Home Buying in Miami Beach>Question Details

V, Home Buyer in Orlando, FL

Looking to buy a nice condo in Miami Beach area for personal use as well as short term rental.

Asked by V, Orlando, FL Sat Jun 9, 2012

I understand most condos that are on the beach in Miami Beach area don't allow STR, is this true ? Is there any other recommended area for this, that is safe and good from investment and income point of view ?

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Answers

19
Our firm specializes in pied-a-terre's in Miami Beach and we are pleased to offer our services to you and recommend buildings that do allow short term rentals. View our site for listings.
Web Reference: http://www.freudrealty.com/
0 votes Thank Flag Link Fri Aug 3, 2012
Hello, Areas in the North Miami Beach, above 40th often have more lenient STR policies and you can get excellent deals. Contact us for info.
0 votes Thank Flag Link Fri Aug 3, 2012
Yes, Its true.

Some associations make restrictions about the str, requiring a minimum of six months to approve a new tennant.

Miami Beach is a very good option to invest, because on the high season the prices increase tremendously by the high demand of turists coming from Canada, Europe and South America.

During the low season there is still a high demand for rentals, because the city of Miami Beach has attractions all year around, even during the summer, when can be extremely hot even to enjoy the beach.

Most constructions can be very old but well renovated and a better price for the size, in comparison with the new ones, where maintenance feesp go uo to $ 900 or more, depending on the services offered.
For str,south beach in Miami Beach has more demand, being close to shops an restaurants and a walking distance to the ocean, however the end of South Beach, after Lincoln Road all the way to the Fountaiblue, is not so buy and loud, but still close to the beach and lincoln road and espanola way.
Patricia Kraemer
Licensed Sales Executive
Luxury Home Consultants
9547897979
pbk@luxuryhomeonsultants.com
0 votes Thank Flag Link Sat Jul 28, 2012
2nd home planning to spend 2 weeks per year there?

see attached http://www.pro-option.com
0 votes Thank Flag Link Mon Jul 23, 2012
Some buildings do have rental restrictions, however there are others that do allow short term rentals. Take a look at our site and contact us for our recommendations and market analysis.
0 votes Thank Flag Link Mon Jul 23, 2012
I have a very good friend who is inheriting $35k from her grandfather to purchase her 1st home. she is looking for a condo in preferably miami dade county, miami beach or hialeah areas. her credit score is 620 and needs a private mortgage, she has stability of employment and clean rental record for 2 years at $1000/month. Is there any property owner out there who is selling and will hold a small mortgage for 10 years?
0 votes Thank Flag Link Tue Jul 10, 2012
Hey there,
Looks like you asked your question in an answer to another question. To make sure that you get as many experts weighing in on your great question, please re-ask it as a question.

Thanks,
Ali, Community Manager
Flag Wed Jul 11, 2012
As a Mortgage Broker, I'd actually check out the deal below offered by the realtor Rachelle Hirt below

I don't know her, but sounds interesting as that is right in the Thick of Things
0 votes Thank Flag Link Wed Jun 27, 2012
Goof Morning

I noticed your question this morning and wanted to share with you a very unique opportunity. I have a seller who is paying his buyer a guaranteed 6% return for the first three years of ownership. In addition the seller will find you a tenant, pay your HOA fees, pay advertising and commissions as well as maintain the property.
The condo is located minutes from South Beach, Brickell and Midtown.
Please feel free to contact my partner or I directly for details on this property.

Kindly,
Rachelle Hirt
305-491-6458
http://www.rachellehirt.com
Scott Fortney
305-469-5753
Decorus Realty
Web Reference: http://www.rachellehirt.com
0 votes Thank Flag Link Wed Jun 27, 2012
THERE ARE SOME RENTAL RESTRICTIONS ON CONDOS BUT I OFTEN WORK WITH BUYERS WHO WANT TO INVEST AND I USUALLY SHOW THEM LOCATION WHICH DO NOT HAVE RENTAL RESTRICTION.

PLEASE LET ME KNOW IF YOU WOULD LIKE MORE INFORMATION ON THAT.

BEST,
Sophie Bamps
Real Estate Agent
Engel & Voelkers/Miami
1200 Brickell Avenue
Miami, FL 33131
Cell: 305-206-8867
Fax: 305-443-2226
sophie.bamps@engelvoelkers.com
0 votes Thank Flag Link Wed Jun 20, 2012
Let know if I can help you with your Miami Beach purchase. I deal with investors and can help
you find the right property for this area.

