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IceEnclosure · 07:34 AM

http://www.nbc6.net/money/7095389/detail.html

Typical Homes Worth $1 Million In South Florida

POSTED: 8:20 pm EST February 15, 2006

MIAMI -- One out of every five homes for sale in Miami-Dade County is priced at $1 million or more, and Broward County might not be far behind.
"It says three bedrooms, two baths -- $989,900. Almost $1 million," said Dorothy Giuffrida.
It might not look like it from the curb, but in South Florida, Giuffrida's house is one of today's million-dollar homes.
The house isn't big --1,050 square feet. Its selling point is the canal leading to the ocean.
There are six $1 million homes for sale in Giuffrida's neighborhood and hers is the cheapest.
"The market is real high right now. We can make a lot of money," Giuffrida said. "It's like every other house around here was going for it."
NBC 6 set out to find typical neighborhoods where million-dollar properties are popping up.
In 1995, only 41 homes sold in Miami-Dade and Broward counties for $1 million or more. Six years ago, 254 sold. Last year, more than 1,400 homes brought in seven figures.
"If I knew my neighbor sold their homes for $1 million I'd be counting my money. Wouldn't you?" said Kathleen Prior, a Keller Williams realtor.
Prior broke out the zip codes where the most homes are now starting to edge over the $1 million price tag. Parkland (33076), Pompano Beach (33062), Davie (33330) and the Coral Ridge section of Fort Lauderdale (33308) top Broward County's list.
"This is a beautiful quiet neighborhood. Victoria Park is hot," Prior said of the neighborhood just north of downtown Fort Lauderdale where a 2,400-square-foot home with three bedrooms is selling for $1 million.
Hurricane damage is no problem if you're in Lighthouse Point, where one 1,200-square-foot home is worth $1 million.
Bernard Rehhaut is cashing in. His Polynesian themed property isn't on the water, isn't near the ocean, isn't overwhelming from the curb, but the North Miami home he paid $220,000 for six years ago is making him rich.
"(I feel) like a millionaire. It feels great," Rehhaut said.
The Miami-Dade County zip codes with the most homes pushing onto the $1 million list are Perrine (33157), Killian (33176) and parts of Kendall and Pinecrest (33156).
The Frybargers own a 2,400-square-foot home in Hollywood they bought seven months ago for $760,000. Their community just east of Interstate 95 is so hot, the home is now worth $1 million.
"It's just crazy. It really is," said Omara Frybarger.
NBC 6 found a 1,900-square-foot home in Sunny Isles worth $1 million.
"The condition is not the selling feature of this home. The location is purely the selling feature," Prior said.
So even if your home doesn't look a million bucks, it might be worth it in the right location.
To view more million-dollar zip codes, visit Keller Williams Realty at http://130534.yourkwagent.com/home.

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I'm renting in Victoria Park, and it is pretty crazy. Across the street there's four little houses in a row, all very pretty and well landscaped and such, just a bit small. I understand they're 1 Mil each.

I don't foresee myself being able to buy a modest home in this (SoFL)market until it fizzles up and dies. And around here, who knows when that will happen.

rozwado1 · Feb 17, 2006, 06:41 AM

Interested in a custom-built home on acreage in Brevard county?

IceEnclosure · Feb 17, 2006, 07:33 AM

Originally Posted by rozwado1

Interested in a custom-built home on acreage in Brevard county?

Interested, sure. Able? Nope!

Cody Dawg · Feb 17, 2006, 07:57 AM

Yeah, I live here and our home appreciated 500% in only 3 years.

It's happening all over Florida.

The worst thing is our local government that might actually put us in jail for having REFLECTORS at the ends of our driveways.

Hey, if I don't post here anymore it's because they locked me up!

Dakar · Feb 17, 2006, 07:58 AM

So is there really that high demand?

zerostar · Feb 17, 2006, 08:00 AM

Prices are insane, I too live in Florida, but in Martin County and some of the homes in our neighborhood have reached 3-4 million dollar figures. I WOULDN'T buy the house I live in even if I COULD afford to, good thing we brought here while it was a nothing town, the bad news is that we are stuck in this house unless we move or the housing market crashes.

Around here it looks like sales are in the toilet while prices went up another 23% last year. Triple the listings and the homes are sitting longer and longer. Bad signs. I sold all our property last year and it took forever, I was firm and am glad it is all gone. I know at least 2 of the buyers had interest only loans and we probably looking to flip in a few years. I feel sorry if that doesn't work out.

sknapp351 · Feb 17, 2006, 08:22 AM

I'm originally from Collier County, and I've sworn never to live there again. South Florida, both East and West, is becoming so intent on achieving an aesthetic utopia that it is nearly impossible for your average people to live there. My family had a Collier County code enforcer come threaten us with a $200 per day fine for having a downed tree limb and some leaves in our back yard. These were completely non-visible from the street. The only thing we could guess is that it was seen from a house construction site nearby. Apparently in Collier County any yard waste such as leaves, tree limbs, or pine needles become litter after two days. My family has since sold that house and left the state. I really enjoy Sarasota/Tampa area where I went to undergraduate school, but have to wonder how long until that area is just as bad.
SAm

TailsToo · Feb 17, 2006, 07:17 PM

I lived in WPB 5 years ago just as housing prices starting getting crazy... now none of my friends can afford to live there anymore... it's crazy... it was a nice area, but not that nice...

