Category: Miami Real Estate

Tips For Moving Into Your New Home

Congratulations, you’ve bought your home and it’s move-in time. Wait!

Before you move in, read on to get some practical and important tips.

Change the locks

You’ve closed escrow and the keys to your new home are yours.

The first thing you should do is change the locks. It’s hard to say who may have access to your home. Anyone from real estate agents to the sellers or maintenance people: all could still have a set of keys to your home. Be safe and change the locks first thing.

If the home doesn’t have deadbolts on the doors, install them. If the door has glass on it, be sure you install a deadbolt that uses a key to unlock from both sides.

If someone is breaking into your house and there is glass on the door, it can be shattered and the intruder can just reach through the broken glass and turn the deadbolt. Instead, use a key deadbolt and keep an extra key near the door but out of reach and out of sight from the outside.

Create an inventory of your belongings

Don’t risk losing something that means a lot to you. Take an inventory of all your belongings. It’s best if you can pack your items in clearly labeled and numbered boxes that are marked for particular rooms, such as kitchen or bathroom supplies.

Using an inventory sheet to detail what each box contains will make it so much easier to unpack and remember where things are. You may need to find something quickly before you’re fully unpacked. If you’re using movers or friends and family to help, the inventory sheet will also help you keep track of your stuff and make sure that it all ends up in your new home. You can find moving inventory sheets on the Web.

Repair and paint while the home is empty

It’s a no-brainer but sometimes goes overlooked. If you have to make major repairs, try to do them before you move in. It’s easier to take care of major maintenance or messy repair jobs when the home is empty.

So, give your new home a good look and mark down the maintenance needs, then try to plan your move-in dates for after the work is completed. Even if the work is being done in an entirely different room, it still helps to have the house empty. That way you can feel better about leaving workers in the home while you’re not there because your home is empty.

Whole-House cleaning

It’s maybe the only time you’ll have this opportunity. Give the entire house a good top-to-bottom cleaning. It’s a great way to start a new life in a fresh, clean home. Plus it’s a lot easier to clean everything when nothing is inside to be moved around.

This is a good time to make sure things like smoke and carbon monoxide detectors are all functioning properly. Change the batteries on them so that you can track the need for new batteries with the anniversary of the home purchase.

Thinking ahead and taking a few extra steps will save you time and energy. It will simplify the move-in process and make your home a safe place to get good sleep on your first night.

SOURCE

March 21, 2017
First-Time Homebuyer’s Guide

The challenge of buying a home for the first time can seem so daunting that it’s tempting to either just go with the first place in your price range or continue to rent. To help you demystify the process and get the most out of the purchase, we’ll examine what you’ll need to consider before you buy, what you can expect from the buying process itself, and some handy tips to make life easier after you purchase your first home.

Who Is a First-Time Homebuyer?

U.S. Department of Housing and Urban Development (HUD), a first-time homebuyer is someone who meets any of the following conditions:

– An individual who has not owned a principal residence for three years. A spouse is also considered a first-time homebuyer if he or she meets the above criteria. If you’ve owned a home but your spouse has not, then you can purchase a place together as first-time homebuyers.
– A single parent who has only owned a home with a former spouse while married.
– A displaced homemaker who has only owned with a spouse.
– An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
– An individual who has only owned a property that was not in compliance with state, local or model building codes—and which cannot be brought into compliance for less than the cost of constructing a permanent structure.

Considerations Before You Buy

The first thing you’ll need to determine is what your long-term goals are and then how home ownership fits in with those plans. Some people are simply looking to transform all those “wasted” rent payments into mortgage payments that actually give them something tangible. Others see home ownership as a sign of their independence and enjoy the idea of being their own landlord. Narrowing down your big-picture homeownership goals will point you in the right direction. Here are five questions to ask yourself:

1. What type of home best suits your needs?
You have several options when purchasing a residential property: a traditional single-family home, a duplex, a townhouse, a condo, a co-op (housing cooperative) or a multi-family building with two to four units. Each option has its pros and cons, depending on your homeownership goals, so you need to decide which type of property will help you reach those goals. You can also save on the purchase price in any category by choosing a fixer-upper, although the amount of time, sweat equity and money involved to turn a fixer-upper into your dream home might be much more than you bargained for.

2. What specific features will your ideal home have?
While it’s good to retain some flexibility in this list, you’re making perhaps the biggest purchase of your life, and you deserve to have that purchase fit both your needs and wants as closely as possible. Your list should include basic desires, like neighborhood and size, all the way down to smaller details like bathroom layout and a kitchen that comes with trustworthy appliances.

