Visiting from out of town and want to buy a Miami Beach condo?

Contrary to many people’s beliefs, buying a condo, no matter the price range, is not something you will do from one day to the next out of impulse.  Impulse buys can be shoes and purses, even cars, but real estate? seriously?

So here’s the deal, don’t visit Miami and call us to show you properties once you are here.  First of all, you are expecting us to drop what we’re doing to help you, which is not very polite, or worse yet, you think we’re just waiting for the telephone to ring.  Our team is busy! we are working with buyers and sellers and you need to give us notice to be able to gladly fit you in our schedule.  In order to have a successful business relationship, you need to value our time as much as we value yours.

Even if you are local, we will need to go through a consultation process to assess your needs and guide you in the right direction.  The consultation process takes a few days and in-depth conversations and includes, but is not limited to the following:

• Method of payment – will you pay cash or will you finance?  If you will finance, are you pre-approved and how much money will you put down?  Banks will not finance many condos, so that will discard those properties from your criteria.  Other condos require a certain amount of down payment, which will narrow down your criteria even more.  If you are not pre-approved, then that’s another process you must start immediately with a mortgage broker or bank to know how much you can afford.

• Price Range – seems silly, but how much you want to pay will determine what type of property you will buy, and that includes not only price, but maintenance, property taxes, insurance,  and other fees.

• Location – Miami is really big and price ranges differ from location to location.  You may think you can buy a certain property in South Beach, for example, to find out you need to look further North or inland.

• Amenities – these will determine how much monthly maintenance fees are and will narrow down your search if you are looking for specific amenities like Tennis Courts or in-house gym, for example.

• Proximity to places – if you want to be within walking distance to the action, to shopping or even your preferred house of worship, we need to know in advance to make appropriate recommendations.

• Maintenance Fees – this vary enormously from condo to condo!  Take Williams Island, for example, they have an island fee in addition to monthly maintenance and a minimum consumption fee.

• What your intent is with property – occupy, rent, etc.  Some condos do not allow rentals, or pets – knowing how you will utilize the condo will also help us narrow down your search criteria.

• How quickly you need to buy?  could be a 1031 exchange with deadline…will discard short sales and certain properties that take a long time for approval.

• Views – we always need to explain this – water views can be canals, bay, ocean, lake, direct, indirect ….the options are endless.

• New or fixer upper? Are you willing to do work to a condo that is in disrepair but priced right or do you prefer new buildings?

Once these questions are answered, then we will start narrowing down your choices by sending you properties.  This will give us an idea of what your style is and will help us get a better grasp for your needs.  We will also have to clear all pre-conceived notions about the local housing market….it will take time and should not be rushed because we need to gain each other’s trust.  A week or so before you visit, we will clear our schedule for you and start planning showings.  Please note that Miami rarely has lockboxes on properties and most are “listing agent accompany”, this means that coordinating appointments can take between 24 to 48 hours.

We value your business and want you to make an informed decision because we are a lot more than a taxi service and want you as clients for life, not just for a single transaction.  In addition to that, we don’t like to waste our own time if you are not serious about the purchase.   So don’t be offended if we can’t help you from one day to the next, we need to know you are committed.

Miami Beach Real Estate Search Porn by Realtor.com – October 2011

More positive data about Miami Beach from Realtor.com!

• Miami, FL was the #19 most searched market in the country in October 2011

• Median list prices for homes in Miami, FL hit $249,999 in October 2011, a 25.06% increase from one year ago this month, and 0.00% increase from September 2011.  The national median list price in October 2011 was $189,900, a 2.65% increase compared to October 2010.

• Active for sale inventory of homes in Miami, FL in October 2011 leveled out at 13,457, a -49.23% decrease compared to October 2010.  National inventory counts for October 2011 were 2,116,794, a -20.77% decrease as compared to a year ago.

• The median age of inventory in Miami, FL in October was 90 days, a -5.26% decrease compared to September 2011.  Nationally, the median age of inventory was 110 days, a 2.80% increase compared to September.

I also asked them to break down those numbers by zip code, based on the fact that I don’t like generalized data.  Just look at my housing report for Miami Shores, Bay Harbor Islands, Surfside and Fisher Island for October, and you’ll see that the data above does not apply to those areas.

• For zip code 33138 which includes most of Miami Shores, but goes beyond to Miami’s Upper East Side as well as Davis Harbor and Shorecrest, The Median List Price is $289,000 with a 28.44% increase from a year ago, and a 40.03% decrease in inventory from one year ago.

• For zip code 33154 which includes Bay Harbor Islands, Surfside and Bal Harbor, the Median List Price was reported at $520,000 with a 13.29% increase from one year ago, and 43.48% decrease in inventory.

• Zip code 33109, which is Fisher Island, reports a Median list price of $2,290,000 with a 9.05% increase from a year ago, and 30.63% decrease in inventory.

