Should we go from a house to a condo???

My husband & I are in an arguement. We're investors & own several properties. We live in a house here in Miami that's 3064 sq ft 3/3 built in 2004. One of my friends (that is also an investor) found us a 3/3 condo that was built a few mths ago in this very upscale bldg. We are getting the condo for $640,000 but it's valued at $850,000. The condo is a 3/3 that has 1776 sq ft. The building is a high rise & we'll be over looking the water & city.

I know it's much smaller then where we live but the neighborhood is fabulous & the building has so many amenities (like: 24 hour concierge,.valet, pool, gym, sauna, spa, computer & conference room, the entire bldg is a "smart" bldg that is run by a handheld computer that each of the owners have in each unit, etc.). I'm telling him to look at this as an investment as we do everything else but he's not. He is only thinking about the space we'll be losing if we move there. Please advise. Especially other Investors, Realtors & Mortgage Brokers.

I'm a Real Estate Broker and Mortgage Broker here in Florida and even with the market the way it is now, if you can pick up a condo in Miami on the water, with a view and walk in with roughly 210k equity, well that's an absolute dream.

Besides everything you mentioned, the condo dues usually will include cable, water, and outside building insurance as well, which is a nice plus.

So I would say go for it. I've lived in Condos myself the past 10 years and I personally love them. A lot less hassle then single family homes in my opinion.

hope this helps, and good luck to you. If you're not currently working with a Realtor please keep me in mind, as I do service the Palm Beach, Dade, and Broward area and offer investors different Buyer Rebate programs, where they actually get paid to use me.

Thanks,
Harry Misner
561.541.0000

I would go for the condo!

From an investment standpoint it sounds like a great idea. If it doesn't work out, then within a few years sell it and move back to a bigger home once again and reap the profits. Best of luck and enjoy all of the amenities.

Stick built homes usually appreciate better then condo's. HOWEVER, it sounds like you are trading space for a view and views are worth money. Next, if you have to consider is there a demand for these condo's should you decide to sell. It sounds like you are in an upper end price range and how many potential buyers for these units are these. Next you have to consider do you need that much room still. You are cutting your space almost in half. What are the HOA fees? Are they high because they will most likely go higher as the building ages.

I can't give you an answer as moving into a condo or home is a personal choice. But consider some of the items I ran by you above.

Good luck.
CA Lender