A home for $200,000? It’s possible when condo hunting in these South Florida areas

Budget-conscious buyers can still land a slice of paradise in South Florida under $200,000, good news in a market criticized for its affordability crisis. The only limitation? Shoppers have to go condo for the best deals.

Broward County has the widest selection of homes under $200,000, according to sales data curated exclusively for the Miami Herald from Analytics Miami. The Broward ZIP code 33313 — encompassing Lauderdale Lakes, Lauderhill, Sunrise and Plantation — has a median sales price of $135,000, making it the most affordable in South Florida.

Analytics Miami founder Ana Bozovic compiled sales data from the Multiple Listing Service to identify the five ZIP codes with the lowest median sales prices in 2023. A ZIP code had to have at least 100 deals in the past year to show enough demand and qualify in the rankings.

READ MORE: House hunting in South Florida with $400,000? Here are five areas with the best deals

Other areas with the best deals include Sunrise and Plantation (ZIP code 33322), with a median sales price of $150,000; Lauderdale Lakes, Lauderhill and Tamarac (33319), $153,000; North Miami and North Miami Beach (33162), $155,000 — the only Miami-Dade ZIP code on this guide — and Deerfield Beach (33442) at $169,000.

Buyers save big in these areas, especially when the median sales price for a condo is $275,000 in Broward and $410,000 in Miami-Dade.

“If something is the cheapest in the region, there is a reason,” Bozovic said. Still, she added, “the more proximity something has to hubs of business, the more likely you’ll have higher growth and appreciation.”

The budget-friendly condos are far from the glistening high-rises dotting the beaches in Fort Lauderdale or the towers lining Miami’s Brickell financial district. Just like neighborhoods filled with houses under $400,000, some areas with affordable condos may raise eyebrows over crime, old housing stock or supply targeted at a specific demographic, such as the 55-plus community Century Village in Deerfield Beach. However, the areas provide an entry point into homeownership in a region growing increasingly popular among wealthy transplants from across the country and the globe.

A checklist for condo buyers?

Condo hunters might have a different checklist today than what the typical buyer had a decade ago, namely because of the Surfside building collapse in the summer of 2021. The collapse of Champlain Towers South, a 12-story, 39-year-old oceanfront condominium, killed 98 people. In addition to concerns about how the building was constructed, early investigations indicated the site was overdue for repairs. As a result of the collapse, the Florida Legislature approved new condo regulations, requiring associations to maintain a minimum amount of reserves as well as more frequent re-certifications.

The changes mean condo buyers today have to keep the age of the building, pending repairs and reserves top of mind — all in addition to the more common concerns about price and location. Some condo owners are looking to exit the looming repair costs and ballooning association fees. An unsuspecting buyer may walk into a situation only to be blindsided by the costs, said Elias Hernandez, executive director and senior lending manager for the southeast at Chase.

What to do? A real estate agent and home lending advisor are the best guides, Hernandez said. In addition to providing information on a building and its location, some lending advisors can help match buyers with grants.

“The best thing that people can do is become educated, become educated in the condo building, become educated in the whole process. It’s similar to a single-family residence, but there are differences, like homeowners association dues,” Hernandez said. “It may impact your price point for a condo.”

Condo havens for the budget-conscious

Forget shopping in Fort Lauderdale anytime soon at these prices, said Whitney Dutton, real estate agent and residential sales director for Fort Lauderdale-based real estate firm Native Realty. All of these neighborhoods are west of Interstate 95, but “there are some positive trends happening in some of them like Plantation, Sunrise and Oakland Park.”

Here’s where buyers can find the cheapest condos in South Florida:

▪ Lauderdale Lakes, Lauderhill, Sunrise, Plantation

Median sales price for a condo: $135,000 (ZIP code 33313)

Area profile: Plantation is nestled in between Sunrise, Fort Lauderdale, Lauderhill and Davie. The area has public golf courses and the SPACE Caribbean Museum, the first and only pan-Caribbean heritage museum in the United States. It hosts an annual Rum Cake and Caribbean Black Cake festival.

▪ Sunrise and Plantation

Median sales price for a condo: $150,000 (33322)

Area profile: “This is a pretty good little Zip code,” Dutton said. “Safety is great there.”

Sunrise spans the edge of the Everglades, Tamarac, Lauderdale Lakes, Lauderhill, Plantation and Weston. Outdoor enthusiasts can turn to the area’s 669-acre Markham Park and Target Range, bordering the Everglades. Shopaholics have easy access to one of the country’s largest shopping malls, Sawgrass Mills. Residents also are close to the Dauer Museum of Classic Cars, the Amerant Bank Arena (home to the Florida Panthers and live concerts), and the 65-member Sunrise Pops orchestra.

▪ Lauderdale Lakes, Lauderhill, and Tamarac

Median sales price for a condo: $153,000 (ZIP code 33319)

Area profile: Recent crime reports may keep buyers from looking at these neighborhoods, but, of the three, Tamarac has drawn a steady flow of budget-strapped shoppers through the years. Once the go-to place for many retirees and snowbirds, Tamarac has two golf courses and is about a 30-minute drive from Fort Lauderdale.

▪ North Miami and North Miami Beach

Median sales price for a condo: $155,000 (ZIP code 33162)

Area profile: North Miami and North Miami Beach have consistently landed as go-to neighborhoods for homes under $200,000. The two cities are next-door neighbors, and North Miami also borders Miami Shores. Tourists and locals flood into the city for the Museum of Contemporary Art North Miami and the popular folk-music venue Luna Star Cafe.

North Miami Beach is near Interstate 95 and across from oceanfront Sunny Isles Beach. Star attractions include the Ancient Spanish Monastery, Greynolds Park and Oleta River State Park, where visitors can canoe, fish or bike.

▪ Deerfield Beach

Median sales price for a condo: $169,000 (ZIP code 33442)

Area profile: Bordering Boca Raton in southern Palm Beach County, Deerfield Beach offers a 15-minute drive to the ocean. Residents also have access to Deerfield Island Park, open to the public by the city’s boat shuttle. Dutton said most of the more affordable options is Century Village, a 55-plus gated community with a massive clubhouse, movie theater, gym and card room.