In my opinion, it is crucial to pull areas away from the generalized data if you are scrutinizing the local housing market.  Remember that an appraiser will use comparable properties in the proximity of the subject property and will only go back a certain amount of time and never more than 6 months.

And to know how Realtor.com arrives at its numbers:

Each month, Realtor.com surveys up to 250 Metro Service Areas (MSA) throughout the nation and monitors real estate trends including consumer search behavior, median list prices on for sale homes, active inventory counts and median age of inventory. The information is released to local markets to help consumers and real estate professionals as they work together to successfully navigate their local market.

And to top off the good news,Dr. Lawrence Yun, chief economist and senior VP of research for the National Association of REALTORS, reported at The NAR Annual Convention that Florida is one of the markets to watch in 2012, with regards to recovery.  No surprise that when you hit rock bottom, the only direction to go is up!

Know the Miami Beach Condo Approval Process

We have had a few foreign national buyer customers purchase Miami Beach condos who knew nothing about condo requirements or the condo approval process.  As a foreign national, you are accustomed to different methods of purchasing real estate in your native country.  We have found that the purchasing process here in the US, specifically Miami, is more paper intensive and tedious. Instead of making assumptions that everyone knows the process, here are some basics you can expect when buying a Miami Beach condo.

• Your condo-purchase will be contingent on acceptance by the condo association (all associations have different requirements and criteria, so make sure you find out what those are).
• Some associations will have a first right of refusal.  Which means the association or a member of the condo will have an option to purchase the unit under the same terms and conditions of the executed contract.
• Upon having an executed contract (where both parties have agreed and signed a purchase contract), make sure you get the condo application, condo docs, frequently asked questions, and a copy of the latest financial statements to know what you are getting into.
• It is always a good idea to ask about historic and upcoming special assessments.
• Ask for a contact person at the condo where you can ask specific questions about the approval process and may contact if you have questions about the actual approval application. (a manager or board member)
• If there is a condo board approval deadline, make sure you know what that is and submit completed application, necessary application fee and required documents in a timely manner.
• If the approval process takes longer than expected, you may need to extend the provisions of your purchase contract to avoid default and risk the loss of deposits.
• Required documents may include but not limited to the following:
  • Tax returns
  • Personal financial statements
  • Bank reference letters
  • Personal reference letters
  • Employment reference letters
  • Photographs of pets (if applicable) and sometimes vehicles
  • Copy of executed purchase contract
• Most condo associations will perform a credit check as well as a criminal background check.
• Most condo approvals will require an interview (either in person or by phone), make sure you know which method the condo requires and schedule this as soon as possible.
• Condo approval or denial should be provided in writing by the condo

These are just basic guidelines to help you prepare for the condo-approval process but keep in mind that all condos are different and so are their requirements.  Staying on top of the process will help you make the Miami Beach condo buying experience pain free.

NINE45 Jefferson Townhomes in South Beach

NINE45 Jefferson Townhomes or 945 Jefferson Townhomes

Brand New Miami Beach condo project in the smack center of South Beach.  they are actually townhomes because they are 3 stories with the third story being an incredible sky loft that opens to 2 roof terraces with awesome views of South Beach.  The project is located just South of Flamingo Park on Jefferson and it’s literally walking distance to the beach, to Alton Road and everything in South Beach.

The best part is that is has covered parking!! No more driving around trying to find on-street parking in South Beach.  Each residence comes with one parking spot and you have the option of buying an additional one for $25,000 (and that’s cheap! considering parking is a commodity in SoBe).

The project only has 7 residences with the front and back ones being the best ones with more light, and the 5 interior ones, sandwiched in between, a bit less desirable, but still great investments.  They are priced between $450,000 and $525,000 and the monthly maintenance is low at .40 cents per square foot.  Here are photos I took of the interiors:

The residences come finished with Italian ceramic flooring with leather finish, baseboards, painted, Bosch stainless steel appliances, granite counters, impact resistant windows and doors and window treatments and closets!  You do have the option of buying them furnished as well for a bit more – with Bobby Berk Home and Crate & Barrel furniture.

The beauty of a small project like this is that there are no condo restrictions.  If you are buying as a vacation property or second home, you don’t have rental restrictions and can rent as many times as you want during the year.  There are also no pet restrictions and you have a dog park near by.  Majestic Properties has also teamed up with BBU Bank who is offering financing (80% conventional loans and 60%-70% financing for foreign nationals).