The Godfather · Feb 17, 2006, 07:53 PM

Originally Posted by IceEnclosure

I don't foresee myself being able to buy a modest home in this (SoFL)market until it fizzles up and dies. And around here, who knows when that will happen.

The fact that 20% of the houses are worth $1 million doesn't mean that the other 80% are unaffordable. Why worry about prices in the fanciest part of Miami, if you can buy a house next to the railroad track in Hialeah now?

IMO, the rise in value of houses in this state is simply a reflection that FL is the best place to find a job in the country right now.

k squared · Feb 17, 2006, 09:01 PM

Originally Posted by Dakar

So is there really that high demand?

In Miami a lot of the demand comes from South/Central American investors looking for quick flips and investments. I graduated with a guy from Guatemala whose mother had a pretty good method down: she would put a down payment on a pre-construction unit and then sell it before the closing date. Take the profit and repeat. A few flips and you can buy a condo for cash. Multiply this by a lot of wealthy foreigners and a crazy market develops. Miami has a fantastic building boom going on -- but no one is living in the new units because the units are investments.

DigitalEl · Feb 17, 2006, 10:46 PM

I graduated with a guy from Guatemala whose mother had a pretty good method down: she would put a down payment on a pre-construction unit and then sell it before the closing date. Take the profit and repeat. A few flips and you can buy a condo for cash. Multiply this by a lot of wealthy foreigners and a crazy market develops. Miami has a fantastic building boom going on -- but no one is living in the new units because the units are investments.

Arizona here. Same type of market activity, but it's Californians frakking things up, not "foreigners." People from L.A. and elsewhere are selling their modest homes for > $1 million and coming to Phoenix. They can then buy really nice houses for half that and pay cash. With the rest, they buy 2 or 3 starter houses and rent them out.

Frakking renters are ruining neighborhoods. With no stake in the community, college kids pile into a house or white trash/ghetto people who would otherwise be in crummy apartments somewhere. My wife and I are now two houses up and past Starter House Hell, but I feel bad for people who work hard, follow the rules and buy their first house, only to have a bunch of renters next door who don't care about sh!t.

IceEnclosure · Feb 18, 2006, 12:09 AM

Originally Posted by The Godfather

The fact that 20% of the houses are worth $1 million doesn't mean that the other 80% are unaffordable. Why worry about prices in the fanciest part of Miami, if you can buy a house next to the railroad track in Hialeah now?

IMO, the rise in value of houses in this state is simply a reflection that FL is the best place to find a job in the country right now.

Who wants to live next to the railroad track in Hialeah? Not me.

Anyhow, everything is inflated around here. Even in the lower end of the market. I'm not in the market right now so I'm not really bitchin', just talkin'.

waxcrash · Feb 18, 2006, 12:15 AM

My grandfather bought real estate in Ft. Lauderdale back in the 60s. Nice condo with an ocean view. It is always nice to have a nice place to chill when I want to get away from Chicago. The only problem is FLORIDA sucks.

IceEnclosure · Feb 18, 2006, 12:42 AM

Originally Posted by waxcrash

My grandfather bought real estate in Ft. Lauderdale back in the 60s. Nice condo with an ocean view. It is always nice to have a nice place to chill when I want to get away from Chicago. The only problem is FLORIDA sucks.

what sucks when you come to my fair town?

DigitalEl · Feb 18, 2006, 01:30 AM

My wife and her parents just went there for a wedding. Said traffic sucks and nobody speaks English. Of course, that describes Phoenix, too.

wdlove · Feb 18, 2006, 09:16 AM

Originally Posted by Cody Dawg

Yeah, I live here and our home appreciated 500% in only 3 years.

It's happening all over Florida.

The worst thing is our local government that might actually put us in jail for having REFLECTORS at the ends of our driveways.

Hey, if I don't post here anymore it's because they locked me up!

Not to worry Cody, I've got your back. Friends stick together.

Just like here in Boston, all goes wit supply and demand.

The Godfather · Feb 18, 2006, 01:33 PM

Originally Posted by IceEnclosure

I'm renting in Victoria Park, and it is pretty crazy. Across the street there's four little houses in a row, all very pretty and well landscaped and such, just a bit small. I understand they're 1 Mil each.

I don't foresee myself being able to buy a modest home in this (SoFL)market until it fizzles up and dies. And around here, who knows when that will happen.

Maybe we have to fathom that oceanfront property is for trustfund babies.

macroy · Feb 18, 2006, 07:58 PM

Location, location, location....

Otherwise, who would buy this double wide looking thingy for 1.4 mil?

edit: Looks like I pulled the trigger too fast..... its on 2 acres of land... that's actually a great bargain.

The Godfather · Mar 13, 2006, 07:40 AM

Originally Posted by IceEnclosure

Who wants to live next to the railroad track in Hialeah? Not me.

