What’s On the Market in South Florida? What Would Florida Mortgage Payments Be?

With the Florida housing market tepid these days, many sellers are turning to the popular website craigslist.org in hopes of attracting the right buyer. Here’s a look at some properties our staff found in the Miami area real estate section of the site this week, and what each would cost you, approximately, in terms of Florida mortgage loan payments. As you might expect, the properties run the gauntlet in terms of size, quality and price.

SOUTH BEACH CONDO
Price: $197,950
Square footage: N/A
Description: Amazing Lincoln Road and Michigan Avenue location! This true 1 bedroom / 1 bathroom unit is a rare find at this price… condo unit includes a brand new kitchen with wood cabinets and granite countertops. Also included are brand new stainless steel appliances. Lincoln Road is a location that is in high demand. Walk to the nightlife, beach, Flamingo Park and more.
Florida home mortgage payment: Assuming a 20 percent down payment of $39,590, and a 30-year, fixed-rate mortgage at 6.5 percent — $1,001 per month. Not bad! Taxes, condo association fees and insurance are extra, of course.

BROWARD OCEANFRONT
Price: $298,895
Square footage: N/A
Description: 2508 Bay Drive at A-1-A (North Ocean Drive). The best value with the best views on the ocean in all of Southeast Florida. Small studio. Gutted in 2002 and rebuilt all new. Possible rental property or condotel usage. The building faces the inlet, lighthouse, ocean & beach with a private gated entrance to the Beach.
Florida mortgage loan payment: Assuming a 20 percent down payment of $59,779, and a 30-year, fixed-rate mortgage at 6.5 percent — $1,511 per month, sans taxes, insurance, etc.

CORAL GABLES TWO-BEDROOM
Price: $368,900
Square footage: 1,875
Description: Spectacular single-family on historical Coral Way! Walking distance to everything and minutes to downtown. Beautiful, more than meets the eye! This spectacular unit exudes charm throughout. This home features a very spacious living area with large kitchen, perfect for entertaining, high ceilings, upgraded lighting, spacious bedrooms with large walk-in closets with full size washer/dryer. Concierge service, 24 hour security & deeded parking spaces.
Florida mortgage payment: Assuming a 20 percent down payment of $73,780, and a 30-year, fixed-rate mortgage at 6.5 percent — $1,865 a month.

BIG PRICE REDUCTION
Price: $478,500
Square footage: 2,120
Description: Reduced $64K from initial list price. Gated community area, swimming pool on property, many renovations. Spacious living area. Come make an offer, motivated sellers willing to negotiate.
Florida mortgage payment: Assuming a 20 percent down payment of $95,700, and a 30-year, fixed-rate mortgage at 6.5 percent — $2,420 a month. Hope you have job security!

MORNINGSIDE CONTEMPORARY
Price: $999,000
Square footage: 3,300
Description: Located minutes from I-195 and U.S. 1, this gated Morningside home is convenient to all shopping, workplace and recreational areas of Miami and Miami Beach. Structural, mechanical, finishes and fixtures are all new and of premium quality. This home was built with meticulous attention to design, details and workmanship.
Florida home loan payment: A lot. If you have to ask, it’s probably not in your budget! Unless you are talking about a jumbo mortgage, of course…