And now to my honest opinion – I loved the front unit because of the light and would buy it furnished at their $545,000 asking price because it was perfect.  They are not big by any means and the sets of stairs could get a bit old after climbing them a few times per day (but at least you would stay in shape).  The project is great for vacationers, for people that like to be in the middle of  the action and love clean, simple spaces.  The interior units are a bit dark, but honestly, great distribution and still a great price for new construction in the area.  The adjacent buildings are not pretty at all, but that comes with the territory, the impact windows should block out the occasional loud fight from a neighbor or loud music from obnoxious teen.  It is South Beach after all…. and starting at $450k!! I definitely endorse this one.

Call me to schedule an appointment – these will probably not last long.

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Walk Score

Top 3 Most Expensive Miami Beach Condos Sold – April 2011

There were 238 Miami Beach condos sold in April of 2011. Price range of these sales varying from a $25,000 foreclosed studio in the Versailles Condo Hotel on Collins and 34th Street, to a mega luxury sale at Apogee seen below.  27 out of the 238 condos sold were above $1 million and 184 of those sales were below $500,000.  As for distressed inventory (short sales and foreclosures), the number has dropped to 38% for all of April’s sales.  A lot of media channels are calling 2012 the end of the down market for Miami Beach, but I still think it’s on a building by building case – many areas in Miami have already said bye bye to the down market, seeing an upward trend.  Just bring cash, because financing is what’s making it difficult!

April’s Most Expensive Miami Beach Condo Sale

Apogee South Beach – 800 S Pointe Dr #PHA– Miami Beach, FL 33139

Listed for $14,000,000 and sold for $11,500,000 on 4/14/2011

Talk about an amazing top sale for South Beach!  Now this condo has a bit of history or “real estate baggage”, if you will.  It was originally listed for $22,000,000 as “the most expensive Miami Beach Condo ever!” – and that was back in July of 2008.  Well….although it still sold for top dollar, that’s almost a 50% reduction from that original price.  Can you say “HOME RUN” for the current buyer?  This penthouse residence occupies the top 2 floors of the Apogee South Beach with ri-di-culous views of South Beach, Government Cut, Fisher Island and Miami.  The Marketing description reads in all caps:

PENTHOUSE A COMMANDS THE TOP 2 FLOORS OF THE APOGEE. IT IS COMPLETED WITH A 360-DEGREE ROOFTOP PALAZZO, PRIVATE POOL & BUILT IN SUMMER KITCHEN. THE MAIN LIVING AREAS HAS A SOARING 22FT CEILINGS ENCLOSED BY DOUBLE HEIGHT FLOOR TO CEILING WINDOWS WHICH CREATES A FIRST IMPRESSION THAT ONLY A FEW PH’S CAN BOAST. OVER 11,000SF OF TERRACE/BALCONY AREA. IN ADDITION, 2 1/2 CAR PRIVATE AIR CONDITIONED GARAGE AND MAID QUARTERS.

Features:

• 6,853 sf
• built in 2008
• 6 bedrooms / 7 bathrooms / 1 half-bathroom
• 2 1/2 car private air conditioned garage and maids quarters
• roof top palazzo
• 22′ ceilings in main areas
• over 11,000 sf of terrace/balcony area
• marble and wood floors
• Monthly maintenance = $7,935

April’s Second Most Expensive Miami Beach Condo Sale

The Setai Resort & Residences – 101 20th St #2308 – Miami Beach, FL 33139

Listed for $5,899,000 and sold for $4,600,000 on 4/01/2011

The Setai Resort and Residences makes the Top 3 Miami Beach Condos sold again!!  This time with unit 2308, which is obviously gorgeous, but cannot tell from the photos (which happen to be one of the worst examples of photography for a luxury condo in Miami Beach).  This property was originally listed for $6,999,000 in 2006 with several price reductions and marketing description:

One of a kind residence, featuring a large master suite with a private massage parlor and endless views of the Atlantic Ocean.  Enjoy the Sunset and Downtown Miami Skyline from anywhere in the residence or from the expansive terrace.  This 3 bedroom suite has the elegant finishes of The Setai’s Hotel Furniture package and is currently enrolled in the program as the “Specialty Suite”.  Statements available upon request

Features:

• 2,558 sf of living space
• built in 2005
• 2 parking spaces
• 3 bedrooms / 3 bathrooms
• Hotel Furniture Package and “Specialty Suite” hotel program
• monthly maintenance – $4,886

April’s Third Most Expensive Miami Beach Condo Sale

Continuum South Beach – 100 S Pointe Dr #3204 – Miami Beach, FL 33139

Listed for $3,750,000 and sold for $3,270,000 on 6/06/2011

The Continuum South Beach’s South Tower is my favorite of the 2 and the fact that it’s a full-amenity ocean front building, is all it takes to be convinced that the place is amazing.  This particular 32 floor unit only had photos of the view and the foyer in the MLS and the history is a bit strange.  Originally listed for $3.65 Million on October of 2010 and increased to $3.75 Million 2 weeks later.  Marketing description reads:

Best line in the building view of Fisher Island and cruis ship alley. Corner unit with wrap around balcony. Great open floor plan. Full service building with state of the art facilities, world class fitness center, lap pool and juice bar!

