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Old 04-15-2020, 06:44 PM
 
18 posts, read 90,270 times
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Been trying to move from NYC to Florida for a few years. Had chances to go to Jacksonville & Naples but didn't go through with it. Now I have an opportunity to transfer to Boca. I have a few questions regarding the city.

Will I be fine living in Boca Raton on a 60k annual salary?

I am not familiar with the city, are there any ghettos or bad parts. I want to stay away from the ghetto & housing projects as much as I can.

Regarding the housing situation, I have been checking condos for sale and they are cheaper than what we would pay in NYC. I am looking for a 2 bedroom condo for under $175k. Will I have trouble finding something in that price range. A lot of the ads for condos mention that there are membership fees, I don't want any of this.
Another issue that bothers me a lot are the ridiculous HOA fees. Will I have trouble finding a condo that has HOA fees under $300 a month. I am not looking for a golf course, pool or a gym but most listings include this.

I am planning to rent before I start looking but want to make sure I will find something with reasonable HOA fees.
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Old 04-16-2020, 12:55 PM
 
1,751 posts, read 1,814,627 times
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why boca?
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Old 04-16-2020, 05:44 PM
 
18 posts, read 90,270 times
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i got a transfer there..... the job will be there

is it possible to work in boca and live outside of boca? I've been told traffic gets bad so assumed it's best to live there too,
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Old 04-17-2020, 06:36 AM
 
1,751 posts, read 1,814,627 times
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Isn't Florida blocking residents from the N.E. into the state now?
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Old 04-17-2020, 06:47 AM
 
11,871 posts, read 3,788,484 times
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A 2-bedroom condo for <$175K will be difficult if not impossible. They are sought after and hard to find in safe, desirable areas. They go immediately if they hit the market.

All Boca is HOA. All of it except for very small pockets of SFH.
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Old 04-17-2020, 03:32 PM
 
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You have to do a ton of research to find low HOA and it not being a 55 and over community or membership community.
While you are renting, you can look at places with an agent who should know the area better.

For example Boca Cove Condo's are in your price range with an HOA of around $300

Some parts of Boca Barwood have low HOA but some parts of it is 55 and over.

You can find really nice 2/2 for around $175K and if we do have a recession, I would expect housing prices to go down.

Also Delray is really nice too. So while you rent, you will become more familiar with areas. Good luck to you.

Edit: I don't know your age, but if you are 55 & over, there are many communities that are in your price range with low HOA.
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Old 04-17-2020, 04:58 PM
 
1,233 posts, read 317,051 times
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I don't know any place in US where you could be fine with 60K/year.
120K/y is more like it, but still is a borderline poverty.

HOA fees here are outrageous; forget about living anywhere near the beach (lowest I ever saw was $550/mo for 1bdrm condo). For the non-beach good areas ~$300/mo if you are lucky to find that. In Kansas I was paying $40/mo, and was thinking that was too high price to pay to some stupid organization whose only purpose of existence is to dictate me what I can and cannot do with my property. Imagine my shock here. They call it "sunshine tax", and that's exactly what it is - nothing more.

2 brdm condo for 175K is thing of the past for the good area (unless it's a 100yo trashbox). These days it's more like 250-350K.
Hopefully, we will have another housing crisis soon, then prices might go down; but remember that taxes here on real estate are also sky high - 1.75%; keep that in mind when budgeting.

I would recommend to look at Zillow - it's easy to search by the area there.
In Boca basically any area is good or at least decent.

In other places look to the west of Jog Rd - that's the safest bet to get a condo in a good area.

Also take a look at the so called "Rehabilitation" facilities. You don't want to come close to those locations, and, unfortunately, they are all close to the beach areas.

And yes, if you are 55+, things are much brighter, and you can find a good condo for that price in the good area with low HOA.
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Old 04-18-2020, 06:07 PM
 
12,835 posts, read 15,155,972 times
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Quote:
Originally Posted by kanonka View Post
I don't know any place in US where you could be fine with 60K/year.
120K/y is more like it, but still is a borderline poverty.