Anyhow, everything is inflated around here. Even in the lower end of the market. I'm not in the market right now so I'm not really bitchin', just talkin'.

http://www.zillow.com/search/Search....mp;mode=browse
Average for zip 33504: $178k

Anyone who says they there isn't any affordable housing is not looking hard enough.

The Godfather · Mar 13, 2006, 07:40 AM

d.p.

wallinbl · Mar 13, 2006, 07:53 AM

Originally Posted by Dakar

So is there really that high demand?

In Florida, land near the water is at a premium. I'm not referring to waterfront or blocks from the water, I'm referring to the entire metro areas of Miami, Naples, Sarasota, Tampa, etc. A lot of these areas are built around bays or inlets, where the water comes up into the land because back in the day, this made for a useful port. It now means that traffic has to be routed around the water, land is in shorter supply, people are moving here in droves, and so houses in convenient locations are now worth a ton. For the lucky ones that bought in those areas when things were cheap, it's a major boon. In the Tampa area, we have plenty of new construction, but for the most part, it's pretty far away from the main parts of the area where you might find a job. If you want affordable, you have to get pretty far away.

Contrast this to a growing area like Atlanta, where land is in no short supply. People in Atlanta will tell you that it's getting expensive, but it's a joke in comparison with Florida, which is a joke in comparison with much of California or areas like DC or Boston.

wallinbl · Mar 13, 2006, 07:57 AM

Originally Posted by The Godfather

http://www.zillow.com/search/Search....mp;mode=browse
Average for zip 33504: $178k

Anyone who says they there isn't any affordable housing is not looking hard enough.

That $178K is right at the end of an airport runway. On top of that, $178K isn't that affordable for a first house. If you have little to put down, you're looking at a decent sized mortgage payment.

The Godfather · Mar 13, 2006, 12:00 PM

Originally Posted by wallinbl

That $178K is right at the end of an airport runway. On top of that, $178K isn't that affordable for a first house. If you have little to put down, you're looking at a decent sized mortgage payment.

Noise cancelling headphones for mom, dad, the kids, and the dog!

$178k isn't affordable for a first house? With 5% down and 5% APR, the monthly payment is $1000 for 30 years. Renting is marginally cheaper.

itai195 · 12:39 PM

Originally Posted by wallinbl

That $178K is right at the end of an airport runway. On top of that, $178K isn't that affordable for a first house. If you have little to put down, you're looking at a decent sized mortgage payment.

I don't think in San Jose I could buy a roadside ditch to live in for $178k, I'd gladly buy a first house at that price. Median home price here is $720k these days but starting to trend back down. It's ridiculous that my wife and I work full time, make well over the national median income, and couldn't even dream of owning a house here (unless I was willing to go for some crazy mortgage scheme).

DigitalEl: You may have one more Californian to welcome to your area soon, me! Planning to move to the Phoenix area in 2008 and buy a house.

wallinbl · Mar 13, 2006, 01:03 PM

Originally Posted by The Godfather

$178k isn't affordable for a first house? With 5% down and 5% APR, the monthly payment is $1000 for 30 years. Renting is marginally cheaper.

Add in property taxes ($3K or more in that area, I'd guess) and homeowner's insurance ($2K or so), and you have another $400-500/month on your payment. Throw in the "hidden" costs of owning a home - repairs (no landlord to call about the heat pump), bills (an apartment gets heat insulation that a house won't get), etc, and it's a significant difference.

wallinbl · Mar 13, 2006, 01:04 PM

Originally Posted by itai195

It's ridiculous that my wife and I work full time, make well over the national median income, and couldn't even dream of owning a house here (unless I was willing to go for some crazy mortgage scheme).

Why stay there, then? I'm actually pretty curious about this every time I read about that sort of thing. I know moving is tough, but not being able to own a home seems significant to me.

itai195 · Mar 13, 2006, 01:09 PM

Originally Posted by wallinbl

Why stay there, then? I'm actually pretty curious about this every time I read about that sort of thing. I know moving is tough, but not being able to own a home seems significant to me.

That is the question

We are planning to move to Arizona, it's just a matter of when. My wife is in school, so we're waiting for her to finish. In addition she runs her own business and that adds various complications. For now her business is growing rapidly and we have a good rental situation, so I'm willing to stay and save up a bit more until she's done with school.

The only compelling reason not to move is to stay near family, and they are guilt tripping us like crazy to get us to stay. That reason got less compelling when both of our brothers moved out of the area, and with my sister saying she'll likely move to Arizona if and when we do. We both love the Bay Area and love the weather, but we can't afford to own a home and start a family here, so, as you said, why stay here...

olePigeon · Mar 13, 2006, 01:17 PM

Originally Posted by The Godfather

http://www.zillow.com/search/Search....mp;mode=browse
Average for zip 33504: $178k

Anyone who says they there isn't any affordable housing is not looking hard enough.

http://www.ambrosiasw.com/forums/ind...=sc&cat=19

Average for zip 95135: $684,000. Just below that in Morgan Hill, $819,000. Now, combine that with the average Teacher's salary. Not gonna happen.