Features:

• 2,508 sf
• built in 2003
• 3 bedrooms / 3 bathroom / 1 half-bath
• carpeting and marble floors
• ocean front building
• 2 + parking spaces
• monthly maintenance = $2,255

**all information obtained from the Southeast Florida Multiple Listing Service**

Top 3 Most Expensive Miami Beach Condos Sold – March 2011

There were 250 Miami Beach Condos sold in the month of March 2011.  The highest sale being at Apogee for $4,995,000 and the lowest at The Royal South Beach, a historic condo-hotel studio (270 square feet),  selling at $35,000.  Condo-hotels are usually cash deals unless financed privately by the hotel, they are considered investment properties and banks will not finance them.  Financing for Miami Beach condos in general has become challenging because bank underwriters expect condos to have certain ratios (unpaid or delinquent condo fees) or to have money in reserves, which doesn’t happen very often.  We like to inform our customers of possible road blocks ahead of time in order for you to have realistic expectations.

March’s Most Expensive Miami Beach Condo Sale

Apogee South Beach – 800 S Pointe Dr #1402 – Miami Beach, FL 33139

Listed for $5,349,000 and sold for $4,995,000 on 3/22/2011

Talk about an amazingly finished Apogee residence!  The photos are spectacular…..every Miami Beach Realtor should market their properties this way.  With top of the line everything and in the most exclusive South Beach Condo.  This particular unit was originally listed for $5.299 Million back in April of 2010 and was then increased $100k, and selling only 7% under listing price.  The marketing description reads:

Seeing is Believing ! #1402 is the best value in the most exclusive address South of New York City – APOGEE. This unit is impeccably finished with top of the line everything ! Incredible flow-through views of the Bay, Government Cut, Ocean and South Beach. Be one of the privileged to live in this 68 unit ultra exclusive complex.

Features:

• 3,103 square feet of living space
• 3 bedroom / 3 bathroom / 1 half-bath
• 2-parking spaces (covered)
• bay front with panoramic water views
• Apogee South Beach location
• built in 2007
• Monthly maintenance = $3778.00

March’s Second Most Expensive Miami Beach Condo Sale

The Setai Resort & Residences – 101 20th St #1701 – Miami Beach, FL 33139

Listed for $5,200,000 and sold for $3,950,000 on 3/07/2011

This residence made our TOP 3 MOST EXPENSIVE MIAMI BEACH CONDOS SOLD exactly one year ago.  It sold for $2.5 Million and was listed for $5.2 Million just 9 months later, making the owner a profit of almost $1.5 Million dollars!  Who said you can’t make money off Miami Beach Condos?  Presentation is everything as you can see by decor.  The marketing description reads:

One of the biggest apartments in the building.  Combination of three 2-bedroom units into one expansive three bedroom residence with formal  living, formal dining, media room , game room and two balconies.

Features:

• 3,691 square feet of living space
• 3 bedrooms / 4 bathrooms / 1 half-bath
• built in 2004
• Setai Resort and Residences location in Miami Beach
• ocean front building
• ocean views
• 3 parking spaces
• Monthly Maintenance = $7,051

March’s Third Most Expensive Miami Beach Condo Sale

W South Beach – 2201 Collins Ave – Miami Beach, FL 33139

Listed for $3,600,000 and sold for $3,300,000 on 3/07/2011

The W South Beach happens to be one of my favorite buildings.  The location is spectacular, the views are amazing and the amenities cannot be any better.  This residence was listed in August of 2010 for $3.66 Million and lowered $60,000 4 months later, finally selling 8% under listing price.  The marketing photos are the W’s stock photos and the marketing description doesn’t say much, other than:

Exquisitely finished and furnished oceanfront condominium residences providing World – Class service and the ultimate resort lifestyle in the heart of South Beach.

Features:

• 1,906 square feet of living space
• 2 bedroom / 2 bathroom / 1 half-bath
• built in 2009
• Furnished / Turnkey
• Ocean Front Building
• W South Beach Hotel And Residences location
• East views – direct ocean
• Monthly maintenance = $1898

**all information obtained from the Southeast Florida Multiple Listing Service**

Top 3 Most Expensive Miami Beach Homes sold in March 2011

There were 32 Miami Beach homes sold in March, compared to 21 sales in February and 9 in January.  The top 3 most expensive sales were in the “mega luxury” category above $5 million and the lowest sale was the typical Normandy Island dry-lot home selling for $306,000.  Miami Beach remains the same as always, one month you have a $12 Million listing for the highest sale and the next you have a $1.5 million.  Foreign money is always coming in with Brazilians winning our real estate housing market with their fabulous economy and even better personalities.