Please feel free to contact me at anytime.
Web Reference: http://RealEstate911.com
0 votes Thank Flag Link Sat Jun 16, 2012
Hi
My area of expertise is Miami Beach, I mainly deal with investors and not home occupied clients.
Let me know if you would like me to send you listings for you to view which matches your criteria.

Best,
Sophie Bamps
Real Estate Agent
Engel & Voelkers/Miami
1200 Brickell Avenue
Suite# 1500
Miami, FL 33131
Cell: 305-206-8867
E-mail: sophie.bamps@engelvoelkers.com
0 votes Thank Flag Link Mon Jun 11, 2012
HI,

There's too many to list actually. The buildings mentinoed are the more famous on the beach, but many people buy condos in Miami Beach and rent it during season and live in it off-season (or vice-versa).

1st & collins, 3rd & Collins, Condo-Hotels, 12th & Pennsylvania, Decoplage, High-rises in South of Fifth, Flamingo, etc.

There are even properties on the market now that are pure investments where the owner provides the ROI in the listing description so you know what to expect. You just need to get with a qualified agent that can do the necessary research and make it happen for you.

You are going to need to pay cash or put atleast 35% down if you have a lender.

Hope this helps!

Marc Middleton
Keyes Company
Miami Beach, FL
(305) 710-3422
MarcSellsMiami.com
0 votes Thank Flag Link Sat Jun 9, 2012
It is true that STR are not common to most of the condos. Some of the previous answers list for you some of the ones.
Due to property taxes and HOAS the ROI is going to be limited.
The properties at the moment continue to be undervalued and that is where the true value is.
By law Realtors are not allowed to be financial advisors about investments. We can provide you with all the numbers so you may have your conclusions.

Please let me know if I may assist you further. Regards.

Mercedes
Mercedes Henze
Realtor Associate
CLHMS - BPO
305 205 4214 cell
mercedesscott@earthlink.net
http://www.mercedeshenze.listingbook.com
Fax 1 866 213 5785
Beachfront Realty Inc.
517 Arthur Godfrey Rd
Miami Beach-Fl-33140
0 votes Thank Flag Link Sat Jun 9, 2012
Between South Beach and Bal Harbour there are a few large Condominium Associations which allow short term rentals, we live in two of them. Please give us a call or email, we'll send information on those units which meet your expectations.
Bill & Joe Blaikie
Real Estate Sales Force
blaikiesoldit@gmail.com
305-890-6545
0 votes Thank Flag Link Sat Jun 9, 2012
Hi V,
As others have pointed out below, it is possible, however it will be on a "rental program" and you will be allowed to use the unit a certain number of weeks per year.
There are pros and cons with this, and I would be glad to discuss this with you as I have sold several units at condo hotels.

A few buldings such as The Famingo and Decoplauge in South Beach do allow short term rentals as well. One of the cons is keeping the unit rented because short term can go well seasonally and then you may have more vacancies than you planned on to have the unit make sense financially.

The bottom line is what your short and long term investment strategy is, so that is something you will have to weigh out.

I would be glad to assist you, feel free to contact me directly.

Beth Jenkins
South Florida Brokers
786-374-4778
Web Reference: http://www.arealtyteam.com
0 votes Thank Flag Link Sat Jun 9, 2012
There are a couple other buildings left out here and I have a different point of view on some of the other answers. If your interested just call and we can discuss your options.

Regards,
0 votes Thank Flag Link Sat Jun 9, 2012
Hi,
I have very good investment properties. You can contact me at
Hannabenh@gmail.com
Alexandra benhamou
Beachfront realty
I can send you some properties.
0 votes Thank Flag Link Sat Jun 9, 2012
Hi,

You are correct. Most condos do not permit short term rentals. Most allow annual rentals, some 6 monthly rentals and very few allow monthly rentals.
Those include The Decoplage at 100 Lincoln, The Yacht Club at 90 Alton Road and The Flamingo at 1500 Bay Road.

If you would like greater flexibility you may wish to consider a hotel-condo such as The Fontainebleau, The Mondrian or a few of the smaller ones on Ocean Drive. These will give you complete flexibility to use the unit for personal use almost whenever you like and place it within a hotel program when not in use to generate revenue.

Feel free to give me a call on 786 469 9594 or email me: contact@kellycharles.com and I'll be happy to help,

Best wishes
Kelly
0 votes Thank Flag Link Sat Jun 9, 2012
95% LTV conda loans are available for FL for primary residences

http://www.pro-option.com
0 votes Thank Flag Link Sat Jun 9, 2012
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