Thursday, March 31, 2022

Miami with My Amy


 

Yesterday's post was the April Fool's post. "I parlay floods" is an anagram for "April Fool's Day." The picture is of a listing for an $11 million unit, which yes I covet but no I am not buying nor will I ever be able to afford in my lifetime.

But, it is true that I am on the hunt in Miami Beach. In the $200's and $300's, or maybe into the $400's and $500's if I'm feeling frisky, I'd pull the trigger for a place whose on-site amenities allowed for a leisurely view of Biscayne Bay (i.e. west-facing, rather than ocean-facing). I've given up paying for a private view but I'll take it if the price is right. And I'm assuming, and really preferring, that the unit is really small - 1-bedroom or even studio, and no more than 500 square feet, in order to keep ongoing costs (namely HOA and property taxes) low.

The photo above, for example, is a unit at 13th and West, which is a 1-bedroom, 1-bath going for $300,000. 445 square feet, HOA + property taxes about $700/month. All squarely in my sweet spots. I'd be more excited but the reviews for condo management for this property are terrible. But, just to give you an example of what is available that for me is affordable and attractive.

Greater Miami is having a bit of a moment, as the mayor of Miami seems to be pulling all the right strings so business folk and remote workers alike are flocking to the area. This makes rents higher, which helps my numbers since I'm looking for something that I can rent out most of the year for now, but it also drives up prices ever so slightly or in some cases by quite a lot.

That, plus high property taxes and HOA fees and the prospect of both going even higher as it becomes more expensive to keep sea level rise at bay, mean that for me there is no sure bet yet where all the numbers align and I can pull the trigger. So I will keep hunting.

An increasingly likely scenario is that we not only buy and hold, but that we buy and move, albeit not likely in the foreseeable future. But when the birds are out of the nest, a permanent move to year-long sunny skies is feeling like something worth working towards. Amy, who though she grew up on the East Coast has long tired of the punishing winters, is with me 110 percent. 

So, if something pops up, we'll go for it, rent it out until we're older, and then maybe move there. And if nothing pops up, we could wait until we're ready to move and then buy and live. Either way, Miami with my Amy sounds good to me.

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