March’s Most Expensive Miami Beach Home Sale

4855 Pinetree Dr – Miami Beach, FL 33140

Listed for $6,900,000 and sold for $6,536,289 on March 18th, 2011

One of the most exquisite Pinetree mansions ever in Miami Beach built in 1932, completely restored and maintained with no luxury spared.  The selling price may have been done by a numerologist (my attempt at humor), and was listed in December of 2010 and selling just 3 short months later.  It was however, listed previously in 07 for $12 Million with several price reductions, then in 2008 listed again for $8,999,999 < which means FIRM PRICE in real estate lingo… but finally settling for the $6.5 Million number.  You’ll notice that the view is not photographed, and that may be to the fact that Pinetree homes are not sold for their water frontage, but for their architecture, scale and style.  The selling description reads:

Splendid Mediterranean mansion on prestigious Pinetree Drive, has been magnificently restored beyond its original grandeur. Features 6BR/6B+2 half BA incl. a sep. 2BR/2BA guest house. Many gracious rooms provide wonderful gathering areas, incl. the dramatic great room. Fine marble and wood floors, fireplaces, custom built-ins, state-of-the-art media rm, 3rd floor office, library, formal dining room, wet bar, gourmet kitchen, wonderful views of the garden, pool and waterway. 100 ft of water frontage & dock.

Features:

• 10,383 square feet of living space
• 6 bedrooms / 6 bathrooms / 2 half-baths
• 3-car garage
• 39,700 square ft. lot (100′ X 397′)
• 100 feet of water frontage
• private dock
• 3-story house
• Prestigious Pinetree Drive location

March’s second Most Expensive Miami Beach Home Sale

1429 N Venetian Wy – Miami Beach, FL 33139

Listed for $6,500,000 and sold for $5,500,000 on March 2nd, 2011

Here’s an amazing property that had been listed since April of 2009.  It didn’t sell quickly because it needed a very specific type of buyer, one that didn’t mind finishing the construction and one that didn’t mind being right on Venetian Causeway.  Although the lot was huge at over 26,000 square feet, buying this house was like buying a designer-ready condo where you could choose your own finishes. Contemporary architecture, “almost” finished with land, square footage and awesome views.  Congrats the its lucky new owner! Selling description reads:

Almost finished and absolutely stunning 8 BD + maids / 8.5 BA ultra modern bayfront home with over 200 feet on bay and 8 foot draft.  13,569 total square feet as per plans. High ceilings, full height impact windows and doors, two double car garages, elevator, reflecting pool running from front to rear, 4,000 square foot rooftop terrace plumbed for jacuzzi and summer kitchen with mind blowing 360′ views!  Much, much more. Bid from top quality contractor at $1.25M to complete.

Features:

• 13,569 square feet of living space
• built in 2009
• 8 bedrooms / 8 bathrooms / 1 half-bath
• 26,764 sf lot
• 200′ of water frontage
• private dock
• impact resistant windows and doors
• 4,000 sf rooftop terrace
• Venetian Islands Location – Marco Island

January’s Third Most Expensive Miami Beach Home Sale

5465 Pinetree Dr – Miami Beach, FL 33140

Listed for $4,950,000 and sold for $4,750,000 on March 31st, 2011

This particular home has the typical scale of a Pinetree home, but not quite as grand as the top sale of the month.  You will see by the photos that the house is a bit dated and even with its $4.75 Million sticker price, some updating and refreshing will be necessary.  I called these homes “tired”, but nothing a great interior designer and a little cash can’t fix.  The house was originally listed in 2006 for $9.6 million, with several price reductions and finally selling when reduced under the $5 Million mark.  The selling description reads as follows:

Stately Pine Tree Dr Mansion, on 125 feet of wide waterway, affords ultimate gated privacy within its expansive compound. This 10 bedroom, 11/2 1/2 bath residence w/approximately 9000sqft under air (as per owner) on a 21,156 sqft lot includes a newly surfaced tennis court, pool, a large auto courtyard, a new dock w/boat & jet ski lifts, 3 car garage & a separate guest house. Entertaining is a pleasure w/an over-sized kitchen & pantry, double refrigerators, ovens & sinks, all leading to a formal dining rm.

Features:

• 7,764 square feet of living space
• 10 bedrooms / 11 bathrooms / 2 half-baths
• built in 1926
• 3-car garage
• 21,156 sf lot (172′ X 123′)
• private dock
• 125′ of water frontage
• Pinetree Drive location

**all information obtained from the SouthEast Florida Multiple Listing Service**

How To Invest in Miami Beach Properties

Investing in Miami Beach Real Estate is no easy task, especially in a down real estate market.  How can you, as an investor, make sure your purchase venture is sound?  How do you know which areas offer better returns historically in Miami and how to deal with all the intricacies of a Miami real estate transaction?

