I'm not sure how familiar you are with Miami Beach. The islands cover about 7 miles long and about 1 mile wide and 3 zip codes: 33139 (mostly South Beach), 33140 (mostly Mid-Beach) and 33141 (you guessed it...North Beach).
Each area will demand a very different rental and sales price. Understanding what you want is critical. Water view is available at a premium over others.The more direct the view, the more you will typically pay, whether you have a direct ocean (Eastern), view or direct intracoastal-city (Western), view.
not every building offers parking in Miami Beach.
There are 89 units for sale in all of Miami Beach at or below $150,000 with at least 500 sq. ft. or more. Often, the higher up the beach you go, the more bang for your buck you get since South Beach (SoBe), is the prized, coveted spot in the beaches.
As you can see, the choices are few and bargains can be found at any price range. Equally critical questions are: Do you intend to live in the unit? How much work should the unit need (only cosmetic like paint and new carpet; updating (new kitchen and baths in addition to cosmetics), or major rehab (plumbing and electrical plus a/c, etc)? What condition (including financial) and amenities should the building offer? Do you intend to rent the unit or enjoy it yourself or your friends, family and business associates? If you intend to rent it, what rate of return are you expecting? Among others...
Also, it is critical to understand how you will complete this purchase (cash or financed) and what advantages and disadvantages each offers. Even cash these days does not guarantee a purchase - only a place at the table - sometimes. Financing in many buildings is difficult and when available, it often requires at least 25-50% down payment, depending on a number of variables.
In short, there are many considerations including how to buy a distressed property. This is also a major point and the agent you hire to work with should be a Certified Distressed Property Expert (find one at http://www.CDPE.com). Buying REO (foreclosed) or Short Sale (pre-foreclosed) property each requires a different set of rules.
In Miami-Dade, 64.8% of all properties sold (closed) in December, 2010 were distressed while only 35% or so were non-distressed sales (http://wp.me/p9Ggo-dJ). Choosing the right agent in this market is critical.
Did you know that not all REO (foreclosed), property is available for purchase by non-owner occupants for at least 15 days from the date it first comes to market? This period is sometimes reserved to consider offers by owner-occupants first and they must sign an affidavit attesting to this intent.
I can provide information, guidance and access to every single property listed by all agents since we all cooperate and share the commissions (these are typically paid by the seller).
This also means that, once you choose to, work with me, you will not need to speak to anyone else since I have access to the same database they have.
I invite you to click the link below and perform your own searches or even at the following website: http://tinyurl.com/SearchMiamiBeach, then contact me for a complementary, no-obligation consultation.
If you can buy properties cash - then more condos and coops are available for your purchase.
If not, then you'll need to check with an experienced local agent on which buildings are financible.
This is a problem unique to Miami as many condominiums are not qualified for financing (strict banking rules).
There are some programs that will help your buying (if need financing), and more foreclosures are coming out (after the freeze was over) - so you can get a good deal still.
So, I'd say, your answers will define which areas are ok for your purchase.
Hope this helps,
CDPE â€“ Certified Distressed Property Expert
Beachfront Realty, Inc.
I just wanted to touch base with you to see if you have found the property of your dreams down here.
If not, please do not hesitate to let me know and I'll happily work with you to get one!
Miami Executive Realty | 1024 Lenox Avenue | Miami Beach, FL 33139
Office: 305.501.4600 | Cell: 305.815.0880 | Fax: 305.501.4600
firstname.lastname@example.org | http://www.miamiexec.com
The key to securing one of these properties is to have everything lined up so when the property does hit the market you are able to act fast. With the lare amount of interest in properties within this price range the ability to act fast is key.
GZI Real Estate