What Does $650K Get You in South Florida?

In today’s housing market, a half-million dollars is pretty much considered the benchmark for a nice, but not luxurious property. So what do you get when you go over that mark by a decent amount?

The Miami Herald takes a look at homes in the $650,000 to $700,000 price range around South Florida in today’s paper. You can buy yourself a home with a nice saltwater pool, a modest bungalow with 70 feet of waterfront property, or a retreat into the jungles of Coconut Grove. Among many others. Check out the full slideshow to see for yourself.

Of course, it’s not all fun and games when you look at the Florida home loan costs associated with such places. The mortgage on a $675,000 house comes to about $3,500 per month, if you have a 30-year fixed-rate home loan at 6.75 percent, and a down payment of 20 percent (in this case, $135,000). Good luck getting approved for (and affording) a no cost Florida mortgage of that size!

Oh, and just to add insult to injury, the above sum does not include any property insurance or property taxes, which will likely vary in Miami-Dade and Broward counties due to differing mill rates.

Whether you are looking to become a serious player in the South Florida housing market or just poking around, the slideshow is educational and fun. Previously, the Herald looked at properties a shade under the $500,000 mark. For a look at what you get for around $400,000, be sure to follow this link as well. Enjoy.