We deal with a lot of investors, let’s face it – most of our clients are investors from Europe, South America, Canada and other parts of the United States.  Whether you are buying a Miami bank-owned property to fix and flip, a Venetian Island single family home to rent while the market turns around, or a South Beach vacation home to enjoy part of the year – it is crucial that you scrutinize every aspect of the investment and make sure you leave no stone unturned.

Choose the type of Investment

First you must choose the type of property you want to invest in – single family home, commercial property, waterfront condo, etc.  We will help you analyze your needs and study your options to best meet your personal and investment goals.  Some factors involved in making a decision have to do with usage, renting, and price range.

Where should you buy?

Once the type of property is identified – area and location must be chosen.  I can tell you that we are working with French investors buying a single family home in Surfside, Venezuelan investors buying a commercial property in Coral Gables, Italian investors buying a vacation getaway in Fisher Island….the list is endless – it is our job to help you study all the options.

How do you know if the investment is sound?

Finding the property then becomes the easiest part – the job actually begins after a particular property is identified and you are under contract.  I like to write about my forte in the business because being an architect gives me an edge that our clients find extremely useful.  When I visit properties with you, I make sure you see everything I see – I point out defects in construction, materials used, construction methods and pros and cons of buying that particular piece of real estate.  You will feel that you are seeing each and every property with your architect, putting your best interest before anything else.  Our clients will confirm that on many occasions, no matter how much they have liked a property, I have recommended that they walk away.  Emotions are separated from the transaction in order to make sure you are making a good decision.

Inspections

Do not assume that the only properties that have to be inspected are single family homes because there is no condo-board to protect you from “developer” or “building” flaws.  Although single-family home inspections are more complete than apartments, it is important to also complete building inspections for individual condos to make sure plumbing, electrical, air conditioning and appliances are in good condition.  Even if the condo is brand-new, it is crucial for these inspections to be thorough.

We recently helped an American Investor with a walk-through of a new Miami Beach condo.  He had contacted us 2 weeks before the walk-through asking if there was anything he should look out for during the walk-through and I offered to go with him in order to document any deficiencies.  Here’s what we found in his new condo:  Floor outlets were not property installed, there were missing ceiling fixtures, GFCI outlets were installed incorrectly in kitchen, windows were not sealed, there was evidence of puddling water in the balcony, the kitchen sink was missing a shut-off valve. There was a floor tile that was improperly installed, and a couple of other items – when I was done with the list, our client stood in front of me and said, “Do you realize that if you would not have come with me, all those items would have been missed and it would have meant more out-of-pocket money for me?….thank you!”.

Negotiations

You may be the best negotiator in this earth, but when it comes to buying your own property and dealing with a real estate market you may not be familiar with, it’s important for you to be able to detach emotionally and know that we will always work on your behalf.  There are intricacies in each real estate market, whether you are buying South Beach Real Estate, Miami Shores Real Estate or Coral Gables Real Estate.  There are also cultural and local idiosyncrasies that you may not be familiar with.  We will do the best possible job at negotiating for you and you will walk away a satisfied customer.

Closings

From attorneys to Title Agencies – we will coordinate and communicate with you and will never feel left out of the equation.  Buying a property as an absentee owner is never easy and you need to feel comfortable about the transaction.  Technology is our friend – we scan documents, e-mail, Skype and use other ways to make sure you don’t miss a thing.

Can you Handle the Truth?

There are many steps in buying  Miami Beach Investment Properties.  We will be the first to say that it is not rocket science and you don’t have to be a genius to make a successful purchase but we do ask if it is worth to leave it up to chance.  Whether you are hands on or prefer that someone handles everything for you, it is better to have someone that knows investments by your side, than to take a blind shot at making the right decision, especially if you don’t know the area and the way transactions are handled.  We do warn you that we are brutally honest and you may end up having fun with us….it’s part of who we are and the fact that we love what we do will make the process so much easier.  Don’t take our word for it either….take a look at some of these testimonials.

**originally published on October 27th, 2008**

Top 3 Most Expensive Miami Beach Condos Sold – February 2011

There were 198 Miami Beach condos sold in the month of February 2011 ranging from a $2.25 Million Murano at Portofino Condo, to a $27,000 Versailles Hotel studio in foreclosure in Mid-Beach. For all of you that call us about great deals and foreclosures in Miami Beach, be ready to bring cash.  Bank owned properties are not even looking at financing, no matter the type of down payment because a lot of the buildings will not be approved for lending.  Meaning they are not Fannie Mae approved because the building either doesn’t have reserves or has a high delinquency ratio (a lot of unpaid maintenance fees).   We also have the occasional call from someone that has cash and feels they will be a special buyer – guess what? most deals in Miami Beach are cash, you are no different than other buyers and that does not give you an advantage.  If you see a good deal, move quickly and be ready to close fast – those deals fly!!