3. How much mortgage do you qualify for?
Before you start shopping, it’s important to get an idea of how much a lender will actually be willing to give you to purchase your first home. You may think you can afford a $300,000 home, but lenders may think you’re only good for $200,000 depending on factors like how much other debt you have, your monthly income and how long you’ve been at your current job. In addition, many realtors will not spend time with clients who haven’t clarified how much they can afford to spend.

It’ll behoove you to make sure your personal finances are in order. Generally, in order to qualify for a home loan, you have to have good credit, a history of paying your bills on time and a maximum debt-to-income ratio of 43%. Lenders these days generally prefer to limit housing expenses (principal, interest, taxes and homeowners insurance) to about 30% of the borrowers’ monthly gross income, though this figure can vary widely, depending on the local real estate market.

Make sure to get pre-approved for a loan before placing an offer on a home: In many instances, sellers will not even entertain an offer that’s not accompanied with a mortgage pre-approval. You do this basically by applying for a mortgage and completing the necessary paperwork. It is beneficial to shop around for a lender and to compare interest rates and fees using a tool like a mortgage calculator or Google.

Once you’ve settled on a lender and applied, the lender will verify all of the financial information provided (checking credit scores, verifying employment information, calculating debt-to-income ratios, etc.). The lender can pre-approve the borrower for a certain amount. Be aware that even if you have been pre-approved for a mortgage, your loan can fall through at the last minute if you do something to alter your credit score, like finance a car purchase.

4. How much home can you actually afford?

On the other hand, sometimes a bank will give you a loan for more house than you really want to pay for. Just because a bank says it will lend you $300,000 doesn’t mean you should actually borrow that much. Many first-time homebuyers make this mistake and end up “house-poor” – meaning after they pay their monthly mortgage payment they have no funds left over for other costs, such as clothing, utilities, vacations, entertainment or even food.

Just like with the purchase of a new car, you’ll want to look at the house’s total cost, not just the monthly mortgage payments. Of course, that monthly payment is also important, along with how much down payment you can afford, how high the property taxes are in your chosen neighborhood, how much homeowners’ insurance will cost, how much you anticipate spending to maintain or improve the house, and how much your closing costs will be. If you’re interested in purchasing a condo, bear in mind you’ll have to pay maintenance costs monthly because you’ll be part of a homeowner’s association, which collects a couple hundred dollars a month from the owners of each unit in the building in the form of condominium fees. Co-op owners also pay monthly maintenance fees, though these are partially tax-deductible.

5. Do you have serious savings?

Even if you qualify for a sizeable mortgage, there will be considerable upfront costs (like the down payment on the home, typically 20% of the total purchase price) and closing costs too. So you need to have money put away. When it comes to investing with an eye toward purchasing a home — a short-term goal — one of the biggest challenges is keeping savings in an accessible, relatively safe vehicle that still affords a return. If you have one year to three years to realize your goal than a certificate of deposit may be a viable option. It’s not going to make you rich, but you aren’t going to lose money either. The same idea can be applied to purchasing a short-term bond or fixed income portfolio that will give you some growth, but also protect you from the tumultuous nature of the stock markets.

If the home purchase happens in six months to a year, then you are going to want to keep the money liquid. A high-yield savings account could be the best option. It’s important to make sure it is FDIC insured so that if the bank goes under you can still have access to your money up to $250,000.

6. Who will help you find a home and guide you through the purchase?

A real estate agent will help you locate homes that meet your needs and are in your price range, then meet with you to view those homes. Once you’ve chosen a home to buy, these professionals can assist you in negotiating the entire purchase process, including making an offer, getting a loan, and completing paperwork. A good real estate agent’s expertise can protect you from any pitfalls you might encounter during the process. Most agents receive a commission, paid from the seller’s proceeds.

The Buying Process

Now that you’ve decided to take the plunge, let’s explore what you can expect from the home buying process itself. This is a chaotic time with offers and counter-offers flying furiously, but if you are prepared for the hassle (and the paperwork), you can get through the process with your sanity more or less intact. Here is the basic progression you can expect:

1. Find a home.

Make sure to take advantage of all the available options for finding homes on the market, including using your real estate agent, searching for listings online and driving around the neighborhoods that interest you in search of for-sale signs. Also put some feelers out there with your friends, family and business contacts. You never know where a good reference or lead on a home might come from.

Once you’re seriously shopping for a home, don’t walk into an open house without having an agent (or at least being prepared to throw out a name of someone you’re supposedly working with). You can see how it might not work in your best interest to start dealing with a seller’s agent before contacting one of your own.

