Home Buying in Miami Beach>Question Details

Out and About, Home Seller in New Jersey

considering buying vacation/investment condo

Asked by Out and About, New Jersey Sun Apr 14, 2013

we live in NJ and are considering buying a condo in miami beach. we would like 3 bedrooms oceanfront. i would like a "fixer upper" to renovate, my husband would prefer a newer already done condo. how does the rental market work in miami beach? we are busy in the winter and would not be able to go down until late spring or summer. is it a good idea to rent it from December to June, is this common to live in your condo for six months and rent it for 6 months. also what are the prices for a 3 bdrm oceanfront

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Answers

19
Mohamed Elsayed’s answer
Hello,

Thank you for your request.
I live and work in Miami Beach. I have closed many deals for ocean front condos.
It is common to buy a vacation home here and rent it for few months.

You can explore options on my web page http://www.LivinFlorida.com

Prices vary depending on location, building, size and condition.
But roughly 3 bedroom with water view would start from $400,000 and up.

Will be happy to guide you more

Regards,

Mohamed Elsayed
Realtor Associate
Global Luxury Realty, LLC.
Cell: 786.213.5025
Mohamed@LivinFlorida.com
http://www.LivinFlorida.com
0 votes Thank Flag Link Mon Apr 15, 2013
Nice response! How is your market?
Flag Wed May 1, 2013
if you need a confidence and responsible agent contact me for more information at https://www.facebook.com/Christian.Fortoul.RE
0 votes Thank Flag Link Fri Aug 16, 2013
The prices of a 3 bedroom vary depending on the age of building,view, and square footage. You could be paying more than a million dollars for a 3 bedroom condo in a newer building. So your budget will at least dictate newer versus older buildings.
Some buildings have rental restrictions. You may have to wait one year before renting.Also, some buildings only allows annual rentals, and others may allow one rental a year. Yet others allow month to month rentals. Once again it depends on the rules of the Association. Hence, it is important that you choose a knowledgeable realtor to help guide you to buildings that will meet your investment needs.
Winter is considered high season for snowbirds to come to Florida and rent during that time of the year. While its cold and dreary in the North, it is perfect weather here in South Florida. Again, you need to pick a building that allows short term rentals.
Please contact me and let me be your guide.
Regards,

Paul Heller
Prudential Florida Realty
19056 N.E. 29th Avenue
Aventura, FL 33180
954-559-6411 cell
305-749-1583 work
305-932-6355 fax
PaulHeller@Bellsouth.net
TRC, CSMS, E-Certified,REO Specialist
If you are looking to buy or sell property, go to my website at http://www.SoFlaBeachHomes.com
Do you know anyone who needs real estate advice? Please feel free to contact me
0 votes Thank Flag Link Thu Jun 13, 2013
I currently have a client who wants to rent in a condo for 6 months, while they enjoy the other 6 months of the year by themselves. It's easier to rent in the high season (Nov-Apr).
Our seasonal rentals are higher than yearly, most would want it furnished, and they usually last for 4 months only. Six months rentals are possible too, but a little more rare.

Many condos have rental restrictions. Some condominiums don't allow to rent the 1st year of ownership, some 2 years, some never, some only once a year...This needs to be checked before you buy by asking the condo management and reading the condo documents/rules & regulations provided to you by your agent in the process of buying.

There are both options available in the market place - the "fixer upper" and the newer condos.
Older condos (depending on the price) may not have the washer/dryer inside.
But - they usually have better floor plans and definitely more storage than the newer ones.

When we say "oceanfront" - this could be anything from Miami Beach through Fort Lauderdale.
Certain areas are less expensive than others, so we'd need the price range to guide you in the right direction. Older buildings will be priced lower than the newer buildings.

Feel free to email me more info for a more detailed conversation.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Wed Jun 12, 2013
You might want to consider the west coast of Florida. You can get some great deals on condo's on Fort Myers Beach.
0 votes Thank Flag Link Fri Jun 7, 2013
It would be best to choose a condominium that has a full staff already. There are older condominiums with spacious floorplans in North Miami Beach, be sure to ask your realtor about the rental restrictions. Most allow twice a year, however others forbid rentals after a certain time period. It is an excellent investment as the Miami Beach Real Estate Market place keeps going up.
Web Reference: http://www.olgarubin.com/
0 votes Thank Flag Link Fri Jun 7, 2013
It is common for renters to seek out rentals during "season". We recommend you peruse our site and contact us if our luxury services meet your needs.
0 votes Thank Flag Link Wed Apr 24, 2013
Good afternoon and thank you for contacting me . If you are looking for 3 bedrooms oceanfront property in Miami Beach area with the flexibility to rent part of the year and enjoy the rest , the prices move from 500,000 to 14,000,000, of course new buildings usually are the more expensive. The rental market in Miami Beach is going up, and the high season is from November to March which is perfect to rent it and reserve the summer for you. If you need more information and would like to start looking the market just let me know.
Thank you again and best Regards,