41% of February’s Miami Beach Condo were distressed compared to:

• September 2010 – 58% of MLS sales were either foreclosures or short sales
• October 2010 – 50% of Miami Beach Condo sales were distressed
• November 2010 – 42% of Miami Beach Condo sales were distressed
• December 2010 – 52% of Miami Beach Condo sales were distressed
• January 2011 – 57% of Miami Beach Condo sales were distressed

The highest short sale sold for $1,050,000 at Icon Miami Beach and the highest foreclosure was for $510,000 at Seacoast Condo.

February’s Most Expensive Miami Beach Condo Sale

Murano at Portofino– 1000 S Pointe Dr #3102 – Miami Beach, FL 33139

Listed for $2,490,000 and sold for $2,250,000 on 2/25/2011

This particular Murano at Portofino residences offers stunning views of Sunsets and Sunrises with 3 terraces.  Perfect for boaters with Marina within walking distance and Lapiagga Beach Club just South of it.  South of Fifth still remains the hottest real estate in all of Miami and Miami Beach.  This unit was sold in June of 2010 for $1,925,000 and was listed in November for $2,490,000 and selling with a $325,000 profit – not bad for a so called “down market”, in less than 8 months!.  MLS reads. (“rarely” makes me smile, considering they just bought it).

RARELY AVAILABLE, THIS STUNNING THREE BEDROOM, THREE BATHROOM HOME HAS FLOW THROUGH PLAN WITH DRAMATIC SUNSET AND SUNRISE TERRACE VIEWS. FLOOR TO CEILING WINDOWS OFFER SPECTACULAR DIRECT OCEAN, DOWTOWN BISCAYNE BAY, CITY AND FISHER ISLAND VIEWS. ONE OF VERY FEW “02″ RESIDENCES WITH ADDITIONAL THIRD TERRACE. GOURMET KITCHEN, PRIVATE ELEVATOR AND LOBBY, ADJACENT MIAMI BEACH MARINAS, ENJOY THE PRIVATE LAPIAGGA BEACH CLUB WITH SALT WATER- POOL AND RESTAU. ALSO FOR RENT. A MUST SEE! OWNER FINANCING AVAILABLE!

Features:

• 2,618 square feet of living space
• 3 terraces
• 3 bedrooms / 3.5 bathrooms
• South of Fifth Location in Miami Beach
• 1 parking space
• bay front condo with direct water views
• full amenity building – Murano at Portofino Condo
• corner – flow through location
• split-bedroom plan
• Monthly maintenance = $1,926

February’s Second Most Expensive Miami Beach Condo Sale

The Setai Resort & Residences – 101 20th St #2708 – Miami Beach, FL 33139

Listed for $2,375,000 and sold for $2,100,000 on 2/08/2011

The Setai makes the Top 3 list once again and this particular residence is to die for!!  Southeast Corner with wrap-around balcony and top of the line finishes.  It was purchased from hotel and can join hotel program.  This unit was on and off the market starting at a listing price of $3,250,000 in 2008, with several price reductions and also listed for rent at $18,000 per month. MLS reads:

Best line in the building.  Southeast corner unit with wraparound balcony.  Can join Setai hotel rental program if furniture is purchased from hotel.  It has the hotel finishes.  Enjoy breathtaking views of the ocean, south beach, downtown, bay and sunset.

Features:

• 1,141 square feet of living space
• built in 2005
• corner unit
• Miami Beach Location – The Setai Resort & Residences
• Ocean front building
• 2 bedrooms / 2 bathrooms
• Monthly maintenance = $2,179

February’s Third Most Expensive Miami Beach Condo Sale

Murano Grande – 400 Alton Rd #2404 – Miami Beach, FL 33139

Listed for $1,955,000 and sold for $1,950,000 on 2/25/2011

South of Fifth Location in Miami Beach, right on the bay with direct views of Miami Skyline, Biscayne Bay and Fisher Island.  Murano Grande is one of my favorite bay front condos in South Beach because of the way all units frame the views and its proximity to everything!!  Boaters have access to top notch marina and you can walk to the beach and South Beach’s Action.  This particular unit was listed in 2009 for $2,000 and appears under contract 2 times prior to its close last month.  It was also listed for rent at $9,000 per month.  MLS reads (with “flor-thru” making me a chuckle)

SPACIOUS AND SPECTACULAR FLOR-THRU UNIT AT THE ULTRA LUXURIOUS MURANO GRANDE IN SOUTH BEACH.STUNNING OCEAN VIEWS,FISHER ISLAND AND MIAMI SKYLINE. 3bed/3.5bath with 2974 sqft under ac. UNIT FEATURES 2 TERRACES,TILE AND WOOD FLOORS IN THE BEDROOMS,STATE OF THE ART KITCHEN,PRIVATE ELEVATOR/FOYER ENTRANCE.MARINA ON SITE.WALK TO THE BEACH,SHOPS & RESTAURANTS.LOCATED IN THE HEART OF SOUTH BEACH!!PLENTY OF AMENITIES.EASY TO SHOW!!

