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Tag: investment opportunities

  • LATEST INTERVIEW OF OUR CEO AND FOUNDER, QUENTIN VIAC, FOR MIAMI AGENT MAGAZINE

    LATEST INTERVIEW OF OUR CEO AND FOUNDER, QUENTIN VIAC, FOR MIAMI AGENT MAGAZINE

    Quentin Viac, CEO and Founder of Viac Luxury Real Estate

    Quentin Viac has fostered a team of real estate agents who are eager to learn and happy to serve. As the CEO and and founder of Viac Luxury Real Estate, which has offices in Florida and Michigan, Viac supports both teams and their respective clients, sharing the knowledge he’s acquired through years of training to ensure that every investor, buyer and seller within South Florida and Detroit is satisfied with the end result. 

    “In order to grow my business and push my agent to grow, I followed sales, real estate and personal development training and taught my team everything I could” he says. “I am starting to see the benefits now and even experienced real estate agents were able to have a real breakthrough”. 

    With a company comprised of new and experienced agents, Viac maintains a supportive environment where everything from rehab to property management is done in-house.
    Viac is playing an active role in the expansion of his Detroit business, visiting the office every other week, investing time and money into the team’s success by onboarding the right employees, and finding the best houses.
    “We have come a long way”, he says. “We started three houses, and now we have over 100 and are still growing. It was very challenging, but I never stopped believing in it”.
    Viac’s Miami office is equal parts real estate agency and art gallery, showcasing pieces from a gallery in Milan. It was also the first real estate company to get a booth at the Miami Yatch Show, where the team demonstrated a virtual reality tour developed in conjunction with the architect of Missoni Baia.
    Viac is a member of the Miami Association of Realtors and the French-American Chamber of Commerce of Florida. He supports the Jessica June Child Cancer Foundation and LightHouse for the Blind and Visually Impaired. 

  • Miami’s Lowest Property Tax Rates Reviewed for Income Properties

    Miami’s Lowest Property Tax Rates Reviewed for Income Properties

    Greetings Real Estate Investors,

    The Miami Herald recently published an article detailing the different property tax rates in Miami-Dade county for various municipalities.  Since it is tax season and that horrible three letter word is on all of our minds we decided to look a little more closely the list.  Specifically we are going to detail the 10 municipalities with the lowest 10 rates and give our opinion in terms of whether or not these areas offer other strengths or weaknesses for purchasing your next real estate investment.

    Here is the image from the Miami Herald’s article, they had more but we are looking at the lowest 10.

    Miami-real-estate
    We will start at the top of the list and work our way down…

    Sunny Isles Beach
    This is a no brainier and an no-go on investment, this luxury enclave of million dollar condos is where you want to live not where you want to invest, the high cost to purchase and the astronomical Condo fees mean that it doesn’t matter how low the property taxes are your bottom line will get massacred!

    Cutler Bay
    The little town that was formerly known as Cutler Ridge has come a long way since it was just a few homes on the way to Homestead.  There are several condo communities that were built within that last decade that provide a lot of bank for your buck.  We would definitely advise taking a look down the road at this community, the low tax rates combine with a low cost of entry to make this a very attractive place to invest.  There is one thing you have to be very aware of, there is a part of the community that is close enough to the giant Miami-Dade County trash mountain that there is a noticeable stench on some days.  This has kept property values low, so you can get a great deal but you also may have trouble finding good tenants who will stay for long.

    Miami Lakes
    You definitely would not want to invest in a single-family home here but there are several condo communities that are very good deals.  The community itself is very much tailored to working families so in general it tends to attract very good stable tenants.  The prices are definitely higher than Cutler Bay but you are getting what you pay for in terms of a very nice and community that also draws commuters because of its proximity to the Palmetto Expressway.

    Palmetto Bay
    Same as Cutler Bay but 10 minutes further north.

    Pinecrest
    Not much to say it’s too expensive to invest.

    Unincorporated County
    This is probably our number one pick on the list because it comprises so many options that are so much more central the work centers and Downtown than Cutler Bay, Palmetto Bay and Miami Lakes.  The only one that comes close is Doral, but as you will see when we discuss it next the cost of entry is much higher.  The unincorporated county comprises areas such as Shenandoah, Westchester, and basically everything West of US1 starting at 57th Avenue.  You can find some great Single-Family homes in these areas that have sturdy construction and access to some of the best spots in the rest of the city.