If you’re on a budget, look for homes whose full potential has yet to be realized. Even if you can’t afford to replace the hideous wallpaper in the bathroom now, it might be worth it to live with the ugliness for a while in exchange for getting into a house you can afford. If the home otherwise meets your needs in terms of the big things that are difficult to change, such as location and size, don’t let physical imperfections turn you away. First-time homebuyers should look for a house they can add value to, as this ensures a bump in equity to help them up the property ladder.

2. Consider your financing options and secure financing.

First-time homebuyers have a wide variety of options to help them get into a home — both those available to any purchaser, including Federal Housing Authority (FHA)-backed mortgages, and those geared especially to neophytes. Many first-time home buyer programs offer minimum down payments as low as 3% to 5% (vs. the standard 20%), and a few require no down payment at all.

First-timers should in particular:

Use HUD’s resource list. The FHA and its loan program is part of HUD.

Look to your IRA. For the purposes of the IRA distributions, a first-time home buyer is anyone who hasn’t owned a present interest in a primary residence mobile homes and house trailers, houseboats and stock held by a tenant-stockholder in a cooperative housing corporation) for the previous two years. Because each person has a $10,000 lifetime amount that can be withdrawn penalty-free from his or her IRA, a couple could withdraw a maximum of $20,000 ($10,000 from each account) combined to pay for their first home. Just be sure to use the money within 120 days or it becomes subject to the 10% penalty.

Illinois, Ohio and Washington—offer down payment assistance for first-time homebuyers who qualify. Typically, eligibility in these programs is based on income and may also have limits on how expensive a property can be purchased. Those who qualify may be able to receive financial assistance with down payments and closing costs as well as expenses to rehab or improve a property.

Know about Native American options. Native American first-time homebuyers can apply for a Section 184 loan. This loan requires a 1.5% loan up-front guarantee fee, and only a 2.25% down payment on loans over $50,000 (for loans below that amount, it’s 1.24%). Unlike a traditional loan’s interest rate being based on the borrower’s credit score, this loan’s rate is based on the prevailing market rate. Section 184 loans can only be used for single family homes (1-4 units) and for a primary residence.

Don’t be bound by loyalty to your current financial institution when seeking a pre-approval or searching for a mortgage: Shop around, even if you only qualify for one type of loan. Fees can be surprisingly varied, as can mortgage interest rates, which of course have a major impact on the total price you pay for your home.

Some authorities also recommend you have a back-up lender. Qualifying for a loan isn’t a guarantee your loan will eventually be funded: Underwriting guidelines shift, lender risk-analysis changes and investor markets can alter. There can be cases of clients signing loan and escrow documents, and then being notified 24 to 48 hours before the closing that the lender froze funding on their loan program. Having a second lender that has already qualified you for a mortgage gives you an alternate way to keep the process on, or close to, schedule.

3. Make an offer.

Your real estate agent will help you decide how much money you want to offer for the house along with any conditions you want to ask for. Your agent will then present the offer to the seller’s agent; the seller will either accept your offer or issue a counter-offer. You can then accept, or continue to go back and forth until you either reach a deal or decide to call it quits.

Before submitting your offer, take another look at your budget. This time factor in estimated closing costs (which can total anywhere from 2% to 5% of the purchase price), commuting costs and any immediate repairs and mandatory appliances you may need before you can move in. And think ahead: It is easy to be ambushed by higher or unexpected utilities costs in your new larger home. You might request the energy bills from the past 12 months to get an idea of the average monthly cost.

If you reach an agreement, you’ll make a good-faith deposit and the process then transitions into escrow. Escrow is a short period of time (often about 30 days) where the seller takes the house off the market with the contractual expectation that you will buy the house — provided you don’t find any serious problems with it when you inspect it.

4. Obtain a home inspection.

Even if the home you plan to purchase appears to be flawless, there’s no substitute for having a trained professional inspect the property for the quality, safety and overall condition of your potential new home. You don’t want to get stuck with a money pit or with the headache of performing a lot of unexpected repairs. If the home inspection reveals serious defects that the seller did not disclose, you’ll generally be able to rescind your offer and get your deposit back. Negotiating to have the seller make the repairs or discount the selling price are other options.

5. Close or move on.

If you’re able to work out a deal with the seller, or better yet, if the inspection didn’t reveal any significant problems, you should be ready to close. Closing basically involves signing a ton of paperwork in a very short time period, while praying that nothing falls through at the last minute.

