What Can $900,000 Buy in South Florida?

Hey, it never hurts to look.

Why not see what’s out there in this new, alleged buyer’s market? You may be surprised. Hot neighborhoods are still hot, with just a few steals. But look beyond the beach or the bay and you can find a place that’s more than 4,000 square feet for under $1,000,000.

In the $900,000 range, the first thing you’ll notice is not only location, but amenities. Not to mention space. When your price range is about half (please see our $375,000-range market comparisons from last year), you’re just not going to get nearly as much space.

Still, who’s got $900,000 handy? You’ll need a Florida mortgage in order to make this happen - quite possibly a jumbo mortgage at that.

Monthly Florida mortgage payments (not including taxes or insurance) on a $900,000 loan total $4,551 for a 30-year mortgage at 6.5 percent, assuming a down payment of 20 percent down. That’s a lot of money per month, but if you’re selling a home yourself, chances are you’ll have more cash on hand and those payments would be considerably less.

As far as the list prices go, they’re high. But these days, with Florida mortgage loan rates all over the place and the South Florida housing market so unpredictable, you never know what you might be able to finagle out there if you’re patient and find the right seller.

There’s no harm in making an offer, that’s for sure. Here’s a look at what’s available around $900,000 in South Florida, as presented by this Sunday’s Miami Herald (click images to enlarge):