Where to Buy In Florida
 

I just got back from a great vacation in Islamorada in the Keys. Of course, we started thinking about how it would be great to buy a place on the water where we could visit, rent out and then retire some day. Needless to say, we were shocked at how expensive everything was--most of the marginal 2br condos on the water are $600k+. Here's my question: where should we be looking in South Florida (east or west) for such a property that is not off-the-charts expensive, but on the water? I guess it's possible every place has been "discovered" but for someone in their 40's with some money but not too much to invest is their any hope? The two most important factors are water views and being as far south as possible. Thanks.

I have to laugh when I read the line 'water view'. Not at you, snealfleeba, but at the Florida real estate / building market.

Basically every development in S. Florida digs huge drainage ponds (and piles up the dirt), to turn low lying swampy land into not-so-low lying dry land with countless ponds. Everywhere you go, developments ranging from trailer parks to mansions, every lot can claim a 'water view'. Don't laugh - I've seen adds with the claim.

Good luck!!!!

I am not being facetious because waterfront and waterview in Florida seems to be commanding higher prices.

In our area of Florida you would not be able to find waterfront (marginal or not) for 600K. The HOT areas in Florida seem to be holding their values and/or increasing values rather well. The choice as to buying or not is a very personal one. You never know if you're buying at the HIGH or not or what that market will do.

J62--good point--I meant salt water as in ocean/gulf/bay--not a water hazard on a golf course.

I far from being an expert in Florida Real Estate but there have many recent posts on this forum about this very topic. Also there was a segment on 60 Minutes during the past year which dealt with the Florida Real Estate boom and how people are buying up beach community property as fast as it comes on the market and "flipping it" a short time later for tidy profits. When there is a sellers market like this there are never any bargins. Basically you should know that any property that is "on the water" or that has "water views" and is "as far south as possible" is going to be very expensive. There just isn't any undiscovered land and as J62 said nowadays the developers are filling in swampland to make room for more high priced dwelling units. Quite honestly if you can find a 2 BR Condo for $600K you should grab it because it's a steal in today's market.

I don't mean to put a damper on your plans but if $600K is too steep for your budget you may have to revise your thinking and find someplace farther from the water and give up the water view.

After seeing the Ft. Lauderdale area after Katrina hit... may I suggest someplace else. Right now waterfront property along Cape Cod is about to be hit by a major storm tomorrow and many of those people have had their home insurance policies cancelled. Try the Carolinas

No suggestions but a story. An architect friend retired and bought three lots in Port St. Joe, FL 9 years ago. Built on one lot, sold one, and held on to the other. Got sick of hurricanes, bugs, and humidity and moved to Arizona five years ago.

The lot he held onto is now on the market for $450K. He paid $10K for it. It isn't a direct oceanview lot but rather across the street. He plans to buy a Jaguar when it sells.

I don't know where the folks who have made comments on your question are from. I live in the Tampa Bay area, and I can assure you that there are condos with nice views of the Gulf or of Tampa Bay for well under 600K. Just today, I was looking at some real estate ads and noticed several condos with 2-3 bedrooms in the 250K-400K range. Not cheap, but certainly not as bad as others have said.

Now, if you want a private residence located right on the Gulf, on the bay, or even on one of the larger lakes in Florida, you can begin thinking of prices well above 600K. But in a condo or townhome, there are still some decent buys to be had. The most important thing, if you really want to invest, is to invest in a location that will hold its value. You'll need local help and advice on that subject wherever you decide to buy. Good luck.

He can have a whole pack of Jaguars for that amount amowsu!! :)

Hollywood Beach is cheaper than Miami to the South and Ft.Lauderdale to the north.

The keys are outragiously expensive.

"They" say we are going into a decade of hurricanes. Of course, "they" are confirmed pessimists. If it is true, land prices could go down...it just depends on what size mortgages everyone is carrying. I'm holding out to buy my own island. :-)

Some friends recently bought a home on one of the intercoastals that needed a lot of work. If you're willing to accept less than new and put in some elbow grease, you might pay less. Florida real estate is booming and homes are doubling in price in 3 - 5 years depending on location. Do think about the affect of hurricanes and the cost of being sure your home is as protected as possible.

Parrotmom- usually I think your replies are very good, but telling someone who is looking for waterfront property to stay away from Florida because of Hurricanes, and then say "try the Carolinas"? HELLO!!

The Carolinas?

Every single hurricane, tropical storm, and tropical depression that hit Florida and the Gulf Coast maje its way up through the Carolinas.

Don't forget that when Hurricane Hugo hit in 1989, it was STILL a hurricane when it hit Charlotte, North Carolina over 200 miles from where it came ashore in McClellanville South Carolina.

Storms that have hit North and South Carolina since 2000 NOT including 2005.

2000
Gordon
Helen

2001
Allison

2002
Arthur
Cristobal
Gustav
Kyle

2003
Bill
Henri
Isabel

2004
Alex
Bonnie
Charlie
Earl
Francis
Gaston
Hermine
Ivan
Jeanne
Matthew
Nicole
Otto

For the past 10 years, my parents have lived about 8 miles inland from Gulf Coast in north central Florida, with a river front home of probably 1000 square feet, built in the 1920's. Dad says this would sell in the $ 300,000 range now. I have heard that property south of there, on the beaches,etc is running very high, into the millions. Dad also complaining about the fact that his homeowners insurance has been cancelled, and he did not have any significant storm damage from the hurricanes (a few trees down.) Insurance is very expensive and hard to get in Florida.

They also have a home in Wisconsin, to which they return each May through October since Florida is too hot to live in during the summer (and Dad loves those 90 degree humid days.)

Something to think about.