Why You Should Invest in a Miami Condo-Hotel

Love vacationing in the best destination cities (like Miami), and growing your investment portfolio? Then, you need to know about condo-hotel investments! Condo-hotels in Miami offer the perfect investment opportunity, allowing you to enjoy a luxurious vacation home and earn rental income while away.  Let's look at some of the benefits of investing in a ‘condotel,’ how it is different from a timeshare, and a quick look at some of the best properties in the city:   Is a Condo-Hotel a Good Investment? What Are the Pros? If you’ve vacationed in Miami before and found it a great getaway spot, investing in a condo-hotel here would be a smart choice. Unlike a timeshare, this type of property allows you to have a place of your own, that only you own, and with the freedom to holiday any time of year. Additionally, when you are away, you can rent out your unit using your building’s rental program or a third-party property manager to earn passive income – helping you enjoy the best of both worlds. You have staff trained by renowned hospitality brands such as Four Seasons, Ritz-Carlton, St. Regis, and more, taking care of everything at your second home, from maintenance to rentals, and even check-ins – affording you true peace of mind. You have an amazing set of amenities at your beck and call, including lavish pools, spas, fine dining, room service, housekeeping, butler service, and more – delivering the perks of a luxury resort in the comfort of your home. It’s no secret that Miami is a top destination that attracts visitors all year round for its culture, beaches, and overall lifestyle. With a steady stream of leisure and business travelers, you won’t need to worry about demand or occupancy levels dropping. Condo hotel financing is pretty easy, too, as we have a good selection of lenders who will provide decent financing terms for your vacation rental purchase.   Top Miami Condo-Hotels For Sale  Miami is one of the top destinations in the world. And that means we have some incredible hotel brands here that also happen to offer condo-hotel residences. Some of the best Miami Condo-Hotels we recommend to clients include: The Ritz-Carlton Hotel & Residences, Key Biscayne The Ritz-Carlton Hotel & Residences, Coconut Grove St. Regis Hotel & Residences, Bal Harbour The Four Seasons Hotel & Residences, Brickell The Elser Hotel & Residences, Downtown Miami The W, South Beach   1 Hotel & Homes, South Beach The Setai, South Beach Ready to invest in an income-generating second home in Miami? Let’s talk. Call, chat, or e-mail us to find the best condotel that fits your investment criteria.

What's Motivating Your Move?

Thinking about selling your house? As you make your decision, consider what’s pushing you to think about moving. A recent survey from Realtor.com looked into why people want to sell their homes this year. Here are the top two reasons (see graphic below):   Let’s take a closer look and see if they’re motivating you to make a change too.   1. To Make a Profit If you’re thinking about selling your house, you probably have a lot of questions on your mind. Well, here’s some good news – the latest data shows most sellers get a great return on their investment when they sell. ATTOM, a property data provider, explains: “. . . home sellers made a $121,000 profit on the typical sale in 2023, generating a 56.5 percent return on investment.” That’s significant. And here’s one contributing factor. During the pandemic, home prices skyrocketed. There was way more buyer demand than homes available for sale and that combination pushed prices up. Now, home prices are still rising, just not as fast. That ongoing appreciation is good news for your bottom line. Any profit you make can help offset some of today’s affordability challenges when you buy your next home. If you want to know how much your house is worth now and what’s going on with prices in your area, talk to a local real estate agent. 2. For Family Reasons Maybe you want to be near relatives to help take care of older family members or to have more support nearby. Or maybe you’re just eager to spend time together on special occasions like birthdays and holidays. Selling a house and moving closer to the people who matter the most to you helps keep you connected. If the distance is making you miss out on some big milestones in their lives, it might be time to talk to a local real estate agent to find a place close by. The National Association of Realtors (NAR) says: “A great real estate agent will guide you through the home search with an unbiased eye, helping you meet your buying objectives while staying within your budget.” Bottom Line If you're thinking about selling your house, there’s probably a good reason for it. Why not talk to a local real estate agent? They can help you make the right move to reach your goals this year.     Courtesy of Keeping Current Matters  

Where to Find the Lowest Property Taxes in Miami?

