Home Buying in North Shores>Question Details

Marius Mtes, Home Buyer in Miami, FL

Can we buy a condo in Miami FL if we live in Toronto, Canada? How much would be the closing costs for a small condo (around 30,000)?

Asked by Marius Mtes, Miami, FL Tue Oct 18, 2011

We would like to pay cash for a small condo, but we would like to know how much are the associated costs (closing costs) and also how long does it usually take from the moment when we make the offer until we would get the key (just a ball park timeframe) - so we know for how long we need to be in Miami.

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Dear Marius:
Of course you can purchase a home property in south Florida living in Canada even if you are minutes from Alaska or Greenland ! Closing costs are sometimes a sort of little surprises for any buyer and the most experienced buyer's realtor, specially in this downturn of the economy and more specifically is the property in matter is a condo unit offered for sale as a "short sale" or "foreclosure" property sale transaction. In a "normal" market situation the closing costs can be around 1.5% of the purchase price, but today it is easier to stablish a quote based on a particular condo unit in fact and not on a hipotetical one. When purchasing a condo unit, most of the condo associations are requiring buyer bring upfront a minimun of 6 months of maintenace fees to one year , depending of the case in particular, so do the math yourself and notice that only portion of the closing costs can be multiplied up to 12 times. Besides that, buyer have to pay 0.75 cents to the US dollar per $1,000 of the purchase price just for doc stamps, so for a $30,000 purchase approximately that portion of closing costs will be $210.00 Also, tittle insurance for that purchase price will be $172.50 that is the promulgated rate in the state of Florida. Depending on the city or municipality where the property of your choice to buy is located varies the cost of the "lien search" and I am speaking of approximately $300 to $400 USD.
I have assumed that you are a cash buyer even in Real Estate nothing should be assumed, otherwise if you plan to finance a purchase of a 30K condo, your closing costs will be higher.
Due to the condo inventory is facing a reduccion in numbers of availability at the present time, I suggest you with all respects that you have to rush a.s.a.p. because for 30K is almost IMPOSSIBLE to find a turn key unit unless you have an extra of 60K just for improvements.
My business partner and I have sold a considerable amount of condo units in that price range and above it, and it usually takes long time to close the transaction no matter if financing or cash. We are full time realtors and we deliver in timely manner with precision wich really counts nowadays.Is up to you to hire the best in services!!!!

Angel calzadilla
Prudential Florida Realty

(954) 632-3593
0 votes Thank Flag Link Tue Oct 18, 2011
Yes, there are many Canadians still buying in Miami. Actually, Canadians are on the top of the list of nationals buying in Miami area.
The $30,000 you mention is your budget to buy a condo or to pay for closing costs? There are no condos for $30,000 in Miami Beach or surrounding that I know of. You may find in much further areas.
But if this is not your budget than the closing costs will vary according to the cost of the condo. If you are buying cash, you are avoiding some loan fees. It is really difficult to tell not knowing your budget.

When buying a condo here in Miami make sure you have a good Realtor (I will be more than happy to represent you by the way), so he/she can show you properties that will match your needs (low maintenance, easy rental restrictions, best areas to buy etc...)

Please contact me if you need further assistance.
I love Canada by the way. Lived in Oakville, Ontario for about 6 months.

Good luck,

Gisele Zachar
The Campins Co.
Broker Associate
0 votes Thank Flag Link Fri Jun 1, 2012
Certainly, there are many Canadians flocking to the South Florida Market. Contact us today for listings. Our web reference relates exclusively to Canadian condo buyers.
0 votes Thank Flag Link Thu May 24, 2012
For sure you can buy an condo even if you live in `Toronto!For a 30000$ the cost per year vary according to the building...
Web Reference: http://www.freudrealty.com/
0 votes Thank Flag Link Mon Oct 24, 2011
hey there.
the closing cost for a $30,000 could vary from $1000 to $2000, but each case is different. A $30,000 usually is a cash transaction and could take 7 to 15 days.
0 votes Thank Flag Link Tue Oct 18, 2011
Hi Marius,
There are several questions here, so I will try to answer them all.
First of all, yes you can certainly buy in condo in Miami, and cash is by far the easiest way, but you can finance with a certain amount down as a foreigner.
Secondly, if you have been looking you will see that you may not find a condo at 30,000 U. S.. I would suggest shopping a little to see if there is an option for you before you go much further. The closing cost will not be more than approximat;1.5% of the purchase price.
If you can in fact find a condo to purchase with cash you can close withink 30-45 days of the accepted offer.

You may not find the condo you wish to purchase when you are in Miami, you may want to retain a competent realtor to update you on the inventory daily.

Gool Luck!

Beth Jenkins
South Florida Brokers
Web Reference: http://www.arealtyteam.com
0 votes Thank Flag Link Tue Oct 18, 2011
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