Things you’ll be dealing with and paying for in the final stages of your purchase may include having the home appraised (mortgage companies require this to protect their interest in the house), doing a title search to make sure that no one other than the seller has a claim to the property, obtaining private mortgage insurance or a piggyback loan if your down payment is less than 20%, and completing mortgage paperwork. Other closing costs can include loan-origination fees, title insurance, surveys, taxes and credit-report charges.

Congratulations New Homeowner … Now What?

You’ve signed the papers, paid the movers and the new place is starting to feel like home. Game over, right? Not quite. Homeownership costs extend beyond down payments and monthly mortgage payments. Let’s now examine some final tips to make life as a new homeowner more fun and secure.

1. Keep saving.
With homeownership comes major unexpected expenses, like replacing the roof or getting a new water heater. Start an emergency fund for your home so that you won’t be caught off-guard when these costs inevitably arise.

2. Perform regular maintenance.
With the large amount of money you’re putting into your home, you’ll want to make sure to take excellent care of it. Regular maintenance can decrease your repair costs by allowing problems to be fixed when they are small and manageable.

3. Ignore the housing market.
It doesn’t matter what your home is worth at any given moment except the moment when you sell it. Being able to choose when you sell your home, rather than being forced to sell it due to job relocation or financial distress, will be the biggest determinant of whether you will see a solid profit from your investment.

4. Don’t rely on making a killing on your home to fund your retirement.
Even though you own a home, you should still continue to save the maximum in your retirement savings accounts each and every year. Although it may seem hard to believe for anyone who has observed the fortunes some people made during the housing bubble, you won’t necessarily make a killing when you sell your house. If you want to look at your home as a source of wealth in retirement, consider that once you’ve paid off your mortgage, the money that you were spending on monthly payments can be used to fund some of your living and medical expenses in retirement.

SOURCE

March 20, 2017
Why Move to Miami Beach?

Try to find a person that doesn’t like Miami. It is a dare. The reason it’s so hard to go down Miami’s lane of faults and disadvantages is because it can effortlessly distract you with all its glitz and glamor. The Magic City was, is, and always will be a great place to have a good time. Period. It is just too crazy to take things seriously and too sophisticated to lose its style. Yes, Miami’s traffic is ever-worsening, stress levels can peak, and swarms of tourists clog the streets, however, most of its residents still can’t help feel anchored here because there is no other city that reflects them better.

The weather

If you consider a human being an animal (whether that is true or not is another discussion), the only natural habitat which suits our biological properties are tropical regions. Erase clothes and tools for warmth from the picture just for a second and think only about the environment in which we can naturally sustain ourselves.

Well, it just so happens to be that Miami sits above the Tropic of Cancer, meaning that the weather is perfect for humans to thrive all year round.

Humid and hot summers, warm winters, coastal location, climate influenced by the Gulf Stream… This is what makes everything in Miami so comfortable and relaxing. You don’t need to burden yourself with too much clothing, like you would in northern states, being cold is the thing of the past, and hitting the beach is one of the easiest things both said and done.

The beaches

First off, immense cultural diversity has literarily made this resort city a haven for culinary arts. Rows and rows of quality restaurants overlooking the turquoise waters of the Atlantic Ocean are bound to transform your belly into your own personal tour guide.

Second, luxury homes in Miami Beach are what architecture and design are all about. It is simply a delight to walk through the palm streets and promenades filled with inspirational high-end apartments, condos, and houses.

And last, a chance to go for a swim or party is practically around every corner. The vibrant nightlife makes Miami Beach a magnet for tourists. However, peaceful and quiet neighborhoods can also be found scattered about, you just have to know where the gathering hubs of spring breakers, celebrities, clubbers, and party animals are.

Business ventures

There is a certain downside to Miami Beach if you wish to find a job at someone else’s company because opportunities are scarce. However, opportunities can be found if you want to build your career with your own two hands. The Magic City is a fertile ground for entrepreneurs who have a clear vision and a realistic assessment of their abilities.

Another thing worthy of note is that Miami Beach luxury real estate industry is one of the most developed in the world and a lot of people are making a nice living out of it. Despite the administrative unpredictability of the current presidential situation in the U.S., this industry has become almost immune to political values and moods for decades.

Conclusion

Moving from one place to another can be a tedious experience, but the world is surely filled with destinations that will make that decision worthwhile. Odds are definitely in favor that Miami Beach can also grant you that level of satisfaction and comfort. However, the resort city calls only those who wish to hear its call, it is ultimately up to you to take the plunge. If you are still uncertain, maybe just take a look at any picture of Miami Beach, and imagine yourself waking up to this natural and urban beauty every day.

