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Me and my wife (30 years old, and no kids) are thinking about moving to United States from Europe, and if we could pick our favorite area where we would like to move, it would definitely be Miami or Fort Lauderadle area.
We have already visited 4 times in the past 10 years as tourists, in total we have spent about 2 months in Miami Beach, Miami Downtown, Hollywood and Fort Lauderdale, so we are familiar with the area. All of these places we enjoyed, each had it's own pluses and minuses but we would consider any of them.
However, I am aware that it's one thing to experience as a tourist and one thing to actually live there So I would really like to ask a few questions that experienced locals could answer.
Would you say that anything outside of the green area would be considered very dangerous to live in?
Or some of you guys live in the blue/yellow areas and don't have problems?
We live in a very safe country where you can walk at 3 am at night and nothing will ever happen to you. To be honest, nothing has happened to us during our trips in Miami/FLL either, we just used common sense.
2) FLOODS, HURRICANES, REAL ESTATE
We would prefer to live in an apartment instead of a house. Are there any areas where apartment buildings have experienced more problems than usual related to floods, hurricanes, or any other problems that we might not be aware of.
Pretty much is there any advice how we should check if some building had history of problems, in case we find some apartment in it on Zillow that we like, to not make an expensive mistake.
3) BUDGET TO BUY APARTMENT
We would love to live in an apartment that is not more than 15 minutes far from the Beach.
Based on the prices on Zillow it seems that for $250.000 we could find some decent condo ( 500 sqft) even in Miami Beach and there are even bellow 200k options in Hallandale for example.
I see some of them have pools and gyms which would be very convenient if possible.
Do these prices seem real or there are some catches with these apartments?
4) BANK
For apartment that is of value of $300.000 let's say, what would be the most default downpayment that we are supposed to pay in a bank in order to buy?
We would probably have savings of about $100.000 to bring with us.
From what I have heard the banks in the US normally doesn't ask for such a big downpayment, but would we get the better deal in case we give more upfront?
The option that we have enough cash to buy the whole apartment without loan seems hard at this moment, but as we have some real estate in home country that we could additionally sell, perhaps we would even manage something.
Me and my wife (30 years old, and no kids) are thinking about moving to United States from Europe, and if we could pick our favorite area where we would like to move, it would definitely be Miami or Fort Lauderadle area.
We have already visited 4 times in the past 10 years as tourists, in total we have spent about 2 months in Miami Beach, Miami Downtown, Hollywood and Fort Lauderdale, so we are familiar with the area. All of these places we enjoyed, each had it's own pluses and minuses but we would consider any of them.
However, I am aware that it's one thing to experience as a tourist and one thing to actually live there So I would really like to ask a few questions that experienced locals could answer.
Would you say that anything outside of the green area would be considered very dangerous to live in?
Or some of you guys live in the blue/yellow areas and don't have problems?
We live in a very safe country where you can walk at 3 am at night and nothing will ever happen to you. To be honest, nothing has happened to us during our trips in Miami/FLL either, we just used common sense.
2) FLOODS, HURRICANES, REAL ESTATE
We would prefer to live in an apartment instead of a house. Are there any areas where apartment buildings have experienced more problems than usual related to floods, hurricanes, or any other problems that we might not be aware of.
Pretty much is there any advice how we should check if some building had history of problems, in case we find some apartment in it on Zillow that we like, to not make an expensive mistake.
3) BUDGET TO BUY APARTMENT
We would love to live in an apartment that is not more than 15 minutes far from the Beach.
Based on the prices on Zillow it seems that for $250.000 we could find some decent condo ( 500 sqft) even in Miami Beach and there are even bellow 200k options in Hallandale for example.
I see some of them have pools and gyms which would be very convenient if possible.
Do these prices seem real or there are some catches with these apartments?
4) BANK
For apartment that is of value of $300.000 let's say, what would be the most default downpayment that we are supposed to pay in a bank in order to buy?
We would probably have savings of about $100.000 to bring with us.
From what I have heard the banks in the US normally doesn't ask for such a big downpayment, but would we get the better deal in case we give more upfront?
The option that we have enough cash to buy the whole apartment without loan seems hard at this moment, but as we have some real estate in home country that we could additionally sell, perhaps we would even manage something.
Hey there! So I used to live in Miami for 20 years (worked for the city), still go on business trips (I bring business to Canada/vice versa).
1. Crime: Miami has 2x the homicide rate compared to the national average. The map you provided is rather accurate, but a lot of violent crime still does happen in the green areas. Homicides are up this year, with the county hovering close to 150 homicides for the year. Violent crime is also up 30% YoY. Since Europe and Canada are very similar with low crime, this just shows how dangerous the city is compared to our countries and cities.
2. You're better off inland to be honest, near the coast or bay, it floods much easier. It's common for SoBe + downtown and surrounding areas to flood from a simple rain storm. Rain water has also leaked into skyscrapers, especially in Edgewater, thus trapping people in their buildings (elevators will breakdown/flood + garages will be flooded). We also have to mention that Miami has a lot of salt water infiltration, which impacts clean drinking water while corroding infrastructure. Then there's the issue of septic tanks... that's another story. Miami has been spared with hurricanes, but even the smallest tropical disturbance will shut the city down, it's pretty hilarious to see.
