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Home Buying in Key Biscayne : Real Estate Advice

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  • Local Info1
  • Home Buying15
  • Home Selling1
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Activity 18
Sun Jul 31, 2016
Jacquie Yekmalian answered:
Two words for Auction property. "Caveat Emptor"
Make sure you do your homework before bidding. You could be responsible for taxes, association dues, city fines, open permits, liens, auction company fees, commissions......the list goes on.

Good Luck

Jacquie Yekmalian
Realtor/Broker
Blue to Green Realty, from the sea to the 18th tee
... more
0 votes 1 answer Share Flag
Mon Apr 28, 2014
Irina Karan answered:
I'd say the properties under 400K are stabilizing in values - driven by the income limitations of prospective buyers. Luxury market is doing amazingly well. Pre-construction is especially popular,
which is not helping older resale properties, especially those with large assessments.
Rents are stabilizing as well.

Hope this was helpful,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
... more
0 votes 1 answer Share Flag
Wed Apr 9, 2014
Gary Hitchcock answered:
Absolutely, the downtown skyline is easily viewable from the causeway, Biscayne Bay, Virginia key, also you can see Coconut Grove and Coral Gables.
0 votes 1 answer Share Flag
Wed Apr 9, 2014
Gary Hitchcock answered:
Absolutely, my real estate attorney lives on Key Biscayne. Well to do families live in single family homes in Key Biscayne whereas the beach is condos. Key Biscayne is relatively free of crime, as thieves don't want to pay tolls to get to neighborhoods and it would be easy to shut down the bridges to stop them. It is a beautiful place to live, we've visited him there for decades. ... more
0 votes 1 answer Share Flag
Tue Feb 18, 2014
Harel Bitton asked:
Tue Mar 19, 2013
Ann Ryan answered:
Juliana, I've seen many homes, and never had a single customer ask about indoor air quality, other than in the context of chinese drywall or visible mold. Indoor air quality is a significant issue, and probably consumers should be more aware of the problem and ways to mitigate it. ... more
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Sat Mar 9, 2013
Chad Prey - Insurance Broker answered:
I would also add that their are a number of mitigation credits that many insurance agents are not applying to their clients' policies. In addition, you can also obtain discounts by bundling in autos, watercraft, etc.... There are only a handful of markets that cater to these types of high-end homes. Feel free to contact me if you would like to discuss your options in greater detail, (786) 393-8331. ... more
0 votes 4 answers Share Flag
Tue Apr 5, 2011
Mott Marvin Kornicki answered:
Sure...

It makes good sense! There could be other loans on the unit in addition to the first mortgage, the appraised value could be far in excess of the mortgage balances combined... and there could be a few other matters that we are not certain of. properties in that price range often take marketing time greater than the average to sell.

Everything makes sense and at the same time nothing does :)

❧ MIAMI BEACH REAL ESTATE GUY ✺ WATERWAY REALTY, REALTORS®
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0 votes 6 answers Share Flag
Sun Dec 19, 2010
Linda Grey answered:
Just to let you know Key Biscayne is NOT an area that you will find trailers, it is a high priced island area in Miami.
0 votes 1 answer Share Flag
Tue Nov 16, 2010
Jill Olcott answered:
Hello JCG,
I live and work on Key Biscayne, and I can honestly say that it depends on the house, and your wants and needs. Feel free to contact me for a consultation.
Warm regards,

Jill Olcott
... more
0 votes 8 answers Share Flag
Mon Jul 26, 2010
Ivan answered:
No, no one really looks at that ratio for valuation purposes and there will hardly be a buyer that will be swayed by such an arguement. For residential everyone here looks at comparable sales, not the income approach.
Historically, if you get 1% (of the purchase price of a home) in rent, you would be making a positive cash flow, even with financing. More recently (past 5-8yrs) in Miami in general you could expect around 0.5% in rent because that has been the market rates for rents while the prices jumped.
Over the past 5-8 years with hurricane insurance increases and real estate tax increases, it's become much more difficult to cash flow properties (especially condos).
Today you can produce a positive cash flow, but unless you pay cash and get a really high rent it's very challenging to do in a high priced area like KB. There are other 'bread and butter' areas that are poised for growth, solid neighborhoods that you can find quality properties in foreclosure or as REO's that are quite easy to cash flow and produce interesting ROI's.
Good luck and let me know if I can help you further.
Ivan Amayo
Broker
IFA Properties
Coconut Grove, Coral Gables, Key Biscayne, Brickell, Miami Beach
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0 votes 3 answers Share Flag
Tue Mar 16, 2010
Dan Chase answered:
If you want to work with an agent they can set up a search and send you properties every day if any exist in that price range.
1 vote 3 answers Share Flag
Tue Feb 9, 2010
Adrian Diaz Sieckel answered:
I think it is amazing that you could not get a front door key on a 6k rental... I used to work in that office managing close to 110 units before going out on my own. I also lived in Key Biscayne and loved it.
I am Broker/Owner of a real estate firm and can't disparage some of the responses because in essence people (I am referring to realtors) sometimes forget the difference between earning a living and doing the right thing by their clients. Hence, my desire to go out on my own.

That being said, I find myself straddling the fence a bit between the comments of Jmotrulia and Hagen in that as much as it is true there will always be a market for million dollar plus properties and Key Biscayne in particular is a unique place... It does not detract from the simple fact that not much is going on right now... One positive note about the island is that despite being next to ground zero of the condo boom it has fared "relatively" well compared to some other areas. It isn't to say the Key has in some way escaped the fallout. More importantly, I do agree that there will continue to be adjustment in price.

But, I have started to see some small deals pop-up on rental condos and noticed some good downward movement on interior lots on island as well.

Best,
Adrian
www.emh3.com
... more
0 votes 3 answers Share Flag
Tue Aug 18, 2009
Jmotrulia answered:
ocean tower 3 by 3 sells for 1.18mm 799 crandon #306 sells for 453 per sq ft a recent low 733 crandon sold for 425 a sq ft (worse building)
0 votes 5 answers Share Flag
Wed Jul 8, 2009
Mohamia answered:
2000 to 2500 square feet.
0 votes 2 answers Share Flag
Sat May 2, 2009
Audra McCollum answered:
Hi Patial,

It seems like you're doing the right thing by watching the market closely. If you'd like me to email you market updates, let me know. I"ll be glad to send you listings with photos and prices.

Just need your criteria - square footage required/number of bedrooms, etc.

Best regards,
Audra McCollum
Director - Luxury Division
Interinvestments Realty, Inc.
... more
0 votes 1 answer Share Flag
Sat Sep 15, 2007
Stan Mikhalsky answered:
I agree with previous posting. In general you would say that this area is expensive, however, as you see, some listings are as low as $315K. So it is really depends on what are you looking for? Each community is different, each building is different, and so many individual factors, mainly listed in previous post, that you have to narrow it down at list to smaller map grid. Good luck! ... more
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