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Old 04-15-2010, 10:21 AM
 
41 posts, read 112,951 times
Reputation: 26

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hi,
There is a very good chance I'll be moving my family (wife and 2 young kids) to Miami by the end of the year. I lived in Miami from '92 - '00 so I know the area fairly well. However, back then I was a grad student and not a homeowner. Because of kids, I'm hoping we can afford the cheapest house on the market in Pinecrest. I'm thinking something in the $400-450K range built in the late 50's. I'm trying to run the numbers and see if we can afford it. Property tax info I can get off the Miami-Dade website. Can anyone give me a decent estimate of the cost of homeowners and wind insurance in this area (33156)? I'm looking for a rate as percentage of home value that I can enter into a calculator. Thanks!
John
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Old 04-15-2010, 12:15 PM
 
Location: Miami
6,853 posts, read 22,391,025 times
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Its hard to give you an exact price range as so many things factor into the actual number. Many people use the 2% of sale price rule to figure insurance and taxes. So 2% of 450k will be $9,000 which sounds about right for insurance on an older fixer upper in the Pinecrest area for that price range. You may even have to buy flood insurance separate from HOI, fyi.
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Old 04-15-2010, 02:51 PM
 
Location: Way up high
22,192 posts, read 29,207,240 times
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^^correct!

It's not cheap to live in Pinecrest because technically most of it is in a flood zone.
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Old 04-16-2010, 05:52 PM
 
41 posts, read 112,951 times
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Based on the numbers I'm seeing on the Miami-Dade tax assessors office, 2% of value is just the cost of property tax alone. Since I've posted, I found numbers in the range of 1.1-1.9% for wind insurance in Miami.

Thanks for the input on flood insurance. I looked on DERM's website. They have new digitized maps of the flood zones. The flood zones in Pinecrest very much depend on what street you are on.

Expensive to get housing in South Florida! Insurance and property taxes can easily exceed $1K a month!

thanks for responses.
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Old 04-16-2010, 07:57 PM
 
Location: Seattle, WA
2,975 posts, read 4,920,688 times
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Keep in mind that most insurers are not writing new policies for anything east of US1 in Miami, so you might get stuck with Citizens, which is the most expensive option by law and design! Easily much closer to the 2% range. BTW Citizens could not survive a major hurricane hit anyway... Personally, we would have to fix the insurance problem in Florida before I'd consider buying property here.
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Old 04-19-2010, 02:56 PM
 
41 posts, read 112,951 times
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Thanks for the input hurricaneman. 1992 huh? Funny, I lived in Miami from '92 to 2000. I had lived there for all of two weeks when Andrew hit. Welcome to Miami!

I didn't realize the difficulty of getting a policy east of US1. With the price of property taxes and hurricane insurance, I grow more and more reluctant to consider buying a house in Miami, especially when I remember what it was like to go through Andrew - and I was just a poor graduate student renting a place with others back then.

The problem is that I have young children and I really want to live near the best public schools possible without counting on getting into magnet schools. And I'm just not sure I can do that unless I buy.

Maybe I won't move back to Miami after all. The job is enticing though.
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Old 04-20-2010, 05:27 PM
 
Location: Seattle, WA
2,975 posts, read 4,920,688 times
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I was in middle school at the time, and we lived near Metro Zoo, it was a mess! I learned how to fix alot of things around the house after that storm!

BTW, have you considered buying a condo in Pinecrest? There are a few of them, and at least the building insurance would be through the association, so no need to look for an individual policy. Though it won't be cheap in any case + probably very high assessments for large deductables. Also, I think some houses just west of US1 are zoned to pinecrest schools. But like I said, I just don't think it makes sense to buy at this time.
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Old 04-20-2010, 05:57 PM
 
41 posts, read 112,951 times
Reputation: 26
No, can't do a condo. I need a yard.

I think you're right about some pinecrest schools west of US1.

thanks for the input.
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