Searching for your luxury condo in Downtown Miami or Brickell is exciting. But, you may also have some questions or concerns about condo living. This section will answer your questions and help you conduct your condo search with confidence and knowledge. If there’s something on your mind that you don’t find here, please feel free to email or call me.
When you find a unit that you are interested in, I will provide comprehensive market information about other units in the same building that have sold recently. You will also have access to market activity reports about the entire Miami area with detailed information about the various neighborhoods.
You are smart to be concerned about the financial workings of the different condo associations. Neither the seller nor the association will release any Association Documents to you until you are under contract with a deposit. We have long term relationships with building managers, and when you join our Prestige Buyer Program, we can obtain for you the financial documents of the buildings you are interested in before you make your offer. The main factors that determine stability of an association are:
Be careful of buildings that do not allow pets or have weight and size restrictions. We will do the preliminary searching to make sure that all the condos we look at can accommodate Spot or Rover. Typical scenarios are:
Most newer condos come with 2 assigned parking spaces if you are purchasing larger units. In most other cases, you only get one assigned parking space. Your second car can usually be valet parked, or you can purchase or rent a second space from another owner. We will make sure that every unit we show you has that option available.
Monthly condo fees vary from approximately $200 for entry level studios to over $1000 for larger units in luxury buildings. At first glance you might think that this is high, but you have to keep in mind that generally your fees include external maintenance and landscaping; upkeep for pools, gyms, spas, entryways, tennis courts, garage, common areas, roof, trash, water, cable tv; insurance (hazard, wind, flood), and a reserve fund for future painting, paving, and more. If you own a single family home and add up all these separately, often you will find that it actually costs less per month to own a condo. It will be our pleasure to provide a detailed breakdown of your fees and what they cover when we find the right place for you.
You can be among the many Miami condo owners who rent their units out part-time or full time throughout the year. Each condo association has its own regulations about the rental process. Some do not allow rentals but most do. Restrictions vary from minimum lease terms of 1,3,6,12 months, or a maximum of 1,2,3,4,or 12 lease per year. I will investigate the rules for each building you are interested in so that you can work the situation to your best advantage.
You can carry out the entire condo buying process without having to travel here. As a member of the Prestige Buyers Club you will receive exclusive walk through video tours of the units you are interested in and we will work with you or your representative to oversee every aspect of your condo purchase transaction. This service is available to you whether you live across the state, across the country or anywhere in the world. For the ultimate stress-free experience, you can choose any of our Miami Condo Concierge property management services. We can open your corporation and bank account, handle bill payment, attend the in-person condo interview and post closing orientation on your behalf, turn on your utilities, coordinate your upgrades and furniture, arrange housekeeping, and even rent or manage the unit. Click here for full details.
Property Taxes are approximately 2% to 2.5% of the county assessor’s opinion of the market value of your property. The taxes are due at the end of every year. If you are a Florida Resident and have it as your primary residence, then your annual increases are capped at 3%. If you are a foreign national or it is not your primary residence, then you are capped at 10% for any yearly increases. For all tax information you can go to www.bcpa.net for Broward County, and www.miami-dade.gov for Miami Dade County.
To make an offer, you normally need at least a $5000 deposit which can be held by your attorney, or one of our title company’s escrow accounts. Once you have an agreed upon contract with the seller, then your timelines start: