If planning to rent out the property part of the year, I would recommend a condo. This way your property maintenance will be looked out for by the building management.
The 'Design District' is very hot and seems to be getting hotter. With the opening of a brand new Catier Boutique and many more high-end shops looking to move in, the design district is destine to be the next hotspot in Miami-Dade. Downtown and the Brickell areas are happening as well. Downtown Miami is the new home of a Marriot Marquis and a new world class art museum is under construction.
I have left the Brickell area for last for one major reason. In my experience, due to the age of the buildings, the price per sq ft tends to be less and one can buy more for their dollar. These building are still premiere properties and in perfect condition, however, they tend to cost less due to their age.
If you would like, I could send you more detailed information. Contact me at 786.302.0351 or send me you email address. For even more information and search tools, visit me at http://www.insideMIAMIrealestate.com.
I can put you on my alerts list so when a property become avaliable, it will be sent to you directly via email. Miami has cchanged so much as prices are steadily climbing up. The downtown miami or the design district is a great place to purchase. I know that you will be here next year in 2013 so I would advise you to sign up with a realtor's alert system to send you properties from here on out so you can see how the market is performing. I look forward to hearing from you and helping you with your search.
Keller Williams Realty Partners SW
Miami has changed A LOT in the last 10 years! You will be surprised!
In your situation, I would recommend a condo in the Miami Beach area. Maybe Downtown or Midtown, an upcoming area near the Design District. Those areas have a strong rental market, too.
In Coconut Grove there is not much that you can get for $200K, I am afraid. The same is true for single family homes in the areas that you are referring to. You might find something in The Hammocks or Cutler Bay if you are lucky.
Let me know if I can be of any help. I specialize in working with buyers and I would be happy to assist you!
Coldwell Banker Residential RE
Now is the time to buye especially in the $200,000 range. The design district has some attractive condos and they will be appreciating. Rent is going up and you would definitely be able to lease out as an investment. Coconut Grove is very nice and you can still find some good deals there too. I actually have a listing that may be on the market soon that would be a good fit.
Please e-mail me with your information to: Lina@CarreraHomes.com so that I can set you up to receive an update on the market for your review.
Thank you and I look forward to working with you!
To have an idea and how the market is moving from now to April 13, more than glad to provide thru the multiple listing a search which notify to you in the Design District how properties are moving. Just e-mail me at email@example.com