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Wife and I are looking at picking up a studio condo in Miami Beach, across from Bal Harbour shops. They seem too cheap to be true: a 500-600 sq ft studio with a bit of ocean view, in an ocean front building goes for $250K-ish. Monthly association fees are $380, which includes gym, valet parking, internet, etc.

I've never owned anything on the east coast. What are the gotchas? High property taxes? Hurricane insurance? Anything else to look out for?