Category Archives: BoB Series: Buyer’s Notes
Buyer’s Notes: Miami Beach’s Affordable Housing Sector
Investing in affordable housing on Miami Beach is a tricky business. Although present throughout the beach, older and more affordable condominiums are predominately located from 40th street to about 70th street. This includes the Carriage House, Castle Beach Club, Alexander, Corinthian (1967), Casablanca (1948), Pavilion, All Seasons, Tower 41, Marlborough House (1963), and Maison Grande, to name a few. From 40th up towards 70th street, the area is filled with these types of condominiums. Continue reading
Buyer’s Notes: What You Need at New Construction Closing
What should you expect from the condo developer at closing? This is important to know, because this is the critical point where the buyer receives most of the information pertaining to the community. It is important to note that developers do things differently and may not include some of the information that is listed in this article. If this is the case, you should make it clear to the developer’s staff that you want the information and they or the management office should immediately make it available to you. Not having the information below means that you may have trouble: reporting and resolving basic problems, properly maintaining unit appliances and fixtures, dealing with a community emergency, and understanding the framework of guidelines that allow the community to operate. With that said then, what should you expect at closing? Continue reading
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Buyer’s Notes: Condo Maintenance Fee Mayhem
Buyers in new construction condominiums get so caught up with the hype of the new building that they forget to read the condominium documents and budget and expect maintenance fees to remain at the same level that the developer provides during the onset. This can lead to a crisis for the individual unit owner. Maintenance fees can quickly soar to the level of rent pay for a sizable apartment. In some cases $900 and up per month on top of your mortgage payment. Almost every new construction project has their operational budget drafted by a management company or consultant well in advance of the building being topped off. This means that the budget might not reflect operational circumstances during occupancy. Continue reading
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Buyer’s Notes: Deep vs. Shallow
Terraces are viewed as secondary to the unit interior. Buyers focus their attention on the bedrooms, master baths, kitchen, etc. Often times, when considering a unit’s value, the terrace is not even factored into the unit’s actual living area. The … Continue reading
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Buyer’s Notes: Tall vs. Small
When considering a new condominium purchase, it is easy to get swayed in the direction of a high rise. You know, 30+ floor developments, because like the Jeffersons, you want to move up in to that deluxe apartment in the … Continue reading
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