Andrew Vitch, Both Buyer and Seller in ontario, canada

I am coming to Florida at the end of May to look at property. We are interested in Miami Beach north to Ft.

Asked by Andrew Vitch, ontario, canada Sat May 3, 2008

Lauderdale to purchase a near ocean 2 bdr condo at around the $200,000 amount without huge HOA or taxes that allow rentals by a min of 1 week and are pet friendly. What are the best value areas for selection? What is the most important things I should know about buying in South Florida that I am unaware of being from Canada (I am a us citizen)?

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5
Tom Caluzzi, Both Buyer And Seller, Miami Beach, FL
Thu May 22, 2008
Why deal with the headaches of buying when you can rent. Have you looked into the cost of insurance if you can even get it. I have just been dropped 3 times in one year with no explanation. There is a 3 year glut of inventory in Miami area, don't let the predators tell you otherwise. Why deal with condo boards that change policy every time the board members leave office.
0 votes
Angela Schra…, Agent, Pembroke Pines, FL
Wed May 7, 2008
Andrew: Everyone here has given good advice - it will be very tight to get to the $200,000 with ocean views but as long as you don't mind being within 3-5 miles, you should be able to find somewhere nice - I can think of a few places right now. However, the one criteria that will restrict you is going to be the weekly rentals. Most condo associations restrict weekly rentals. I'm not saying that they don't exist but they are going to be the exception rather than the rule. I have clients from Canada and overseas who are looking to rent their homes as vacation rentals and because this is their main criteria (they need the income from the rental) to offset their cost, they end up with single family homes.

Vacation rentals, like everything else, has its pros and cons. You will need an excellent property manager close by to handle the day-to-day maintenance and deal with your renters. You will definitely make much more on a weekly/monthly basis than if you were renting with an annual lease - up to 4 times as much. However, you can't guarantee that you will rent throughout the year. Another concern is the wear and tear on the home - tends to be greater with weekly tenants. You have to make sure the home is equipped and furnished accordingly to warrant the weekly rental charge.

We did this for a client/friend from Europe, they're thrilled with the result but it was a LOT of work. We vet all the rental inquiries, advertise on certain websites, and I'm pleased to say we've never had a bad experience with any renters (well, perhaps one, but it could have been much worse)! There's a lot to consider tho.

Remember to put yourself in the shoes of a potential renter - being on vacation, they'll want access to a pool, the beach, and all the attractions. If I can help in any way, don't hesitate to contact me.

Best of luck - there are some amazing deals out there in the area right now.

Angela
Villa G Realty
Web Reference:  http://www.villagrealty.com
0 votes
Tobias Kaiser…, Agent, Fort Lauderdale, FL
Sun May 4, 2008
Andrew,
Ines made a good point: you are not alone in search for the best $200k deal. Her link makes excellent readin, because she says it exactly how it is. I (from Fort Lauderdale) assess the regional market exactly like she does.

I would say currently the best value-area is Dade (Miami) county, with a condo inventory of 53 months at the end of March (normal is 6 to 9 mos), with the greater Fort Lauderdale area (inventory at 32 mos) a very close second. In Fort L, with patience and luck you may actually find an oceanview in the mid-$200s.

Your rental- and pet-requirements filter it a bit though. With renting (and resale) in mind, I would aim for the best location, read (in descending order): oceanfront, oceanview, waterview.

Areas most popular include Miami Beach, Miami (Bayfront), Fort Lauderdale (check for future developments), Hillsboro Beach and Deerfield, all still in Broward County, the last approx. 14 mi north of downtown Fort Lauderdale.

All the best,

Tobias Kaiser, MS, CIPS
Greater Fort Lauderdale Real Estate Broker + Consultant
Certified International Property Specialist
0 votes
Mark Palace, Agent, Satellite Beach, FL
Sat May 3, 2008
Hi Andrew: You can purchase some really amazing real estate on the island within 2-5 minutes from the Atlantic ocean here in south-central Florida: http://www.brevardmls.com/brv/maildoc/a002Mu5579.html . In particular, take a look at this brand new place: http://www.brevardmls.com/brv/maildoc/a000jL8481.html.

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0 votes
Ines Hegedus…, Agent, Miami, FL
Sat May 3, 2008
Andrew - you are not the only one looking for the magic $200k condo. I actually wrote a post about it that you may find interesting.
Good Luck with your search,
Ines
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