SE Florida Condos, Beachfront and Waterfront

SE Florida Condos, Beachfront and Waterfront 

What is the reality of the market conditions, price and inventory the condo market for Miami Beach, Sunny Isles, Hollywood, Hallandale, Fort Lauderdale? 

In general, the lowest prices you can expect to see on the beach (non-beachfront, waterfront or walking distance to the beach) in SE Dade and Broward would be about $200,000 for 1-2 bedroom units. When you see listings below the typical market level, these listings are one of the following and are best avoided: 

  1. Co-op;
  2. Condo-Hotel;
  3. Cabana;
  4. Timeshare;
  5. Short Sale;
  6. Building with high HOA’s or in bad financial shape.
  7. Building with many restrictions.

 Furthermore, if you are on the market for a min. 2-bedroom oceanfront unit, the realistic expectation would be a min. $400,000 (Miami Beach), and $350,000 (Hollywood, Hallandale). It is always important to consider solid and well maintained buildings, with reasonable HOA fees (min. expected $500 monthly, for an older building and $650 and up, for newer buildings).

 Property taxes are to be re-assessed based on the new purchase, approximately, 2% of purchase price. For more details, visit: 

http://www.miamidade.gov/pa/tax_estimator/TaxEstimator.asp

http://www.bcpa.net/homestead.asp

And, if you are still waiting for the market to continue to drop, you are in for a big surprise.  You have actually missed this moment.

Not only SE Florida real estate is not expected to drop further, but has started to adjust drastically some time ago. For SE Florida, the sales volume started to increase in the first quarter of last year, and the prices started to go up in the middle of last year.

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