    Doral
    This is our number two pick, but if you prefer that your portfolio be filled with newer construction then this might be the first place that you want to look for your next investment property.  Most of the properties are townhomes and most were built within the last two decades.  What you need to watch out for the the HOA fees because some communities are much higher than others.  But the low tax rate combines with some exceptional properties and excellent location to make Doral a place you should definitely look into.

    Aventura
    We used to be higher on this city but recently there has been so much development that it feels like the traffic makes it impossible to get around after 9am.  Still there is a definite draw for quality tenants who want to live in a semi-luxury community.  Cost of entry is high but the low tax rate can somewhat offset that, although Condo fees still remain high, so only look here if you really like the mall!

    Bal Harbour
    Pretty much the same story as the Key but there are some condo buildings that are a bit older that can provide a more manageable amount of cash out of pocket.  The area is growing as well with revitalization happening in the famed Bal Harbour shops and the surrounding areas.  Again you should vacation here but probably not invest.

    Key Biscayne
    It is surprising that such an expensive community would have the lowest tax rate in the county but we might guess a reason…good lawyers?  But there isn’t much else to say, while this may be a great place to buy your next vacation property, the high cost of entry means you should probably avoid investing here unless you have very deep pockets!

    We hope that gives you some insight into where you make your next purchase…start in Unincorporated Miami-Dade county if you are looking for Single-Family and start in Doral if you are looking for new construction townhomes.  If you want to have low cost of entry look down the road in Cutler Bay and Palmetto Bay.

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  • Should You Invest In South Florida Real Estate?

    Should You Invest In South Florida Real Estate?

    Quick Hits: If you’re planning to buy a home, do it now, because prices are going up for the next few years. Investments in single-family rental properties have good potential in Broward County. Apartment developments have the best potential in Miami-Dade. Mortgages have higher risk even though prices are rising. Best bets for investments in retail or restaurants are in Palm Beach County, which also needs medical office space.

    With a large number of second homes and condos, South Florida is prone to boom and bust cycles that stem more from investment hopes than housing needs. Add an expanding Latino population and waves of baby-boomers – two million retiring every year – and you get both risks and opportunities. Demand for Florida housing is always growing, but is it growing slower or faster than the supply?

    The percentage of second homes increases as you head north from Miami, to 20 percent in Palm Beach County. This large pool of empty properties is the swing vote in home prices. It can swamp supply during a downturn but also represents the desire of future retirees – and South American investors – to buy while they can.

    The economy of Miami itself is diversified – with an important finance sector – but as you go up the coast more jobs are in retail and services. Healthcare is the largest creator of jobs in all three counties, and growing rapidly.

    Home prices were strong in the last three years – up 40 percent – and I expect they’ll keep rising 10 percent a year. But… How much of that 40 percent was from speculation in foreclosed condos? How much from ‘real’ demand? There are strong reasons to believe that from here on we are looking at prices going higher than they ‘should’ – especially in Broward County – in other words a mini-boom that will fizzle after a few years. If you’re looking to buy for the long-term, do it now. If you’re looking for a short-term investment, be very, very careful.

    Because rents held up better than home prices during the recession, buying a property to rent out is an attractive option despite the recent rise in prices, less so in Palm Beach County, more so in Miami-Dade and Broward. Almost half of households in Miami are renters. With most the new healthcare and retail jobs paying low wages, the renting population will increase. In urban areas it makes sense to buy a single-family house and split it into rental units. Apartment buildings are a good option in Miami – at the right price.

    Mortgages are a difficult investment right now. Because home prices will keep rising the next few years, the equity cushion for new mortgages will grow quickly; on the other hand, prices are almost too high in Broward and Miami-Dade already, which means these mortgages will have a rising risk of default. Just because the last bust is over doesn’t mean a new one isn’t around the corner. Lenders should back away from high loan-to-value mortgages during this period. The same is true for construction loans; new projects should be financed in very careful stages.

    Population is growing at an uneven pace, slower in Miami, faster as you move up the coast. Over the next three years I expect a 10 percent increase in housing needs in Palm Beach County – 30,000 owner properties and 23,000 apartments. I expect 25,000 of each in Broward, and in Miami 30,000 houses and 36,000 apartments.

    The climate for investments in retail businesses and restaurants is best in Palm Beach County, where demand has grown quickly the last two years and average income is the highest. All three counties, but especially Palm Beach will need office space for the growing number of healthcare workers.

     

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