March 17, 2017
Foreign Investments in Miami Real Estate

With Donald Trump as the current president of the United States of America, the roles of figures on the political and business chess board have changed. No one can say with certainty that Trump’s policies will revitalize the nation’s economy, but it is evident that many opportunities are starting to arise, mainly because the US is finished with policing the rest of the world. This resolve has already softened relations with Russia, China, and many influential European countries; and money from foreign real estate investors is expected to pour into the Magic City as a result.

According to Knight Frank, a global real estate consultancy based in London, Russian interest in the US luxury real estate market has jumped 35 percent. Unlike Obama, Trump has drastically managed to improve relationships with Putin and he also has a long history of doing business with the Russian elite. With this in mind, it is no wonder why Russians are so pleased with the outcome of elections – it finally gave them the confidence to invest money in building infrastructure on American soil.

For instance, Vladislav Doronin, a prominent international businessman and realtor, has already paid a hefty sum of $54 million for realizing his 2-acre condominium project in Miami’s Edgewater neighborhood, and this is just one of many projects he is developing. Still, no matter how strong the Russians started to elbow their way into the scene, they are still overshadowed by Canadi10ans who currently spend the most on South Florida real estate and had enough time to make their empire.

On the other hand, many are wondering how Latin American investors are going to react to Trump’s proposed policies, especially since Miami is the unofficial capital of Latin America. “Building a wall” along the border of Mexico may represent the president’s blatant effort to forcefully repel any foreign economic influence, but the truth is, good business will always take precedence. The U.S. will remain an entrepreneurial haven for people from around the globe, which means Latin American money will surely continue to contribute to the luxury real estate development of Miami.

A very large percentage of buyers also come from Europe and South America. The reason money keeps pouring in from all corners of the world isn’t just because of Miami’s unique appeal and vibrant lifestyle, but the fact that the U.S. is the most secure country in which to invest. Trump’s presidency may have raised a lot of eyebrows, which even brought this title to question, but he is fully aware that uncertainty is the scourge of investment. Trade is a corner stone of his campaign because it leads to growth and employment, so there is no reason for him to deliberately prevent real estate workers from investing in Miami.

It still may take some time to digest Trump’s rhetoric, policies, and ethics, but it is expected that he will have a positive effect on the real estate industry. Realtors all over Florida hope that he will create more incentive to encourage real estate development and protect favorable real estate tax laws which are currently in place. If you look at things short term, the dollar is currently destabilized and the nation’s economy is looking a bit dim, but this is what creates opportunities for foreign investors and prompts them to act.

However, Miami has always been a magnet for investors for more than 30 years. Regardless of different presidents, political parties, values, and moods, the real estate business is pragmatic and clings solely to numbers and returns. If Trump reduces income tax rates, capital gains, and eliminates real estate tax, he will do a lot of people a favor, but South Florida will remain at the helm of luxury real estate development, with or without him.

March 10, 2017
Miami Real Estate – A Gold Mine of Opportunities

Is investing in Miami luxury real estate like Russian roulette, or is it a safe move? Nobody can tell for sure, that’s a fact. But the majority of experts agree, Miami’s luxury real estate development is on the rise, and looking forward to a steady future.

A new economic perspective

Nowadays, America focuses more on economic growth and less on international policies. The president said he aims to “soften up” economic relations with other countries and continents (China Russia and Europe). This combination can easily lead to more foreign investments which can boost Miami’s real estate development as well, not to mention, it will provide more work for the luxury real estate agencies.

Some experts thought that the outcome of the presidential election will make South American countries pull out from the market, but as it seems, South Florida is still their “hot spot”, when it comes to real estate. Miami is currently in the world’s top ten luxury property markets due to its long list of attributes, and experts claim the city to be a gold mine from this perspective!

So, investing in luxury estates in Miami might not be such a bad idea, since the city will attract more foreign agencies and developers, and the market will pick up steam by next year. Experts on the topic state that the upcoming seasons will be steady and in the first step, luxury condos will play the main role in the field, but other projects will emerge later on.

Will the market supersaturate?

What the future holds, nobody can tell for sure. Some might say, that over-development is inevitable in these situations. For now, luxury condos sell well, but more and more developers are starting to “tone down” and offer less luxurious but still pricey properties. The plenitude of high-end condos will probably lead to a drop in prices, but still, experts say the future can only bring good things.