Features:

• 2.974 square feet of living space
• built in 2003
• South of Fifth Location in Miami Beach
• bay front building – Murano Grande at Portofino
• 3 bedrooms / 3.5 bathrooms
• 1 parking space
• boat dock available
• private elevator
• full-amenity building
• monthly maintenance = $2,188

**all information obtained from the Southeast Florida Multiple Listing Service**

Top 3 Most Expensive Miami Beach Condo Sales – October 2010

There were 131 Miami Beach condos sold in the month of October of 2010 ranging from a $4.95 Million Continuum South Beach condo, to a $43,000 7315 Byron Ave Condo in foreclosure in North Beach.  Price per square foot ranging from $49 to $4,350 – talk about a disparity! But that just shows how different the real estate market can be in the same city!  Out of the 131 sales, 11 of them were Miami Beach Condos over a million and 49% of October sales were distressed (short sales or foreclosures) – that’s a 9 point drop from last month.  All 3 top sales this month were at Continuum South Beach – which makes me sound like a broken record when I tell you that you can’t go wrong when buying at The Continuum Towers.

October’s Most Expensive Miami Beach Condo Sale

Continuum South Beach – North Tower: 50 S Pointe Dr #1101/8– Miami Beach, FL 33139

Listed for $4,950,000 and sold for $4,350,000 on 10/08/2010

Amazing remodeled residence at Continuum South Beach.  This 11th floor NE corner unit in the North Tower is nothing short of WOW.  The condo had been listed for $5,490,000 in June of 2010 and then re-listed for higher when furnished by interior designer.  It’s common for these South Beach condos to sell fully furnished and ready to go and most are cash deals!  The description reads:

Back on market following a complete remodeling with beautiful furnishings by Sharron Lewis Design. Spectacular NE Corner unit “Best Line” in the building at the Continuum II North Tower with incredible direct ocean front views! 4 bedroom 4 1/2 bath with 10′ ceilings, new construction, 2 garage parking spaces plus 2 valet. Spa-like amenities include: 20,000 sf world-class spa & gym, 3 pools, private beach club, restaurant & 3 clay tennis courts.

Features:

• 3,500 square feet of living space
• 650 square feet of exterior terrace
• built in 2008
• Continuum South Beach location – North Tower
• 4 bedrooms / 4.5 bathrooms
• 2 valet spaces
• full-amenity building
• ocean-front condo
• ocean views
• Interior Designer furnishings
• Monthly maintenance – $3,500

October’s Second Most Expensive Miami Beach Condo Sale

Continuum South Beach: South Tower – 100 S Pointe Dr #2805 – Miami Beach, FL 33139

Listed for $3,800,000 and sold for $3,150,000 on 10/08/2010

Continuum South Beach residence on a high floor with custom furnishings and endless ocean, Government Cut and Fisher Island Views!  This property had been listed for $4.1 Million back in April of 2009, with a $300,000 price reduction and finally selling at almost $1 million under list price!  It just shows that no offer is a crazy one!  The MLS reads:

Stunning residence! Much sought after 05 line with unobstructed views straight down the beach and out to the Atlantic Ocean. Watch the ships parade by! Property boasts amazing finishes, custom furnishings, his/her bath suites and huge closets.

Features:

• 2,847 square feet of living space
• built in 2002
• Continuum South Beach Location – South Tower
• 3 bedrooms / 3.5 bathrooms
• oceanfront building
• direct ocean views
• custom furnishings and finishes
• Monthly maintenance = $1,597

October’s Third Most Expensive Miami Beach Condo Sale

Continuum South Beach: South Tower – 100 S Pointe Dr #2006 – Miami Beach, FL 33139

Listed for $3,850,000 and sold for $2,900,000 on 10/12/2010

Not much information given for this property other than it being a short sale approved at the listing price of $3.85 Million, but selling at almost $1 Million less.  The MLS provides no interior shots and the photo of the view may be a canned one (meaning “borrowed” from another listing).  It’s amazing, but happens all the time.  The only info provided is:

Most desirable unit with direct Ocean and Intracoastal Views.  Private elevator lobby a true three bedroom unit.

The history of this residence does show that it was on the market for one year.

Features:

• 2,508 square feet of living space
• built in 2002
• 3 bedrooms / 3.5 bathrooms
• corner unit
• Continuum South Beach location – South Tower
• Marble floors and carpeting
• Monthly maintenance fees = (not disclosed)

**all information obtained from the Southeast Florida Multiple Listing Service**

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