Miami Beach Real Estate Tips for Buying Parking Issues

If you are thinking about purchasing Miami Beach real estate, interested in buying a condo and need a parking space; just know that parking is not a “given”.  Parking in Miami Beach is a luxury and an extra parking space (if available) can cost an extra $10,000 plus depending on the building.  In fact there are a few parking spaces listed on the MLS for sale and they start from $10,000 to 19,900.  I have seen them higher than this too.

Most Important to Know About Miami Beach Real Estate & Parking:

  • In most of the high rise luxury buildings the units come with 1 parking space.  (Yes even the three bedrooms, 1 space).
  • The number of bedrooms does not determine the amount of parking spaces.
  • Always ask for the parking space number in the sales contract.
  • Find out if the parking is deeded or assigned.  Deeded parking means that the space  #123 comes with your unit #3604.  Assigned means just that “assigned”.   You are authorized to use parking space #123 but it’s not a part of your unit, rather it’s a part of the building.  Some buildings don’t have enough parking (100 parking spaces) for every unit (120 units) but most Miami Beach residents are not here full time, so the way the buildings manage the parking is to use the assigned method to assign first come first serve to full time residents and then they grant special parking privileges for out of town residents on an as needed basis……..  again each building and their rules/regulations are different.  Always check.
  • If the term “valet” is used, always ask exactly the rules and regulations for this service.  For instance you may hear the owner’s agent say, “1 deeded parking space plus valet”, what you need to ask next is how the building manages the valet.  It may be free for you the resident but not your guests.  You may be able to park a second car using valet, maybe not.  It all depends on the rules of the condo association.
  • Can a guest or different car use your parking space?  Most buildings don’t allow this.

I think that’s a pretty good summary for now.  What’s important to take away is that Miami Beach real estate is unique all the way down to the parking situation.  So be sure to triple check and make sure that you are covered in a sales transaction.

Copyright © By Jamey Prezzi 2011 *Miami Beach Real Estate Tips for Buying Parking Issues

Comments

  1. Carly Goodman says:

    In the South of Fifth neighborhood of Miami Beach, a parking space is worth $30,000 to 50,000 in the smaller boutique buildings, and will go for even more in the higher end buildings.

    • Good tip and very true!! When I did those quotes I was quoting numbers from the MLS that were for sale at the time……. but you are totally right about that for sure. Thanks!

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