What Can $800,000 Buy in South Florida?

Space. That’s the bottom line, as evidenced by the Miami Herald’s latest breakdown of what money can buy in the turbulent Florida housing market.

Space is the big thing in the $800K range, and that’s what’s sorely lacking when you are looking at half that amount (as evidenced by our past $375,000 and $180,000 market snapshots). A lot more room can be found for $800K, that’s for sure. Whether it’s limiting or liberating, intimate or grandiose, space can provide a function or offer repose.

One of the houses listed in the Herald this month — and among the first built by a renowned architect — did just that, ably serving owners for 36 years until they reluctantly decided to sell to be closer to family.

Today, with Florida mortgage rates all over the place and the area housing market acting more like the stock market, it’s nice to know a house was so treasured, that simply having a roof and a window with a view was enough.

The drawback? The monthly payments are not cheap. Not including taxes or homeowner’s insurance, the monthly bill son $800,000 Florida mortgage loans come to $4,045 for a 30-year, fixed-rate mortgage. That’s at 6.5 percent and assuming you can come up with a 20 percent down payment.

Here’s a look at what’s available around $800,000 in South Florida (click to enlarge):

The estimated annual taxes listed next to the homes for sale in this price range are based on sale prices and include a $25,000 homestead exemption. Broward County taxes are calculated using a countywide average mill rate.