HOA fees here are outrageous; forget about living anywhere near the beach (lowest I ever saw was $550/mo for 1bdrm condo). For the non-beach good areas ~$300/mo if you are lucky to find that. In Kansas I was paying $40/mo, and was thinking that was too high price to pay to some stupid organization whose only purpose of existence is to dictate me what I can and cannot do with my property. Imagine my shock here. They call it "sunshine tax", and that's exactly what it is - nothing more.

2 brdm condo for 175K is thing of the past for the good area (unless it's a 100yo trashbox). These days it's more like 250-350K.
Hopefully, we will have another housing crisis soon, then prices might go down; but remember that taxes here on real estate are also sky high - 1.75%; keep that in mind when budgeting.

I would recommend to look at Zillow - it's easy to search by the area there.
In Boca basically any area is good or at least decent.

In other places look to the west of Jog Rd - that's the safest bet to get a condo in a good area.

Also take a look at the so called "Rehabilitation" facilities. You don't want to come close to those locations, and, unfortunately, they are all close to the beach areas.

And yes, if you are 55+, things are much brighter, and you can find a good condo for that price in the good area with low HOA.
Do you realize the HOA fee covers the building insurance? So when Hurricane "whatever name it is" is damaging the building you don't have to pay for the damage? They need to cover the insurance premium AND the deductible. Your insurance covers the inside of the unit. So if you live in a old building (not built to current hurricane standards) then you get killed with high premiums. Part 2? Not that many insurance companies want to insure coastline Florida so you have less places to choose from.

1.75% in taxes yet your homestead drops your bill by 50K. So buy a 175K condo, it's likely assessed for 145K, take 50K off that for homestead and suddenly you are paying 1.75% on 95K.......$1662 a year ($138.50 a month).
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Old 04-19-2020, 01:07 AM
 
1,233 posts, read 317,051 times
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Quote:
Originally Posted by City Guy997S View Post
Do you realize the HOA fee covers the building insurance? So when Hurricane "whatever name it is" is damaging the building you don't have to pay for the damage? They need to cover the insurance premium AND the deductible. Your insurance covers the inside of the unit. So if you live in a old building (not built to current hurricane standards) then you get killed with high premiums. Part 2? Not that many insurance companies want to insure coastline Florida so you have less places to choose from.

1.75% in taxes yet your homestead drops your bill by 50K. So buy a 175K condo, it's likely assessed for 145K, take 50K off that for homestead and suddenly you are paying 1.75% on 95K.......$1662 a year ($138.50 a month).
I live in a house. HOA doesn't cover anything about my house. It is used mostly for clubhouse that I never even been in (and not going to), plus highly overpriced landscaping (and I bet million bucks that landscaping company pays lavish bribery to board members).

My house is valued at 480K. Yeah, 50k homestead makes big difference, aha, right. My taxes on the house are about $630/mo, which I find outrageous, since I am not using any city amenities. Zero. No schools, no libraries, no nothing.

So yeah, it's simply a dumb "sunshine tax", nothing more. Just stealing my money, and I can do literally zero about that.
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Old 04-19-2020, 09:49 AM
 
Location: Huntsville Area
1,952 posts, read 800,222 times
Reputation: 2998
There's never any substitute for feet on the ground prior to accepting a job in a far away location. You really need to go down there.

Boca Raton (and it's Delray Beach neighbor to the north) have always been places for the haves and the have nots. Chances are that the area they're talking about with the condos are west of the Interstate--out on the edge of civilization. Sugar cane fields and heavy agriculture are to the west. I cannot imagine you'd get much for $175K in that part of Florida.

I visited the area when in college with my college roommate. His mother and aunt rented palatial beachfront mansions, and they brought their cooks and butlers with them. (No kidding.) They had a sister living on a canal in what would now be a $4-5 million home. At that time, there were no middle class digs in the area.

But like I said, you might want to see what's available in person before you make a commitment.
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