New Shenandoah? (Miami, Coral Gables, Havana: for sale, real estate, insurance)

[Cole D. Cocker]

I was last on this forum a few months ago when I was looking at houses in the northern part of Coral Gables (north of 8th St.). I'm still house-hunting, but now looking east of Coral Gables because I found that you get much more house for your money here, but the houses still have interesting character/architecture. I found a few old Spanish houses that have been updated in an area just outside of Shenandoah and wanted to know if anyone was familiar with the area. I'm specifically referring to the area just south of Coral Way and between say 17th and 22nd Ave. I thought this area was considered Silver Bluff, but the official designation on the tax records for a few of the properties I've looked at seem to indicate that the neighborhood is called New Shenandoah (which I've never heard spoken of).

Here's an example of one:

Miami, FL 33145 - Home For Sale and Real Estate Listing - realtor.com®

Does anyone have any comment or insight on this area?

[AnnRyan]

There are certain city names - Coral Gables - that will confer value. Whether this is rational is irrelevant, the market has spoken, and it is a fact. Even though the area you mention north of 8th street is close to the Gables, you won't get the same value jump as living IN the Gables.

I've had a client buy in that neighborhood, and will tell you that there's a lot of interesting homes with great character. You'll want to make sure you have a GREAT inspection. These are not homes where you want to skimp, thorough is best. Also, anticipate needing a structural inspection if the home is built on a crawl space, and the probability of tenting the home.

I would advise you to anticipate using a FHA203K or conventional mortgage with a repair escrow. Homes this old are typically going to need some work done, even if they've been repaired or updated.

Flat roofs may also prove more problematic regarding insurance. Old roofs may also require replacement (even if they're not known to be leaking.

[hurricaneMan1992]

Originally Posted by AnnRyan

There are certain city names - Coral Gables - that will confer value. Whether this is rational is irrelevant, the market has spoken, and it is a fact. Even though the area you mention north of 8th street is close to the Gables, you won't get the same value jump as living IN the Gables.

I've had a client buy in that neighborhood, and will tell you that there's a lot of interesting homes with great character. You'll want to make sure you have a GREAT inspection. These are not homes where you want to skimp, thorough is best. Also, anticipate needing a structural inspection if the home is built on a crawl space, and the probability of tenting the home.

I would advise you to anticipate using a FHA203K or conventional mortgage with a repair escrow. Homes this old are typically going to need some work done, even if they've been repaired or updated.

Flat roofs may also prove more problematic regarding insurance. Old roofs may also require replacement (even if they're not known to be leaking.

Are alot of people doing 203K mortgages nowadays? I was also going to say that stuff like City limits and school boundaries really do matter, but nevertheless there are great homes with character in the neighborhood, but many of them would need serious updating. For one thing, plan on getting hurricane windows and doors. I would definitely buy a place there. East Little Havana and Allapattah too, BTW. Spill-over effect from Brickell and Wynwood, respectively, though it can be a bit sketchy to live there now, especially with children.

[AnnRyan]

Theoretically, 203K mortgages exist, but most people end up with some sort of conventional mortgage instead. I actually find that asking for a 203K mortgage will trigger your mortgage broker to explain the other programs that they have available, which they won't mention unless you say 203K.

But this is Miami, and homes needing major repair are typically sold for cash.

[Cole D. Cocker]

Didn't want anyone to think that I was ignoring this thread; I did respond to a couple of DMs I received. I walked around the neighborhood of the house in my OP this weekend and also talked to a few neighbors who happened to be out and about. Everyone seemed to be pleased with the immediate neighborhood as well as its convenience to Coral Way retail, the Metro, downtown, Coconut Grove, and Coral Gables. Does anyone else here have any thoughts or comments about this specific area?