  Miami’s growth has skyrocketed over the years as more people choose to live here for its incredible weather and low taxes. But many people considering buying Miami real estate wonder what the property tax rates in Miami are.  Moreover, most people don’t love talking about property taxes. When looking for a home, buyers focus on more living aspects, like the square footage, layout, amenities, outdoor space, or the kitchen upgrades. Still, buyers must pay attention to property tax rates as part of their purchase and once they become owners as part of their budget.  Suppose you’re considering buying a condo or house in Miami or Miami Beach. In that case, this guide will help you compare property tax rates in the most popular neighborhoods of Miami and the Miami Beaches, and where to find the lowest property tax rate in Miami Dade County. Know Your Miami and Miami Beach Property Tax Rates In Miami Dade County, property tax notices are sent out each year on October 30. We have provided updated property tax rates (see below) for 2022 and 2021 based on the Miami Dade annual millage rates. As indicated in the table below, there’s not much difference from the lowest to the highest Miami property tax rates. However, this quickly could turn into precious hundreds or thousands if you’re looking at high-end and luxury properties. And considering that Miami property values have increased significantly over the last few years.  While average Miami-Dade County property taxes are known to be high compared to other U.S. counties, in recent years, Miami area property taxes have actually decreased year-over-year. Which Miami Dade City Has the Lowest Property Tax? Most surprisingly, the Miami Dade city with the lowest property tax rate is the exclusive Key Biscayne with a 1.65% tax rate, while Biscayne Park has the highest Miami-area property tax at 2.54%. Also worth noting is that the exclusive beachfront neighborhood of Bal Harbour has low property taxes at 1.74%.    Miami Dade Property Tax Rates - 2022, 2021 and 2020: Highest Property Tax to Lowest Property Tax City 2022 Property Tax Rate  2021 Property Tax Rate  2020 Property Tax Rate Biscayne Park 2.46% 2.52% 2.54% El Portal 2.34%       2.39%       2.40% Miami Shores 2.28% 2.36% 2.37% North Bay Village 2.17% 2.25% 2.24% North Miami Beach 2.14%       2.21%       2.22% Indian Creek (Miami Beach) 2.14% 2.19% 2.20% City of Miami* 2.06%     2.12%     2.13% Greater Downtown Miami  2.10% 2.17% 2.17% Miami Beach 1.92%   1.93% 1.94% Surfside 1.90 1.96% 1.98% Bay Harbor Islands 1.83% 1.92% 1.93% Coral Gables 1.83% 1.88% 1.88% Pinecrest 1.75% 1.80% 1.80% Sunny Isles Beach 1.71% 1.77% 1.79% Unincorporated Miami-Dade County 1.70% 1.76% 1.76% Aventura 1.69% 1.74% 1.74% Bal Harbour 1.68% 1.73% 1.74% Key Biscayne 1.59% 1.64% 1.65%   How Are Miami Property Tax Rates Calculated? Where Does the Property Tax Money Go? While the chart above shows tax rates as a percentage, local governments don’t set rates in this manner. Each year, county and municipal governments, as well as local taxing authorities (such as the School Board, South Florida Water Management District, and Children's Trust), determine what the property tax rates will be for each city (also known as millage rates).  So cities approve millage rates instead. The millage rate is defined as the amount of property tax charged per $1000 of the assessed/taxable value of a property. How Are Miami Property Tax Millage Rates Calculated? Understanding how Miami property tax and millage rates are calculated can be confusing. Here is how Miami property tax rates are calculated. Suppose the millage rate decided by your local government is 25 mills. This means you will be paying $25 for every $1000 of the assessed value of your property. This turns out to be 2.5% of the assessed/taxable value. The local governments (city, county, etc.) determine property taxes based on their total budget needed to keep their jurisdiction running without financial issues. In Miami Dade County, the Property Appraiser's Office assesses and mails out the current year property values by July. By figuring out how much total tax revenues they need, local municipalities will create the millage rate accordingly.  Typically, your property taxes will pay for parks, emergency services (fire, police), transportation, education, libraries and recreational activities. These are called non-ad valorem assessments. What Affects Property Tax Rates in Different Neighborhoods?  As you may note in the above table, the economic status of a neighborhood doesn’t seem to affect property tax rates at all. Some of the more desirable Miami neighborhoods on the list are also the ones that enjoy a tax rate below 2%. High home values help keep rates down, so that explains lower rates in places like Key Biscayne, Bal Harbour, Miami Beach, and other neighborhoods with high property values. Another major reason behind this disparity in rates is vertical development. For one, it’s logistically easier for a city to service blocks filled with high-rise condominiums, as opposed to a town that stretches out. For instance, it is cheaper to install and maintain a sewage line servicing a 60-unit condo as opposed to 60 houses in a row. And secondly, condo complexes pack in more taxpayers than larger single family home estates. So, a new condo development could actually translate into good news for your property tax! If you have any questions about the possible property tax rate for a new condo or home you are looking at, please give us a call and we’ll be happy to help you

Home Equity - The Game Changer

Home Equity - The Game Changer When it comes to real estate, home equity is the game changer that can open up a world of possibilities for sellers. It refers to the portion of your property's value that you truly own, free of any outstanding mortgage. And right now, with the current market conditions, it's the perfect time to make the most of your home equity. One of the most popular ways to leverage your home equity is by using it to buy your next home. Instead of having to rely solely on a mortgage, you can tap into the equity you have built up over the years and use it as a down payment. This not only reduces the amount you need to borrow but also gives you a competitive edge when it comes to negotiating a better interest rate. To make the most of your home equity right now, it's essential to take a few steps. First and foremost, get a professional appraisal to determine the current market value of your property. This will give you a clear understanding of how much equity you have to work with. Remember, the more equity you have, the better your options will be. Next, consider your future housing needs. Are you looking to downsize, upgrade, or relocate? Understanding your goals will help you determine how much equity you need to achieve them. You can also consult with a real estate agent who can guide you through the process and provide valuable insights based on the current market trends. Once you have a good grasp of your equity and housing goals, start exploring your options. Research potential neighborhoods, connect with lenders to understand the borrowing capacity based on your equity, and attend open houses to get a feel for the properties available within your price range. Remember, timing is key when it comes to leveraging your home equity. It's crucial to be realistic about your financial situation and make informed decisions. Consider consulting with a financial advisor to ensure you're making the most of your equity without putting yourself in a risky position. In conclusion, home equity can be a game changer for sellers. By using it wisely, you can buy your next dream home, reduce your borrowing costs, and make a solid investment for the future. So, take advantage of the current market conditions, make the most of your home equity, and unlock new opportunities in the world of real estate.