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Thread: Is $100,000 good enough for Miami?

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    Default Is $100,000 good enough for Miami?

    I recently was able to earn $100,000 on a business deal, and I've only just turned 20.
    I've been thinking about moving to Miami, but I could be over my head here (note that I'm only 20 so please go easy on me if I sound ignorant :P )

    I've always wanted to own an apartment in some sort of tower on a high floor in Miami. Exactly how much money would I need to buy out an apartment with around $100,000 to spend?

    Is $100,000 too cheap for an average apartment with a *somewhat* good view of the ocean/beach in Miami on a high floor tower building? I've looked online and a lot of condos/apartments/lofts cost from $400,000 to over $1,000,000.

    Do I not have enough money? I only make around $1000 a month*.
    Or is Miami too expensive for me?
    It doesn't have to be fancy at all, not does it even have to overlook the beach, but I would really prefer anything that's in a tower building on a high floor in Miami.

    I do NOT want to rent, but if this is too expensive for my price range, how much would it cost to rent at this budget?
    Last edited by TomGreenes; 07-15-2012 at 09:10 PM.

  2. #2
    Senior Member Blackford Oakes's Avatar
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    Default Re: Is $100,000 good enough for Miami?

    Slow down and don't commit a dime.
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    Default Re: Is $100,000 good enough for Miami?

    Ummm...

    How much money on average would it cost to rent an apartment on a high floor in Miami?
    Let's put it that way then.

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    Default Re: Is $100,000 good enough for Miami?

    Hi Tom, welcome to the forums and congrats on the earnings!
    100k could buy you a nice one br in Miami beach, with a view of the ocean. You may have to buy further up Collins Ave in mid beach but it is doable. Many apartments here are in foreclosure and there are some great deals. However, if you leave yourself with no money left, always check the maintenance fee on the apartment, as many buildings have high service charges. 1000 a week though is a nice salary and you would be fine here living on that.
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    Default Re: Is $100,000 good enough for Miami?

    Oh darn, that's actually supposed to say $1000 a month.
    Does that change a lot of things?

    What about renting apartments? How much money would you say an average person would need a month, say...
    for an apartment on a high floor in miami, overlooking the beach?
    1 bedroom, 1 - 2 bathrooms?

    I've looked online and I keep seeing things I'm not looking for...

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    Senior Member GandJ's Avatar
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    Default Re: Is $100,000 good enough for Miami?

    It's not just a matter of finding something for $100K. You said you earn $1000/month. Keep in mind you'll need to pay property taxes, condo fees, property insurance, and need money for transportation/commuting, eating, etc. That will eat up your income pretty quickly.



    Glenn

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    Default Re: Is $100,000 good enough for Miami?

    Hi Tom!

    Congrats on the business deal! Before you commit and buy in any high rise I would rent an apartment short term to see how you like the building. Try calling West Ave Realty in South Beach. They know all the high rises pretty well. But like Glen said with property taxes and monthly common charges that will eat up a lot of your budget. I would do a small art deco building in South Beach.

    This looks like a great deal:

    http://miami.craigslist.org/mdc/reb/3135976032.html

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    Default Re: Is $100,000 good enough for Miami?

    It does look like a nice deal but it doesn't look like a high rise.

    Let's say I wasn't looking to buy, but rent then.
    Are there usually a lot of high rise apartments (apartments in high story buildings with lots of floors)
    that go for rent in Miami?

    I mean, would at least $50,000 in rent cover me for about a year for a high rise apartment in Miami (excluding all fees, food, electricity, etc.) ?

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    Default Re: Is $100,000 good enough for Miami?

    50k should cover you for a year but I wouldn't intentionally plan on spending that amount because then you will. You can find nice apts w/ocean views for under $2,000 (1 bed) and those will include the association fees and pkg for 1 car. You would, however, have to pay application fees and deposits, albeit refundable (not the application fee but rather deposits), to the association. 25th and collins has one now for $1,950 and a bit further up at 54th and collins also has an ocean view 1 bed for under 2k. I definitely would agree to rent before buying in your case. Now the question becomes, how much do you eat????
    GOOD LUCK!!

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    rk
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    Default Re: Is $100,000 good enough for Miami?

    Blackford's advice is right on. Hold on to that money and do not spend it on rent/purchase. $100k will not buy you anything like what you have in mind, and even if you settled for something not as nice, you'll not be able to hold it for long between taxes, hoa fees, insurance, utilities.... as others noted.

    At your age I would put it in a lockbox and focus on studies.
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    Editor Matt Meltzer's Avatar
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    Default Re: Is $100,000 good enough for Miami?

