My wife and I are thinking about moving there. Going down in April to scope things out....
Same as Glen. Inventory is low, and places are selling quickly. What kind of home are you looking for and what part of town?
We're in the process of getting into contract on a house in Miami, we're in the inspection period. We moved down from Brooklyn in December to be closer to family. It's been a ridiculous market for the past few months. Very much what we experienced in NY when we first moved up there. Houses are going into contract the same day they're listed, sight unseen, for over ask. Our realtor who's also a close friend told us in her 20+ years of being a real estate agent she's never seen this kind of frenzy in South Florida. It seems covid has everyone from the NE and West coast moving down here all at once. As mentioned above, very low inventory on top of a mass movement is driving prices sky high. As an example, I did some market research in the area we're trying to move into called Coral Gables, pre-covid prices were around $450-$500 per sqft for renovated homes. Right now a tear down gut job is going for at least $600 per sqft. We've been to many open houses and regularly count 20+ cars and families outside waiting to get in. Worst part is no signs of slowing down since there's still so many buyers and so little inventory.
Beautiful! Fist beer is on me then. If you give more specifics we can help better. The problem with the historic homes are most are east in near the ocean. This means you'll have very little land and be surrounded by snowbirds and more liberals. Another thing to consider is more expensive insurance and lack of hurricane proof construction. If you have any kids the public schools are another issue. It is nice being close to the ocean despite the traffic. Although even though I'm way out west near the glades it still takes at most 20 minutes to hit the beach. Now is tough to buy as inventory is very low. We are experiencing a massive influx of New Yorkers who are buying everything in sight, most paying above asking price.
Yeah I get that Anthony.....I can ignore liberals so that’s not an issue...also no kids. I like 20 mins to the beach lol
We had a house when I was a kid on Granada Road. It was a nice neighborhood. I want to say my dad paid something like $50k for the house back then. Then we moved to Eden Road on Palm Beach. Paid $125k for the house there around 1978 or so. Last sale of that house was something like $4,450,000.
El Cid has the kind of house you're looking for, but it too has been swept up in the demand for FL. There's a beautiful house (sans garage) on Aravale that had been floating around $1.2-1.8M for 20 years, now listed for $3M. Just to give you a sense of what happened in the last year. That kind of number was unheard of for El Cid. If you do go look, conventional wisdom is to stay east of Olive.
You can get on the wrong side of the tracks really quickly up that way. Anything east of I-95 and your homeowners insurance is going to be obscene. GL Homes just bought a huge parcel of land on West Atlantic, south of Boca Bridges and is putting in a huge neighborhood. Couple other new neighborhoods out west.
Prices are on fire. I have a rental home in Juno Beach/PBG with a 7 car Air Conditioned Garage that i am thinking of selling. I am scared to put it on the market in fear of it being gone and then the headache of rest of the deal. I know lots of Northeasterners are moving down and if someone is a car guy, my place is for him. My wife is a realtor and says homes in the 350-750K range are on the market for a day or so. Crazy times for sure.
it’s totally nuts.....we looked at 14 homes in a row week period.....all were pending within a day. We ended up with a 1.4m home that’s 1500 sq feet with a one car garage (historic Delray Beach area) I think the only reason we got it was that it small......it’s just the 2 of us so we are good with it. One Ferrari in the garage, the other stuff will be in a local storage facility lol.....
Congrats! We were outbid 3 times the last couple of months in a similar price range. We didn't get into bidding wars because those other homes didn't have everything we wanted, and we're comfortable in our temp rental so felt like we could wait for better opportunities. Finally got into contract for a house a few days ago but it's a complete reno project. One owner house from the 70's which while being very clean and well maintained, was a time warp with original wallpaper, furniture, and appliances. But it's in the exact area we wanted to be in, and an oversized 2 car garage.
It's crazy. Houses are lasting a day, and many my wife says are getting more than the asking price. I may list my home for around 530K. She said any car guy will scoop it up in seconds. No private residence has garage space like mine. I air conditioned the garage too, so it's super usable in the heat in South Florida. Glad you found a place, Historic Delray is a nice area and downtown Delray is a fun, happening place to go. ARA