March 6, 2017
How to Invest in Miami Property
From sports cars, tans, and an influx of spring breakers to high-end fashion, art, and fine dining, Miami is experiencing a cultural revolution, which is also greatly contributing to real estate investing. The Magic City is listed among world’s top 10 luxury property markets due to its excellent location, bi-lingual workforce, and high concentration of international banks. However, what sets this city apart from other top-ranked cities, such as New York, Sydney, London, and Paris, is the relative property value it offers, especially to foreign buyers. Investing isn’t necessarily a difficult trade, in fact, it is all about good timing, and Miami is currently a real estate goldmine.

Real estate investing as a business

If you are absolutely sure you want to start a career in investing in Miami property, you need to treat it like a business. Gathering sufficient and relevant information to create a sound business plan is the first thing that should be on your to-do list. Detail all of the nuances, check out your competition and their previous successes, assess your advantages and disadvantages, and create realistic short-term, mid-term, and long-term goals. Remember, a megalomaniacal approach won’t get you anywhere, especially if you are new on the scene, so it’s better to take calculated baby steps first, rather than to rush into everything immediately.

Relationship with local bank or mortgage broker

Planning finances with expert help is extremely important and beneficial. You need to find a reliable person or group willing to lend you money when good opportunities arise, so establishing a strong professional relationship with a local bank or mortgage broker will do you wonders.

Creditors and keeping tab on the score

Keeping a credit score of at least 700 or better is what can keep you in the game because no real estate investor will cooperate with you if your credit is shot. The better you score, the higher the chance you are going to successfully borrow money for investing in your properties and the less interest you are going to have to pay. Trans Union, Equifax, and Experian are excellent credit card reporting agencies to keep tabs, or use the services on Credit Karma website free of charge.

Scan for Miami properties

Scanning neighborhoods for attractive properties is something everyone should do thoroughly, especially international investors who aren’t entirely familiar with Miami. Determine what type of real estate speaks to you, what you feel can make you good money. A word of advice, stick to residential areas, since these properties are currently the best thing available on the market.

Speak with local Miami investors

If you are fresh on the Miami real estate market, there is absolutely no reason for you to do go through the entire process completely alone. Plenty of investors are doing the exact same thing as you are and they understand the struggles which need to be endured. Feel free to connect with such people and ask them for information about the landscape, hot properties, interesting facts and happenings in Miami’s realtor world. Asking for help and letting experienced people guide you will certainly pave a smoother road to success.

A few more tips
- Since every transaction is done under different circumstances, consult your attorney and accountant to create an optimal structure under which you acquire property.
- US tax laws need to be greatly considered, so it’s best to find a skilled American tax advisor who understands how the national tax code system works.
- Similar to social security number, you should also apply for an ITIN, or International Tax Identification Number.
- File an annual US tax return so you can have more insight on your property’s activity and preserve your tax losses.
Conclusion

The real estate investment process tends to be slow at the beginning and just like everything else it takes time to get the hand of things and start noticing progress. Miami is currently a fertile ground for realtor businesses, so follow these instructions, study every aspect of it from additional reliable sources, and when you finally feel ready, weigh your options and seize your opportunities.
January 13, 2017
$65M penthouse hits market in Miami Beach

The Apogee penthouse in South Beach

In addition to attracting swarms of interesting people and elaborate art installations on a yearly basis, Art Basel 2016 has enticed a $65 million listing: a two-story penthouse at the Apogee in South Beach.

A glass staircase is one of its most distinguishing features, outside of the spectacular ocean, bay, and city views of course. Spanning 8,271 square feet, it has five bedrooms, eight bathrooms, and a whopping 13,149-square-foot terrace.

The residence is Miami’s most expensive listing along with 46 Star Island, a 18,356-square-foot Mediterranean with 250 feet of bay frontage. Pulling in anything over $60 million, the price Ken Griffin paid for his Faena Penthouse, would make it a record sale for the county.

“This Apogee penthouse is the most superb property ever listed on Miami Beach in the city’s premier residential tower in the coveted South of Fifth neighborhood,” said Douglas Elliman Florida’s Executive Vice President Carlo Gambino. “With uninterrupted ocean views and commanding vistas of the Downtown Miami skyline, it is the perfect place to entertain, relax and take-in dazzling sunrises and sunsets with the convenience of being just a short stroll to the best of Miami Beach’s iconic restaurants and boutiques.”

If you don’t factor in the extensive outdoor space, it breaks down to $7,859 per square foot.

The residence is owned by former lawyer William Duker, who has a rather interesting criminal history, according to the Wall Street Journal

Mr. Duker owns the software company Rational Enterprise. He was one of the founders of Amici LLC, a provider of document-discovery services, which was acquired by Xerox in 2006 for $174 million. A former lawyer, he pleaded guilty to four felony counts in 1997 and served part of a 33-month sentence for falsely inflating legal bills to the federal government.

