150-180k for a small condo in FT Lauderdale or Miami realistic? (Fort Lauderdale: to rent)

[CitySearch2018]

Am interested in buying a second home in Florida for the winter and Fort Lauderdale/Miami area sounds appealing to me. I don't want a mortgage so looking for something in that price range for a winter place four months out of the year. It doesn't have to be very big since we won't be there but a few months out of the winter so 1 bed and 1 bath would do. Another criteria is low homeowners dues and pet friendly for our small dog.
Ideally Miami Beach would be ideal since I love Art Deco buildings although I think we would like Fort Lauderdale too and know that's a lot cheaper. I'm not sure about other parts of Miami as I've only been there once but we really want to try South Florida for the winter.
Any suggestions would be great! Thanks!

[AnnRyan]

That's a pretty low budget for a condo in Miami Beach. And the search for low maintenance can put you at financial risk. Condo associations that don't cover enough to do the basics and have a bit of reserves routinely need to enact special assessments. I've heard of some that were in the 10K range!! But that's definitely an outlier. Make sure you look at the financial statements and have someone check on the building recertification status (done at 40 years, and every 10 years thereafter)

[City Guy997S]

Keep your money in your pocket and rent a place for a few months a year.......you will come out ahead in the end!

Even assuming you buy with no mortgage the annual taxes/insurance/HOA fees will exceed the cost to rent a place for 90 days a year. If you buy in an older building and they hit you with assessments to upgrade the building it can cost you tens of thousands more!

[blueherons]

Yes, you can buy that cheaply in Fort Lauderdale.

Look at Palm Aire. Away from the beach but inexpensive. You'll have to pay all cash.

[bmw335xi]

The problem is the high HOA fees... you're better off just renting an airbnb when you are in town. Use that money to invest in a mutual fund or even a high yield savings account, Northpointe Bank currently pays 2.05% interest on their savings account.

[itinérant]

Related question, so I don't think this constitutes hijacking.



What do you guys think about buying a one-bedroom condo at the Loft 2 or the Vizcayne? As of now, these are the only two buildings I'm interested in given (1) the location of my job and (2) my lifestyle (intense swimming, working out, no car).



Do you think it's a good investment? Also, even if you don't think they are going to appreciate a lot, doesn't it make sense to buy so I'm paying off my own mortgage as opposed to paying off the owner's (I live at Loft 2)? I'm not really investing or anything outside of my retirement account at work, which is standard. It seems like I could do better by paying off my own mortgage than by continuing to rent and putting my money in a low-risk vehicle like a mutual fund or an online savings account (I won't do anything more aggressive).

[lluvia]

Condos are being over built in Miami.
Eventually the prices will plummet.
But like the OP said, you'll be eaten alive by HOA fees.

[AnnRyan]

Originally Posted by itinérant

Related question, so I don't think this constitutes hijacking.



What do you guys think about buying a one-bedroom condo at the Loft 2 or the Vizcayne? As of now, these are the only two buildings I'm interested in given (1) the location of my job and (2) my lifestyle (intense swimming, working out, no car).



Do you think it's a good investment? Also, even if you don't think they are going to appreciate a lot, doesn't it make sense to buy so I'm paying off my own mortgage as opposed to paying off the owner's (I live at Loft 2)? I'm not really investing or anything outside of my retirement account at work, which is standard. It seems like I could do better by paying off my own mortgage than by continuing to rent and putting my money in a low-risk vehicle like a mutual fund or an online savings account (I won't do anything more aggressive).

If you're planning on living there a 2-3 more years, it's probably a no brainer to buy rather than rent.

Condos at Loft 2 have sold between $180-240K and Vizcayne $215K-290K.

If you put your actual rent in this calculator, you can figure out exactly how long it would take you to break even.
https://www.zillow.com/rent-vs-buy-calculator/

[Marc Middleton]

Originally Posted by lluvia

Condos are being over built in Miami.
Eventually the prices will plummet.
But like the OP said, you'll be eaten alive by HOA fees.

Plenty of investors doing well with Condos.

yes, Loft 2 is a great buy right now. Rents are still $1500-$1600 for a 1 bedroom but prices are down below $200k for some units on med to low floors. 2 bedrooms still bring $1900-$2100 regardless of floor height.

You should avoid newly built brickell condos (high HOA fees, tons of vacancies), luxury south beach units, etc. But plenty of deals to be had right now if you plan on holding it for awhile.