under way in Brickell, this is not a speculative bubble based economy.

The only thing I would caution the OP about is if he is moving to Miami (uncertain from the post whether he lives there now and is looking to change neighborhoods or if he is moving from a different city altogether) is to be sure he is coming with his job.

[Benzo93]

Originally Posted by RayNagin504

Fly MIA, You don't get my numbers because you are not a millionaire or wealthy. You should never purchase a house that's twice or even three times more than your yearly income. Just because a bank will finance you doesn't mean you can afford it. If the OP lives in a $450k condo do you think he will drive a Honda? I think not. He will most likely have an $60k+ car to compliment that condo. The OP's consumption is far higher than the average person. How much will he have after mortgage payments to invest? Little or nothing. Home owners insurance yearly is no more than $1000. How is that even close to $750 a month in HOA fees? I don't get your numbers. Elchevere, does the OP sounds like someone who has made a lot of money in the stock market? I think not.

Spot on with the whole car thing lol. But you're wrong about a lot of other assumptions.

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