Pedro P. Acosta
District Manager
Broker Associate
Real Living-First Service Realty
975 Arthur Godfrey Rd, #101
Miami Beach,Fl,33140
Cell 786 326 1975
Offi 305 531 9990
Fax 305 531 9996
email: pete3731@hotmail.com
http://www.realliving.com/pedro.acosta
0 votes Thank Flag Link Mon Apr 15, 2013
You have received good comments from several agents. My best advice is to select one agent you feel comfortable with and let them represent you in your search.

I own an oceanfront vacation condo that I rent out during the winter season and we can use it when it's not rented. When I bought a long time ago I focused only on buildings that would allow short term rentals. Then I selected the best line of condos with the best views that will always be in high demand. This insures your rental potential as well as your re-sale value.

I would be happy to share my experience as broker and owner.

Alex Garcia
AG Real Estate Services
1111 Lincoln Rd., Suite 400
Miami Beach, FL 33139
305.987.5310
agarcia@agreservices.com

Search for Miami Beach Condos For Sale at: http://www.agreservices.com/info/site/miami-beach-condos/
0 votes Thank Flag Link Sun Apr 14, 2013
Condos in Miami Beach are higher than if you would consider as an alternative Hollywood. If you would consider Hollywood, then you will get more bang for your buck. If you still prefer Miami Beach, an older building for 2 bedrooms will run you about 400k and up. Many older buildings do not have 3 bedrooms. You will find 3 bedrooms in newer buildings at substantially higher price, could be above a million dollars. It depends. . Also, the rents in older versus newer building is substantially different as well.
South Beach rents well. The world goes to Miami Beach so there is a high demand for rentals. Prices are rising rapidly so now is the time to buy.
Before discussing this any further I really need to get more specifics regarding budget. And what type of view you desire as well. Then I can send you a search and recommend the buildings that are appropriate to meeting your objective.
I have a good working knowledge and experience with beachfront properties at various price ranges, and helped users and investors find their dream properties over the years
I look forward to working with you. Please contact me.
Regards,
Paul Heller
Prudential Florida Realty
19056 N.E. 29th Avenue
Aventura, FL 33180
Paulheller@bellsouth.net
Cell 954-559-6411
Office 305-749-1583
To search for properties, go to my website at http://www.SoFlaBeachHomes.com
TRC, CSMS, E-Certified, REO Specialist Designation
0 votes Thank Flag Link Sun Apr 14, 2013
Good Morning,
I think the simplest answer is that there are very few buildings that allow a very short term rental (such as 1-3 months) and that is how you make your biggest bang for the buck in the winter months.
There are a few I would suggest and can send you links to those options if you like.
It is definalty not a good idea to get involved with trying to rent your unit against the building rental policy, you will pay a fine and the tenants will get kicked out if discovered.

As for the 3 bedroom aspect, it is the most expensive purchase, because of course they are the largest units and the highes maintenance fees becasue that is assessed by price per sq. ft.
I think you would be fine with a 2 bedroom unit, and your return will be greater than stretching to the 3 bedroom pirce and maintenance fee of a 3 bedroom.
People definalty like the newer buildings, so the fixer upper may be a problem if it is in a much older building, however again it is case by case.
You can expect a 2 bedroom oceanfront to be in the 400k plus range (sky is the limit of course), but a 3 true bedroom more towards 700k plus, so there is a very significant difference.

I would be glad to discuss your options. I believe you can do very well on a seasonal rental if you make the correct decisons all around.
Feel free to contact me at your convenience.

