Miami Real Estate Market
After 18 months of non-stop work, building my real estate practice and tending to life, I decided to take a trip. If you know me, there is always multi-tasking involved so mix work, pleasure, networking oh and great eateries and Miami it is!
I must have worked 10+ hour days my first few weeks and barely saw the beach. I am not complaining as it beats the northeast weather right now and the picture above is my view from the balcony at night. Right!?!?!? As I continue to grow my NJ practice, I have been getting lots of inquiries from folks who want to relocate. Where do you ask? Well, Florida!
Miami beach offers a lux-lifestyle you will not get many places. It does come with a hefty price tag. The market here is just as volatile as we saw in the North East and its not letting up. The good news is as international travel bans lift next month we'll see an influx of visitors who come here to experience the posh life, even if short-term. If you are looking for a private unit (condo, home, beach house etc), then come with your checkbook, agent, title company and/or attorney and be prepared to spend at least $500 per sq. ft. for that life of luxury.
However, if you are an investor and banking on travel and tourism (think short term rental: airbnb, vrbo etc) then be sure to do your research! Condo-tel is a dirty little word I learned a year ago. It is basically buying a "room" at a hotel, which handles rentals on your behalf, for a fee, and blackout dates if you are an owner. YES, I said blackout dates. Typically, these properties are cash only. There are limits to the various condo associations when it comes to short term rentals, but if you are lucky, you can find one that allows up to 12 rentals per year and still offer that lux-lifestyle that includes infinity pool, direct beach access, valet parking and a host of nice-to-have's in-between.
If you are curious to know more, done with the winter or ready to take the investment plunge, please contact me today. I will also be hosting a webinar: Birds Fly South, in coming months so stay tuned.