Even more fascinating is the fact Duker spends “about two months” a year in the unit.

His reason for selling:

He said he is selling because he’s planning to travel around the world in his new 230-foot yacht, Sybaris.

SOURCE

January 3, 2017
Luxury Homes of Miami
Miami is home to richest of the rich- and we don’t just mean money. Miami boasts some of the country’s- some of the world’s– most beautiful coastline. Neighborhoods are dense with culture and livelihood. The people of the city treasure Miami so affectionately, it is impossible not to see the see the city by the sea for the treasure that it is.

With some of the most favored land in the world comes big investors after property in Miami. Investors with pocketbooks that take daydream homes off paper and onto the sand. Big time architects are no stranger the development of Miami’s modern luxe. Zaha Hadid, Renzo Piano and Rafael Viñoly all of their hands in the fire and are pushing to keep Miami as the leader of the property game.

High-end properties are not hard to come by in Miami. The market is in such demand of the perfect post-modern high rise by the beach, that a new and more beautiful building enters the city’s skyline every turn of the head.

Miami beach luxury homes are something of their own ideal. Twenty-million for a home fails to turn heads. Let’s take a look at some of the mega-famous properties around Miami. With our help, you will be living in and amongst the very best and most exclusive local real estate.

Here are seven of the most expensive homes on the market (or recently snagged, but included for perspective) in Miami:

North Bay Road is classic baller status Miami. The palm-lined road is modest, letting the property homes speak for the street. Palm Road is home to four of Miami’s most expensive homes:
1. Coming in at $32 million, Miami’s most expensive home overlooks the ocean and has a private pool for those fresh water days. The 8,000 square foot property houses six bedrooms and seven baths. The renovated 1930s pad has views that span both downtown Miami and the Intercoastal Waterway.
2. Not far down the road, we head to the water and onto the private deck where this 19,000 square-foot mansion’s guests watch ships of the Atlantic pass by. You can call these eleven beds and nine baths home for $30.5 million.
3. No need to leave the North Bay Road address line to get to the city’s fourth most expensive home at $25.5 million. This property’s nine baths and seven beds are housed by a stately exterior whose bright white serves as a class contrast against the palms and sky.
4. Wrapping up our gawking on North Bay Road, we look at a seven bed, eight bath property across 9,000 square feet. The Spanish-style home, characterized by its courtyard, foliage, and floor-to-ceiling windows is listed at $25 million.
Next, we head to Palm Avenue, one of the most glamourous strips to call home in South Florida. Palm Avenue runs close to the bars and restaurants of Miami Beach.
1. On the market for $32 million, the other most expensive home in Miami sits on 14,000 square feet- ample space for nine baths and eight beds. This home is well loved for its floor-to-ceiling windows, lavish gardening, and variety of swimming pools.
2. Surrounded entirely by palm trees, six bed and seven baths on 9,000 square feet hits the market at $25 million. Looking for the swimming pool? It’s in the garden.
Last but not least, we turn to W 27th street.
1. This last property is a steal at a modest $23 million. Its seven beds and nine baths sprawl endlessly across the property’s 11,000 square feet. Lavish gardens encase the stunning, classic Miami architecture that boasts an open and contemporary plan design with large windows and glass staircases.
Want more information on modern high-rises and luxury villas Miami? Get in touch with our team of agents at VIAC.
December 23, 2016
Waterfront Property Perks

Buying a home in Miami is the dream of many people around the world. Buying a home on the waterfront rests in a caliber of dreams of its own.

Owning a home on the water is not as far out of the cards as you think, and the perks of living on the ocean will forever solidify your reasons for closing.

Miami is a coveted city for many reasons. Its night life provides endless entertainment and seems, like other famed cities around the world, to never sleep. The culinary scene attracts top chefs from all over the world and cuisine stretches across many ethnicities. The community is vibrant and multi-cultural, and it shows from boutique shops to conversations up and down the strip. Whatever you are looking for in a city- in a life, really- you are bound to find in an authentic experience in Florida’s favorite city.

Real estate– surprise, surprise- is another reason that so many people look to purchase in Miami. Old architecture mixes with new, modern lux to create a rich design textured throughout the neighborhoods.

Waterfront properties are perhaps the most coveted real estate, as it comes with many perks. The first of many: its beauty. Wake up every morning to breathtaking views and let the sway of water energize your mind for the day. Being around water is proven to have many positive health benefits, not the least among them a calm and open mind. Open your windows to hear and feel the breeze from the shore and venture out to start your day with your toes in the sand.

