Colorama Estates Homes for Sale

Colorama Estates is a residential community in Miami Lakes, Florida.

Pure Equity Realty covers Colorama Estates and the Miami Lakes area. We list for 1%, which includes photography, MLS syndication, and negotiation support. Buyers pay nothing for representation. For current market data, see Florida Realtors' market statistics.

Our MLS feed shows a single listing for Colorama Estates Miami Lakes homes for sale as of September 2026. The median asking price is $690,000.

That is 20% below the Miami Lakes median of $860,000. On a per-foot basis, homes here ask about $425 per square foot, roughly in line with the city at $413. So the median price buys roughly 1,600 square feet of living area. With so few listings, though, treat these figures as a snapshot rather than a trend.

Listings here have averaged 203 days on the market. That is slower than the Miami Lakes average of 81 days. Because of that, buyers often have more room to negotiate on price, repairs or closing costs.

Homes listed in Colorama Estates date from 1996, so they are about 30 years old.

All of these homes predate Florida's 2002 statewide building code. So roof age, window protection and the wind mitigation report matter a great deal for insurance.

In addition, most Florida insurers ask for a four-point inspection on homes 30 years or older. It covers the roof, electrical, plumbing and HVAC. Updated systems usually make coverage easier to place.

Here is what the median Colorama Estates price means in Florida closing terms. At $690,000, a 20% down payment comes to about $138,000, leaving a loan near $552,000.

Florida then taxes that loan twice. First, documentary stamp tax on the note runs 35 cents per $100, or about $1,932. Next, the intangible tax of 0.2% adds about $1,104. Buyers normally pay both at closing.

On the seller side, Miami-Dade charges deed stamps of 60 cents per $100 on a single-family home, about $4,140 at this price. Condos and other property types pay a higher rate.

Finally, owner-occupants should file for the Florida homestead exemption by March 1. It removes up to $50,000 of assessed value. After that, Save Our Homes caps yearly assessment increases at 3% or inflation, whichever is lower. To see what these numbers mean for your budget, get pre-approved before you tour.