Typical Homes Worth $1 Million In South Florida

[Bling]

ITS ALL ABOUT LOCATION LOCATION LOCATION!!

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.



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

[swirlundergrounder]

Yeah, right now we rent a 3 bedroom townhouse in the Eastern Shores right on the water. The canal leads right to the ocean. Even though my landlord won't admit it I think he's getting ready to sell it. About 7% of the townhomes in my neighborhood are for sale.

My landlord had an appraiser here the other day taking some measurements. Even though my landlord says that he's taking measurements to possibly do home improvements to the townhouse I'm renting I think he's assesing his investment to possibly sell it.

This kind of throws a wrench in our plans because our next step from here is to buy a house but we haven't decieded on a particualar area yet and we were going to wait until next year. This might even force us to move pre maturely out of Florida to San Diego possibly. The housing market here in Florida is out of control right now. And to get what you want you are going to have to spend an arm and a leg to get it or move way out West.

I'm hoping that my landlord is not going to sell for at least another year.

[saintjohn]

I was researching an article about Victoria Park for Home Fort Lauderdale magazine last week - there are million-dollar houses in that neighborhood being sold as knock-downs.

[JMT]

some players here in PBC are expecting housing values to fall at least 10% in the next few months.

[Slide On The Ice]

Dude, I researched homes in Georgia via BuyOwner a couple of months ago and it was unbelievable that there were beautiful 5 bedroom homes selling for what a 2-3 bedroom house sells for down here. I am looking to sell my current new condo when the value goes up, and buy a house in Port St. Lucie. I found countless homes in Port St. Lucie with 3-4 bedrooms selling for 260-280, where the same size home down here is going for over 400.

Last night my cousin, my roommate, was flipping out while showing me homes for sale in Texas, San Antonio, that are huge, up to 3000 square feet with 3-5 bedrooms, all under 300. There are homes there going to 245-300 that would be over a million and more here. It is crazy. I wonder if I should move to San Antonio. ???

[Slide On The Ice]

Originally Posted by JMT

some players here in PBC are expecting housing values to fall at least 10% in the next few months.

I don't see it happening. We're boxed in between the Everglades and the ocean, there is no room to build and expand, and more and more people move to south Florida every month. Supply and demand. As long as people keep coming, and there is no place to build new homes, the current homes will keep going up in value. Not the way it has over the last 2 years though, it will slow down, but I seriously doubt that the values would decrease at all.

Supply and demand, with no room to grow...that's why homes are selling in Texas for 225-300,000 that are selling by comparable size and square footage, here in the million dollar range.

[JMT]

Originally Posted by Slide

[quote author=JMT link=board=6;threadid=25042;start=0#msg294736 date=1140107950]
some players here in PBC are expecting housing values to fall at least 10% in the next few months.

I don't see it happening. We're boxed in between the Everglades and the ocean, there is no room to build and expand, and more and more people move to south Florida every month. Supply and demand. As long as people keep coming, and there is no place to build new homes, the current homes will keep going up in value. Not the way it has over the last 2 years though, it will slow down, but I seriously doubt that the values would decrease at all.

Supply and demand, with no room to grow...that's why homes are selling in Texas for 225-300,000 that are selling by comparable size and square footage, here in the million dollar range.
[/quote]

we arent boxed in anywhere yet. there is still plenty of room out west, at least in pbc and broward. and you are forgetting about the hurricanes every year. i have been condo shopping for several months now, the demand has slowed to meet supply and the asking prices are going down. im not making that up, thats what people who sell real estate for a living are saying. condos could go down by 20%.

[all4tribal]

take west kendall for example...homes there 6-10 years ago sold for $90-100k and now they are worth half a mil

it's not just south florida that has been booming, im sure most of you know...in northern va close to washington dc where i grew up, you can only find townhomes in the 500-700k 3/2 range...forget bout homes.

[slamminshaun]

Originally Posted by Slide

Dude, I researched homes in Georgia via BuyOwner a couple of months ago and it was unbelievable that there were beautiful 5 bedroom homes selling for what a 2-3 bedroom house sells for down here. I am looking to sell my current new condo when the value goes up, and buy a house in Port St. Lucie. I found countless homes in Port St. Lucie with 3-4 bedrooms selling for 260-280, where the same size home down here is going for over 400.

Last night my cousin, my roommate, was flipping out while showing me homes for sale in Texas, San Antonio, that are huge, up to 3000 square feet with 3-5 bedrooms, all under 300. There are homes there going to 245-300 that would be over a million and more here. It is crazy. I wonder if I should move to San Antonio. ???

I purchased my home in PSL for $389,000 last year. It's 5 bedroom, 3 bath, gated community, on a cul-de-sac, on a big lake. People were laughing at me on this board a year ago when I said it would be a matter of time before PSL would seem attractive. A home like this in Miami would be about 1.5 million all day long...

By the way, if you need a mortgage when you relocate, I know this dude, best in the business in Port St. Lucie... www.suntrustmortgage.com/swilliams ;D

[all4tribal]

Originally Posted by Slammin'

[quote author=Slide On The Ice link=board=6;threadid=25042;start=0#msg294737 date=1140107970]
Dude, I researched homes in Georgia via BuyOwner a couple of months ago and it was unbelievable that there were beautiful 5 bedroom homes selling for what a 2-3 bedroom house sells for down here. I am looking to sell my current new condo when the value goes up, and buy a house in Port St. Lucie. I found countless homes in Port St. Lucie with 3-4 bedrooms selling for 260-280, where the same size home down here is going for over 400.

Last night my cousin, my roommate, was flipping out while showing me homes for sale in Texas, San Antonio, that are huge, up to 3000 square feet with 3-5 bedrooms, all under 300. There are homes there going to 245-300 that would be over a million and more here. It is crazy. I wonder if I should move to San Antonio. ???

I purchased my home in PSL for $389,000 last year. It's 5 bedroom, 3 bath, gated community, on a cul-de-sac, on a big lake. People were laughing at me on this board a year ago when I said it would be a matter of time before PSL would seem attractive. A home like this in Miami would be about 1.5 million all day long...

By the way, if you need a mortgage when you relocate, I know this dude, best in the business in Port St. Lucie... www.suntrustmortgage.com/swilliams ;D
[/quote]

i remember that thread

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