In fact, you might remember the “blue mind effect” that biologist Wallace J. Nichols brought to our attention years ago. The blue mind refers the meditative state the human brain enters upon hearing, touching, or seeing water. There is a receptor in the brain of most humans and animals that recognizes water as a medium for survival. So when water is sensed, the mind knows it is safe; everything is okay. The body can be calm. This prompts us into the relaxed state that Wallace coined the blue mind effect.

Living on the water comes not only with overwhelming beauty and an opportunity to live and breathe the resource for our existence; it comes with a lifestyle rich in design and culture. There is a particular people of the sea; a way of life that nobody seems to find a reason to exit. It is a different pace outside of the electrically eclectic Miami scene. One of tranquility, appreciation, and truly luxury living. If you are a boater, there is no better port to keep your boat and quickly make it home after an afternoon on the ocean. If you don’t have your own boat, opt for a membership at a local yacht club. Along the coast, you will find amazing restaurants tucked along Biscayne Blvd and you can spend your afternoons shopping at Mary Brickell Village.

Because luxury waterfront homes are so highly sought-after in Miami, your house or apartment is easy to rent out if you do not plan to live there year-round. Rent it out for a week or to a trusting tenant for six months- it is up to you. What we do find, often, is that waterfront properties make a healthy investment alongside providing the perfect beach getaway and serene lifestyle. For this reason, waterfront properties are continually popular amongst entrepreneurs, and you’ll feel their ambitious energy along the coast, too.

So, are you ready to start looking for your Miami waterfront apartments? Your next investment; your gateway to the blue mind effect? If you are, get in touch with our VIAC team. We’ll get to searching for the perfect spot for you to set up shop and rest your feet atop the balcony of the good life.

December 16, 2016
Condos are a Worthy Investment in Miami Beach

Situated on a barrier island and surrounded by Biscayne Bay to the east and the Atlantic Ocean to the west, Miami Beach is just a short distance from the city center but has its own vibe. Its proximity to beautiful beaches has made Miami Beach a prime location for condo complexes. Whether you are looking for Miami luxury real estate or a less opulent, more affordable condo to invest in, the Miami Beach area is a sound choice.

Some of the reasons that buying a condo in Miami Beach is a worthy investment include:

Variety of Condos at Different Price Points

The condo market in Miami Beach is very diverse, with units ranging in price from around $200,000 to several million dollars. The wide price range allows a variety of people to invest in Miami Beach condos, as there are many options at every price point. There is also a mix of older condo buildings and new construction condos; if you want to invest in a lower priced or mid-priced Miami Beach condo for sale, consider looking in the Mid-Beach areas. Several new luxury condo projects, like the Eighty Seven Park, are being developed in the Mid-Beach area, and the addition of these luxury buildings should help increase condo values in the surrounding area.

Shift to a Buyer’s Market

While the luxury condo market in Miami Beach and the surrounding areas is still thriving, the market is showing signs of a correction after the large price increases seen over the past few years. This is great news if you are looking for a condo for sale in Miami Beach that is priced under $1.5 million. With a larger inventory of Miami Beach condos for sale, buyers have more room for negotiations and finding great deals. As any savvy investor knows, buying when the prices are lower allows for the greatest return on investment. Working with an experienced real estate agent will help you discover the best condo deals in the Miami Beach area.

There is no reason to believe that the price correction for Miami Beach condos valued at less than $1.5 million is a sign that condo values in the area won’t begin rising in the future. Many people who have been investing in condos in Miami Beach and the surround areas have been from Latin America; at this time the currency of most Latin American countries is weak compared to the U.S. dollar, but currency values constantly fluctuate and this situation can change at any time. Now is a great time for an American to buy an investment condo in Miami Beach—don’t wait for the prices to trend upwards again.

Proximity to the Water

No matter where you are investing in real estate, beachfront, oceanfront, and ocean view properties tend to be highly desirable and almost always increase in value over time. Miami Beach is home to some of the most beautiful beaches in Miami; South Beach is very well known, but there is also North Beach, Haulover Beach Park, and Surfside Beach on the Atlantic side, as well as Oleta River State Park along Biscayne Bay.

Miami Beach covers less than 19 square miles of land, so there are many opportunities to invest in a condo that is in close proximity to one of the wide, sandy beaches located along the Atlantic side, or a unit that is situated on Biscayne Bay. An ideal investment is a condo that is located in a beachfront or oceanfront unit, but even being within walking distance to the water can be a huge bonus that can make your investment condo more valuable. Getting in touch with Viac Luxury Real Estate is the first step toward making your Dream Condo a reality.

November 24, 2016