    Dude, a grand a month in Miami won't even feed you. If you REALLY want to move here you're gonna have to rent and then just use that money you have to live off. That $1000 a month won't even cover your rent. $3000 a month is tough to live on here. And that's not even living in South Beach. That's living in like Little Havana or Kendall.

    Past that, I'm the absolute last person to ever give anyone financial advice, but put that money somewhere it can make money for you. South Florida real estate should be right before blackjack on your list of places that will do that. You have an unusual opporutnity to have some capital at a young age (most people never do) so maybe use it to make more and hold off on your South Beach dreams until you have some REAL coin to throw down.

    And don't worry. The pretty girls will still be here.
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    Default Re: Is $100,000 good enough for Miami?

    May I ask, Tom, why you fancy an apartment in a high rise overlooking the beach? Has that been a dream of yours for a while?

    If you are business savvy and have a good idea of how to invest that money wisely to make it grow, I'd do that if I was you. Otherwise, I'd take rk's advice. Go to school, you're young. Don't touch it until you have a concrete idea of what you want, and why. And definitely don't use any of it to RENT such an apartment. You'd be throwing your earned money out the window.

    Maybe just come visit and treat yourself to a nice vacation in Miami for the time being. Good luck.

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    Default Re: Is $100,000 good enough for Miami?

    Hi tom and super congrats on your big win!
    If you really want to buy you'd prob be a first time homeowner, like me. Check out Homepath.com. They only require 5% down pymt but the catch is you gotta live in the unit for 1 year, must be a 1st time homeowner, and they're all foreclosures. So you'll need to give it some love.
    If you need a realtor PM me bc I know the best person, someone who takes his profession seriously, is always on time, and won't screw you over. I promise.
    Good luck!

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    Default Re: Is $100,000 good enough for Miami?

    Well from the looks of it, I think I'm going to be just renting then for about a year.
    I mean I'm really only looking for a 1-bedroom at minimum (though overlooking the beach in a high rise), so I do hope at least $50,000 would cover it for about a year, or is this too much?

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    Default Re: Is $100,000 good enough for Miami?

    @Tom,

    My life circumstances are vastly different than yours but we are both looking for the same thing.

    I am not saying this is a good move for you, but you can definitely rent a very nice apartment at one of the high rise buildings on the beach (elevator access to the beach), in a high floor - 11th floor and above, with sweeping ocean/city views, for less than $ 3,000 per month. This is for lease, 1-bedroom, and it is not in South Beach, but everything else fits what you described.

    The building I like is called AKOYA and they are very good at responding quickly and with several options:
    http://akoya-miami-beach.com/

    I have to concur with the other people here that you will need quite a bit of cash for the rest of your living expenses so that 100K may go pretty fast. Unless you make another business deal ;-)

    Good luck on your decision!
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    Senior Member Blackford Oakes's Avatar
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    Default Re: Is $100,000 good enough for Miami?

    Where do you live now ?

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    Editor Matt Meltzer's Avatar
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    Default Re: Is $100,000 good enough for Miami?

    Akoya is a looooong way from South Beach, just FYI. Great spot, but you're taking cabs to the clubs and whatnot.

    You're gonna blow half your money on rent for a year? Sure, you COULD do it, but my guess is you'll regret it. Especially since that $1000 you make a month will probably go for half a table at LIV or something. Saying money goes fast here is an understatement.

    I know you're 20, but believe me you will have exponentially MORE fun if you say "forget it" for now, let that money make some money for you, and do this when you're in your late 20s. Your options for chicks will be a lot more, you'll have a lot more money, and you'll know what to do with it better. As one who has spent both those ages in South Beach, I will say it's waaaaay more fun when you're a little older. And like I said, it'll still be here. Blow it all now and you'll regret it later.

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    Default Re: Is $100,000 good enough for Miami?

    Yep, Matt's right on the last one. At 20, you're not even able to get into most drinking establishments. Wait til you're a bit older, if the Mayan calendar is wrong, you'll have plenty of time to come and party. The beach isn't going anywhere neither are the girls.

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    Default Re: Is $100,000 good enough for Miami?

    If I had that money I would consider buying investing, or buying a place where you can live in an apt and rent the rest like a multi unit property, or a home with an efficiency. Where you lay your head is only half of what Miami is. I live on the beach, but further north. And I spend time with my friends my girl friend, hell there are at least 2 days a week I wake up and I'm not in my apartment. Living near the beach can be just as nice when you're saving money.

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    Default Re: Is $100,000 good enough for Miami?

    Hey Tom,

    Since making $100,000 is a big deal you should do something to celebrate. Why don't you plan a trip to Miami for a week or two and see how you like it? If you know how to budget you could even come here for a month or so and stay in hostels and meet other young people, and could maybe spend $2000. But overall investing in real estate is smart at a young age. Maybe you could find a place that's more affordable in a different part of Florida.

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