by Jamey on June 25, 2009
Recently I was interviewed by Matt Meltzer at Miami Beach 411 and we discussed living in Miami Beach, Brickell & Downtown/Midtown Miami. In preparing for this interview, Matt mentioned that I should be prepared to discuss demographics and other details about what kind of people are moving into our area. I get these types of questions on a daily basis and I always have to explain that due to fair housing practice rules and regulations in my business, I am not really allowed to discuss the specifics of the types of people who live in our area, however I am always happy to talk about what each neighborhood has to offer in terms of pricing, availability and more. This is what I offered while speaking with Matt. Good luck Matt in your research!
I strongly feel that the neighborhood/building you choose to live in will definitely determine the experience that you will have living in this city. For instance if you want the ability to walk out your door and be on the beach, it may make more sense to live on South Beach versus Brickell. Rather, if you work on Brickell and you want the ability to walk to work, than you may choose to live in a Brickell building.
It’s really a personal decision and it’s important to do your research in advance.
The first thing you should know is that Miami Beach (I mostly work in South Beach to be exact), Brickell & Downtown/Midtown Miami are 4 completely different neighborhoods. Then within each neighborhood there are many different buildings and each have their own unique style, atmosphere and price points. If you live in our area you will soon come to find out that the livability of each neighborhood is always a hot debate topic. Usually Brickell people love Brickell, South Beachers love South Beach and so on.
The one thing that is probably going to determine a lot of your decision making is your budget. If you are renting a 1 bedroom with parking in any of these areas, the monthly rent can be anywhere from approximately $1100 up to $5000 plus. If you are buying there is a wide range of price points depending on the location and building. For instance in South Beach over the last 90 days, the least expensive (non foreclosure) sold for $122,500 while the most expensive for $575,000.
Typically when I start working with a new buyer or renter, after I have an idea of budget, I delve into the details of finding out what’s most important to them.
I always tell newcomers that the best thing to do if you do not know the area, is to first drive around, walk around, talk to local people and then research a little about each neighborhood. Afterwards use a online property search to start searching for properties in certain areas and then pin point buildings that match your price point and needs.
Yes, it is a little work upfront but work that will hopefully pay off in the end when you move to our wonderful city!
by Jamey on June 22, 2009
I was reading through some online Miami Beach forums the other day about relocating and realized just how many people do not understand the benefit of using a Realtor to find a rental. I am also working with a lot of buyers and I think that there are many misunderstandings in regards to how a Realtor to buyer relationship is structured and why it’s important to understand the value of having an agent on your side.
Uncovering the Myths
1. I am just going to call around on different listings and contact the Seller’s agent or the Landlord’s agent because if there is only one agent, I will save money. You do not necessarily save money by using only one Agent. The sales or rental price already figures in the commission. Typically if there is one broker on the deal than that one broker makes the full commission, if there are two then it is split.
2. I will just call the seller or landlord’s agent because they have all of the listings. Not true. In Miami or Miami Beach, if you work with a licensed Realtor than that agent has access to ALL of the properties listed in the MLS. We all work off the same Multiple Listing Service database with the same listings. So the key is to find an agent that you are confident in and trust to assist you with your transaction.
3. I don’t need a buyer’s or renter’s agent because I am going directly to the developer. Let your agent know that you want to preview developer units. This way they can take you to the property and be sure that you have an advocate who can anticipate problems and and who know how to deal with anything that can commonly go wrong. Developers have fees built into their budgets to pay buyer and renter agents.
by Jamey on June 12, 2009
In this market, I have been working with a lot of renters and property owners who purchased units in the Brickell, Downtown/Midtown Miami areas. Although there is new inventory, there are also plenty of renters that would love to live in your unit.
If you want to position your unit to get as top rental dollar as possible, it’s key to have the unit in super showing condition. If it’s not in “super showing condition” at least be prepared to cover the essentials that most renters are going to ask for to live in the unit prior to signing a lease.
“Jamey”, you say, “my unit is brand new, what do you mean in super showing condition?”
This week I have been showing rentals in 900 Biscayne and Marina Blue. Gorgeous buildings by the way and two of my new favorites. Unfortunately some of the units (because the buildings are brand new) are not necessarily what I would call “rent ready” meaning the units still have that first coat of primer, no blinds, missing light fixtures and I can see my rental customers’ minds ticking away assessing which unit they would rather rent based on the condition of the unit. Some of the owners have quickly turned over their units and made them ready to rent by painting, putting up blinds, shelving, etc.; while others have not. If the unit is on the market for rent, what are you waiting for? Make it look great so you will get good solid offers!
You have to remember that renters are a little timid too in this market. They are wondering if you as the owner are going to be able to maintain the unit throughout the duration of the lease, they are concerned if their deposits will be protected. What would you rather lease? A unit that has all of the finishing touches or one that looks like it was just turned over and thrown back on the market to rent?
So here are some tips to make sure your unit is in super showing condition, hopefully preventing it from sitting on the market too long and getting low ball offers.
1. Primer is not paint. If the unit only has primer on the walls, I highly recommend having someone come in and put a real coat of paint on the wall.
2. Closets finished out. You don’t necessarily have to go all out with a full on closet system but at least put some type of system in that allows clothes to be hanged and/or shelving.
3. Window Treatments. Trust me, you are going to get offers from renters asking for window treatments to be installed. They don’t have to be top of the line but at least blackouts in the bedroom and some type of covering for the other areas.
4. Light Fixtures. If the lighting only has the little light bulb, buy a light fixture and cover it. You can go to Lowe’s or Home Depot and pick up a package of these super inexpensive.
Those are the basics and shouldn’t be too much additional expense. I think you will find that most of the renters will ask for these items and if they don’t, they will probably ask for a reduced rent or money off in order to do it themselves.
Good luck with renting your property and if you need help, I will be happy to assist you!