3. You won't find anything at $250,000, not even in the ghetto. If it's that cheap, it's probably an old, run down building on the brink of collapse like older buildings are in Miami (up until the 80s, they mixed sea water with concrete, which leads to structural deficits). And as someone who worked with the city, it's a common problem that city officials hide to ensure real-estate speculation keeps on going/kickbacks, etc..
4. For down payment, it's not usually that large but I don't know the rules now, especially with the hike in interest rates. When I did mine a long time ago, it was a 2% down payment, probably less lol. It's been a while.
Feel free to DM me for more information, I can answer any questions and if you want to move to another city, I can set you up
$230,000 price, 535 sqft, basically right next to the Lincoln Road. It's written that its built in 2015, but I assume that's some remodeling not the actual year when building was built.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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Forget about moving to Miami if looking to buy a condo for $250K, let alone a decent one in a nice neighborhood not 40 years old.
Demand from out of state, WFH Americans and the return of South Americans since the lifting of Covid travel entry restrictions for fully vaccinated late last year—especially from Peru and Colombia—have driven up prices dramatically the past 2 years. While interest rates have also gone up and there are calls for an expected economic downturn/recession early next year, inventory remains low resulting, in just one example, a tiny newer 680 sq foot 1 bedroom condo at Park Grove in Coconut Grove listed at $900K still going into escrow in less than 2 weeks.
Look elsewhere in Florida with your budget.
Last edited by elchevere; 12-10-2022 at 08:50 AM..
$230,000 price, 535 sqft, basically right next to the Lincoln Road. It's written that its built in 2015, but I assume that's some remodeling not the actual year when building was built.
Any catch with these kind of deals?
Definitely a remodel, the building itself is from the 60s or 70s. I lived on this street when I first landed there. It can get loud/rowdy sometimes, definitely floods during a storm. Apartment looks okay, the building is decent, I'd definitely get records or do an inspection of it.
Forget about moving to Miami if looking to buy a condo for $250K, let alone a decent one not 40 years old.
Demand from out of state, WFH Americans and the return of South Americans since the lifting of Covid travel entry restrictions for fully vaccinated late last year—especially from Peru and Colombia—have driven up prices dramatically the past 2 years. While interest rates have also gone up and there are calls for an expected economic downturn/recession early next year, inventory remains low resulting, in just one example, a tiny newer 680 sq foot 1 bedroom condo at Park Grove in Coconut Grove listed at $900K going into escrow in less than 2 weeks.
Look elsewhere in Florida with your budget.
Thanks. This is really something that I need to hear in order to get some kind of a reality check
Would you say that it would be hard to find some decent studio (500 sqft) up to $300k even in the Fort Lauderdale area?
Since you mentioned 40 year old buildings, is there some big issue with them? I ask because in Europe in many cities, even older buildings are in a good condition. Obviously they don't look new and fancy but they don't have issues either.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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Reputation: 6685
Not very familiar with Ft Lauderdale and rarely go there.
Many older buildings, in particular high rises, have to go through recertification inspections, along with accompanying assessments and reserves requirements, particularly after the tragedy that happened in Surfside last year.
Quote:
Originally Posted by Americki San
Thanks. This is really something that I need to hear in order to get some kind of a reality check
Would you say that it would be hard to find some decent studio (500 sqft) up to $300k even in the Fort Lauderdale area?
Since you mentioned 40 year old buildings, is there some big issue with them? I ask because in Europe in many cities, even older buildings are in a good condition. Obviously they don't look new and fancy but they don't have issues either.
Definitely a remodel, the building itself is from the 60s or 70s. I lived on this street when I first landed there. It can get loud/rowdy sometimes, definitely floods during a storm. Apartment looks okay, the building is decent, I'd definitely get records or do an inspection of it.
It last sold on 05/04/2015 for $257,000 it's strange that the current listing price is down to $230,000. I'd look into why that is the case. https://www.miamidade.gov/Apps/PA/propertysearch/#/ and enter 1611 Meridian Ave in for the address and look for APT 203.The M-D Property Appraiser's website states it was built in 1925.
Thanks. This is really something that I need to hear in order to get some kind of a reality check
Would you say that it would be hard to find some decent studio (500 sqft) up to $300k even in the Fort Lauderdale area?
Since you mentioned 40 year old buildings, is there some big issue with them? I ask because in Europe in many cities, even older buildings are in a good condition. Obviously they don't look new and fancy but they don't have issues either.
Don't buy anything ...........come for a year and rent. You will quickly realize what you like/dislike about the areas.
Insurance is going to get super expensive on older buildings AND those buildings are going to need big money repairs to bring them up to the new state codes (designed to prevent collapses).
Me: 1925 building = headache, that area of South Beach has crazy traffic/parking issues. I'd be ready to leave after the first weekend. It also suffers from spillover crime:
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So I would really like to ask a few questions that experienced locals could answer.