Beth Jenkins
South Florida Brokers
786-374-4778
bethjenk1@gmail.com
0 votes Thank Flag Link Sun Apr 14, 2013
I think for a seasonal rental its easier 3 bedrooms than 2. My sister in law rents a 2 bedrooms and a den on the beach just great hers is all year and not seasonal.
As well 2 bedrooms rentals goes great there is need for both.
0 votes Thank Flag Link Sun Apr 14, 2013
thanks for responses so far, i will look and consider all responses. as far as pricing, i was referring to how much rent as the owner i can expect to receive from renters (tenant) this will obviously depend on how much i would "invest" . the more rent i could collect the more money i would be willing to pay.
is it worth it for me to go for a 3 bedroom? or is the 2 bedroom substantial. if people would rather pay a little less for a 2 bedroom to rent, i don't want to be stuck not being able to rent out a 3 bedroom because it is too expensive.
0 votes Thank Flag Link Sun Apr 14, 2013
Hi This is sarit warman from Keller Williams Realty .
Thank uyou for your question.
It's great to rent for the period of Dec-June but we have to make sure that the building accept seasonal rental and there are of those in Miami Beach.
Regarding price it depends on the location in Miami Beach please let me know what is your price range so I could start a search as well please provide your name cell number and email.
Have a great weekend'Best regards
sarit warman
(305)216-8113
saritwar@hotmail.com
0 votes Thank Flag Link Sun Apr 14, 2013
Good morning,

I am a native of New York, living in Miami Beach since 2001 when I obtained my RE license. The majority of my clientele are from NY/NJ, Canada or South America. Some purchase for strict investment, others purchase as a strict vacation home, while others purchase what I like to call a hybrid, which they use as a vacation condo part of the year and rent it out as an investment condo for the other part of the year.

The beauty of investing in Miami Beach is that the demand for rentals is always high, with that said the hottest and best time to rent in terms of prices you can expect and ease to rent is from December to May. That is the high season down here so based on your schedule it looks like you would be an excellent candidate to accomplish this goal.

The rental market in Miami Beach is rather easy to manage with some important caveats you need to look out for. Some buildings have more lenient rental policies than others. Some buildings have higher demand for short terms rentals than others. Some areas within Miami Beach have higher demand than others. That is why it is imperative that you align yourself with an expert on Miami Beach who knows what they are doing and is aware of the building rental policies and market before you make such an important commitment.

There are some other things you need to consider such as, to rent for less then one year it is typical that you leave the condo furnished and fully equipped as a shorter term tenant will expect to rent turn key. This would include you paying electric, cable, internet, etc as again, a shorter term tenant will be expecting to pay one price for everything all inclusive.

I would be very glad to assist you with this and guide you through the experience as I do this everyday, and have been doing this everyday for the past 12 years. In fact, my mother, my best friend, my mother in law, and many of my customers have accomplished this goal with my help. In fact, the majority of this can be done remotely without needing to be in Miami Beach.

The best course of action is to contact me and we can begin a more specific dialogue in order for me to find exactly what it is you are looking for. As far as the fixer upper vs already done condo, I cannot say that either is better or worse. It is really more of a case by case thing where I would assess each different opportunity as it presents itself. I'd suggest being open to both so you do not let any excellent opportunities pass you by.

The pricing is truly all over the map as each building has a different market, higher floors might cost a bit more, superior views will always cost more, different areas of the beach will have different pricing and the condition of the unit will matter. Also, a foreclosure sale (if you can find a good one) will usually be priced much more aggressively than a typical owner resale. Furthermore, the individual reason for why a particular owner is looking to sell will obviously have a major impact on pricing.

Three bedroom condos are a bit more hard to find as not every building has 3 bedroom floor plans available so that might limit you slightly, but you will be able to find something good I am sure. Please contact me at your earliest convenience and I will send you a detailed list of every 3 bedroom condo for sale in Miami Beach right now for your review. After you check the detailed list out, we can discuss in more detail.

Please find my contact information below. I look forward to speaking with you and helping you find an excellent investment which you can rent for half the year to cover all of your expenses related to the property and likely have some money left over for your plane tickets/entertainment while here in Miami.

Joseph Guerrero
Broker-Associate
Real Estate Sales Force
joseph@resf.com
Cell: 305-984-9526
Fax: 888-309-3219
http://www.resf.com
0 votes Thank Flag Link Sun Apr 14, 2013
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0 votes Thank Flag Link Sun Apr 14, 2013
Hello!
I would be happy to discuss with you and send you all available listings.
As for as rentals, not all bldgs allow less than a year, but many do and minimum of 6 months would be allowed.
Scott Klein
Gary Hennes Realtors
305302319
0 votes Thank Flag Link Sun Apr 14, 2013
Thank you for the question. Depending on the rental restrictions of the development, starting to rent in December is a great time. You can yield great prices due to the Art Basel events. The rental market is hot here and vacancy rates are fairly low. With so much popularity in Europe and South America there really aren't seasons here and vacancy rates are minimal year round. Please feel free to reach me through my Trulia profile so I. Can discuss further options (price and so on). I appreciate your time.
0 votes Thank Flag Link Sun Apr 14, 2013
and what kind of rent can we expect to receive?
0 votes Thank Flag Link Sun Apr 14, 2013
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