Home Buying in 33140>Question Details

Tony, Home Buyer in 33140

I'm interested in buying a real condo (versus hotel-condo) on Collins Avenue in Miami Beach and would like to know the followings:

Asked by Tony, 33140 Mon Sep 6, 2010

Are the real estate prices still dropping?
What type of price do I expect to pay for 1BR\1BH condo?
What are the typical monthly maintenance fees?
Are there any buildings I should avoid?
Is there a condo rental demand or am I competing with hotels and hotel-condos?
What type of rental income I can generate?

I appreciate any guidance you can provide.

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Answers

4
RAISA ARAYA’s answer
Hello Tony, so far you have very good answers, I just going to add one thing, if not cash, get a bank pre-approval so you know what you can purchase, and check which building you preferred. A realtor can help you in that; after you see what you like, the realtor will check that particular unit. The good problem is that MB has a variety of buildings and prices and each one has its own peculiarity.
Good luck in your search
Raisa Araya
0 votes Thank Flag Link Fri Sep 24, 2010
Good Morning Tony,

As you can see from the previous posts, there are lots of different factors to take into consideration when looking to purchase a condo. As I am sure you are aware the market has been interesting to say the least, not just units going into foreclosure, but the effects it has had on many associations and their financial stability. Depending on whether you are financing the purchase or purchasing all cash, that will determine as well what units you can consider. If you are looking to finance, for the most part you will have to have the ability to purchase the unit with a 20%-30% downpayment. Another thing you will need to do if you are financing the purchase is to have a bank pre-approval to ensure that you qualify for the purchase.

Another factor that also must be taken into consideration is that some buildings have restrictions on the rental of the unit. Some dont allow the unit to be rented in the first year, others only allow a minimum of 1 year leases, no seasonal, or monthly rentals.

Your price range and budget will of course also guide the buildings that you will be able to consider. The rental amounts do vary depending on the size of a unit, the view, the condition, unit amenities (such as washer/dryer), and building amenities. As you can see there are quite a few things to take into consideration in purchasing a condo. My strongest suggestion is to find a realtor that you will be able to guide you through this process.

Good luck in your search.

Lila Lopez
RE/MAX Advance Realty
0 votes Thank Flag Link Tue Sep 7, 2010
Hi Tony:

This is an excellent time to buy/invest here in Miami. We really dont know about the dropping in prices because there are conflicting reports, the truth is that you can make a really aggresive offer today and negotiate a price to your advantage.
The price and maintenance fees depends on the building and area you select as well as the rental income that you can generate.
You can get a more accurate idea by narrowing down the search to some areas and builiding and then we could get you a better estimate of all the questions.

Remember is a good time to invest now

If I can be of further help, give me a call at 786-487-1263.

Jose
0 votes Thank Flag Link Mon Sep 6, 2010
Hi Tony,
Cngragulations for doing your homework on a property purchase. All of these are good questions. The biggie si are real estate prices still dropping. We do not really know, but we can only go by demand, and the demand in South Florida is very high and the inventory for great deals is not. When a bank onwed property which is priced competitely hits the market there are usually multiple offers, so it has not made this particluar market be driven much lower than the last closed sale in a building.
Asd far as price, it depends on age of the building and if you are the bay or ocean side, and maintenance fees are higher in condo hotels than regular condos, so they are a very different product. The hotel will rent your unit for you and take about 50% of the income, but you do not have to deal with it. there are many more choices in regular condos however. Maintenance fees vary again by the amenities is a building and many other factores and can vary from 250.00-700.00 per month.

The price can be from approximatly 150,00-600,00 depending again on the budtling, so you need to set your budget for purchase and monthly overhead you can afford. The amount of rent you can get is completly dependant of the building. The average one bedroom yearly rental in a nice building is about 1500.00, a very small art deco type of building can be 1000.00. Of course there are buildings that are in better financial shape than others, but your better prices may be in the buildings that have more problems. It is a very cansh driven area, meaning it is sometimes difficult to get a loan on condos. That is a case by case situation and is a little more than I would get into discualling here because it does involve your particular situaiton.

As you see there are so many factors and I suggest you hire a reatlor who is knowledgable in the market you are interested in. There are many variables in this particualr maket which can make purchasing tricky and you will be glad you had the advice of a professional when you are pursuing properties.

Feel free to contact me if you need advice and assistance,

Beth Jenkoins
South Florida Brokers
786-374-4778
Web Reference: http://www.arealtyteam.com
0 votes Thank Flag Link Mon Sep 6, 2010
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