Buying a house/condo in FL

[andy t]

I currently live in the North East and considering buying either a house or condo in FL for the purpose of going there on vacation, possibly renting and maybe even moving there one day.
My issue is that I don't know much about FL, except having visited their a few times - once in Miami Beach and the second time in Ft. Myers. Any suggestions on how/where to start and where in FL to look. Also suggestions for across state real estate buying are appreciated!

Thanks.

[Eurodriver]

Florida's full. Hope you don't want a bargain. Prices are crazy now. Your first offer should be 10-20% over list if it is move in ready and you actually want the thing. Very much a sellers market.

Generally speaking the southwest coast is rich old white people from the midwest, the southeast coast is rich old white people from NE/NYC, and some Cubans and Haitians.

If I were shopping for a second home here I'd look in the Volusia county area just to keep away from all the snowbirds and have a bit lower prices.

[wilson1911]

First decide what coast you want to live on. The west coast is lots cheaper. Ft Myers is a great place, I lived on the beach 4 years there.

[Mr. Goodtimes]

I don't know what you plan on spending but if I were buying a vacation home or condo here the first place I would look would be Sanibel Island followed closely by Ana Maria Island or Long Boat Key.


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[SteyrAUG]

Condos are nothing but apartments with precarious real estate values.

Dade county is completely jacked up, unless you dig the Urban Hip Hop festival you probably want to live elsewhere.

[Linebacker]

I am partial to Northern Palm Beach County.

[SteyrAUG]

I am partial to Northern Palm Beach County.

Same as Broward, if you have a lot of money you can find a nice place, if you don't have a lot of money it can get pretty rough no matter how nice the houses look.

Problem with all of south Florida is a lot of really nice communities were built back in the 50s and 60s but have been completely overrun by urban sprawl.

[Sensei]

Florida's full. Hope you don't want a bargain. Prices are crazy now. Your first offer should be 10-20% over list if it is move in ready and you actually want the thing. Very much a sellers market.

That tells me that people are likely buying homes they can't afford - again.

I don't doubt you though. One of my friends bought a furnished house on SE 12th Ct in Ft. Lauderdale for just over a million back in 2009. I think that it previously sold before the crash for around $3 million. The place is amazing- on the channel with a lift, pool, 5000 sqrft., etc. Well, Zillow values it back at $3 million and neighbors seems to be selling for around that price. He timed that bitch just right.

[GH41]

I currently live in the North East and considering buying either a house or condo in FL for the purpose of going there on vacation, possibly renting and maybe even moving there one day.
My issue is that I don't know much about FL, except having visited their a few times - once in Miami Beach and the second time in Ft. Myers. Any suggestions on how/where to start and where in FL to look. Also suggestions for across state real estate buying are appreciated!

Thanks.

You better do all of your homework. Buying is the easy part. Keeping is the hard part. Monthly fees may be 3-500 a month for a small condo + a 3-5K insurance assessment yearly if it's on the coast. Non-resident property tax could be double the resident rate. It wasn't that long ago that you could pretty much buy water oriented condos nothing if you could handle the fees.

[Eurodriver]

That tells me that people are likely buying homes they can't afford - again.

I don't doubt you though. One of my friends bought a furnished house on SE 12th Ct in Ft. Lauderdale for just over a million back in 2009. I think that it previously sold before the crash for around $3 million. The place is amazing- on the channel with a lift, pool, 5000 sqrft., etc. Well, Zillow values it back at $3 million and neighbors seems to be selling for around that price. He timed that bitch just right.

Yep. Sounds about right.

My buddy had a house he bought in '89 for 60k. It was appraised at 250k when he refinanced in 2006 (a critical date - and don't ask me why. I'm just the messenger) spending all of his extra cash on cars and vacations and gambling.

Hes been underwater forever, but just sold it for $320k. List price was $279,999. His new home he bought for $374k. List price was $339,999. Insanity.

My previous work was in residential real estate. I have no shit, hand on heart, seen deals fall through because a buyer of a $250k home could not afford an $800 repair to qualify for (FHA) financing when the seller was selling as-is.

I've also seen people walk away from their dream home because they were stretched so thin that the unexpected $100/mo flood insurance put it out of reach.

I've got tones of anecdotes about people buying shit they can't afford since late 2014. It's crazy. It was like a light switched on and the floodgates opened.