Should You Sell Now? The Lifestyle Factors That Could Tip the Scale

  Are you on the fence about whether to sell your house now or hold off? It’s a common dilemma, but here’s a key point to consider: your lifestyle might be the biggest factor in your decision. While financial aspects are important, sometimes the personal motivations for moving are reason enough to leap sooner rather than later. An annual report from the National Association of Realtors (NAR) offers insight into why homeowners like you chose to sell. All of the top reasons are related to life changes. As the graph below highlights:     As the visual shows, the biggest motivators were the desire to be closer to friends or family, outgrowing their current house, or experiencing a significant life change like getting married or having a baby. The need to downsize or relocate for work also made the list. If you, like the homeowners in this report, find yourself needing features, space, or amenities your current home just can’t provide, it may be time to consider talking to a real estate agent about selling your house. Your needs matter. That agent will walk you through your options and what you can expect from today’s market, so you can make a confident decision based on what matters most to you and your loved ones. Your agent will also be able to help you understand how much equity you have and how it can make moving to meet your changing needs that much easier. As Danielle Hale, Chief Economist at Realtor.com, explains: “A consideration today’s homeowners should review is what their home equity picture looks like. With the typical home listing price up 40% from just five years ago, many home sellers are sitting on a healthy equity cushion. This means they are likely to walk away from a home sale with proceeds that they can use to offset the amount of borrowing needed for their next home purchase.” Bottom Line Your lifestyle needs may be enough to motivate you to make a change. If you want help weighing the pros and cons of selling your house, connect with a local real estate professional today.

7 Questions to Ask a Condo Association Before Buying

    One of the key elements of condo living is the relationship you’ll develop with your Homeowners Association (HOA) or Condo Owners Association (COA). These organizations are responsible for managing and overseeing the building and community, and they establish rules that directly impact you as a homeowner. This makes it crucial to know the right questions to ask a COA before purchasing a condo.   With our extensive experience assisting clients in Miami's real estate market, we've encountered many buyers who, like you, may be unsure about what questions are appropriate to ask. A knowledgeable and licensed real estate agent in your city is invaluable before making an offer. These agents often have insider information about a building, gathered from previous and current owners and clients, which can be incredibly beneficial. Nevertheless, we encourage condo buyers to be as informed and aware as possible when purchasing. It’s essential to understand the inner workings of the building and how it is managed. To assist you, we've put together a list of seven crucial questions and answers that every condo buyer in Miami or South Florida should know before buying a property governed by a Homeowners Association or Condo Owners Association.   — First, Let’s Cover the Basics About HOAs and COAs   What Are the Specific Functions of an HOA or COA? If you’ve never lived in or bought in a private residential community, the Homeowner’s Association or Condo Association represents homeowners in living spaces such as condominiums, townhouses, gated communities, or any planned community of private homes. The main difference between the two entities is that one applies when there are single-family homes and the other when there are—you guessed it—condos! Here, we’ll use both terms interchangeably, despite their slight differences. In Florida, HOAs are for communities with homeowners who own their homes and lots, while COAs are for communities with only condos. Both HOAs and COAs will usually offer shared amenities like playgrounds, pools, fitness centers, trash pickup, and landscaping. Once you purchase a condo, you automatically become a member of the Condo Association. And like any small company, the Condo Association is governed by a board elected by the homeowners through a voting process.  Normally, one of the primary tenets of an HOA or Condo Association is the collection of monthly maintenance fees from each homeowner to cover the ongoing maintenance, management, and insurance of the property, including all aspects of the land and building(s), as well as all amenities and common areas used by homeowners, residents, and guests.  These fees will vary significantly based on your location, the type of property you have, what the association is responsible for, and the amenities offered. HOA fees in Miami may range from only a few hundred dollars to thousands of dollars per month, depending on several factors, such as the size of the unit, amenities, level of luxury, staff and services, and location of the property. HOA fees can also be described as a dollar per square foot amount. For example, many new luxury Miami preconstruction projects are estimating HOA fees to be between $1.20- $2.50 per square foot of the unit size, per month.  The HOA is also responsible for complying with city codes and regulations, building inspections, insurance, and legal logistics. In Florida, one key responsibility of an HOA is to oversee all planning and compliance regarding tropical storm and hurricane safety, funding reserves, as well as major building maintenance projects. The HOA board also regulates things such as guest and rental policies, whether pets are allowed in the building, parking, and what decorative features are permitted in public areas of your residence.  Preparing extra HOA questions to ask, such as what other specific matters they tend to, can help you get an idea of what it will be like to live in a specific condo building, how much you can expect to be paying monthly, and what exactly your maintenance fee is covering.   You Should Review the HOA/Condo Documents Before Purchasing While it may seem daunting to review an impressively thick binder, we encourage our clients to verify that all of these very important documents are complete. A recent law makes it imperative for HOA boards to share these records with every homeowner in the association. If you ask, the current owners will always give you access, since it’s your right as a buyer, or you can ask your agent to help you get them this way.  The HOA or Condo Docs binder should include the following: Articles of Incorporation: Because an HOA is a small business, each one is required to file Articles of Incorporation (AOI) with the Secretary of State. These AOIs should be publicly available and contain the name, location, and purpose of the Association. Association Bylaws: The bylaws define the HOA’s rights and responsibilities and regulate the procedures for enacting future regulations, such as the procedure for electing board members and the responsibility of each. Bylaws may also include terms that dictate such things as: The number of members on the board Who is eligible to cast a vote for board members Term limits for board members Frequency of elections The number of board members required to vote on a matter to qualify as a quorum Covenants, Conditions, and Restrictions (CC&Rs): The CC&Rs are extremely important documents you should become familiar with before buying. CC&R provisions, in contrast to zoning ordinances dictated by government entities, are covenants entered into by private parties. For this reason, they may be more restrictive. The CC&Rs provide general guidance for the community and establish regulations relating to parking, garbage, amenities, and exterior/interior aesthetics. Restrictions may apply on exterior installations such as solar panels, satellite antennas, and hurricane shutters, or on internal installations such as flooring or wall tiles. The HOA may also restrict pets on the premises, or they may impose size or weight restrictions on pets. Certain business activities may also be regulated in your home if the HOA perceives that activity to be a possible disruption to the community. The CC&Rs may also include restrictions on parties, such as what areas may be used for social activities, and at what hours those areas may be available. They’re also responsible for deciding if any short-term rental restrictions apply to your property.  In Florida, all HOA’s CC&Rs must be recorded with the county land records. In most cases, CC&Rs are legal, binding documents. Typically, you will be required to sign a document stating that you’ve reviewed the HOA or Condo Association CC&Rs and agree to the terms set forth therein. Upon signing that document, you will be legally bound to the covenant and may face penalties if you violate any regulation in the CC&Rs. For example, if you own a condo that does not allow short-term rentals, and you have a tenant that is engaging in short-term rentals, the Condo Board or Condo Association may have the right to terminate your tenant’s lease.     Other Rules and Regulations: The HOA rules and regulations are other rules that the board establishes as necessary for the safety and preservation of the community. These may pertain to guest policies, noise, etc. These rules generally vary from community to community, so it’s best to become familiar with them before committing to a purchase. Financial Documentation: Some of the most important homeowners association questions relate to the building’s finances. Most bylaws permit the HOA or Condo Association board to collect dues from each of the homeowners in the community to cover expenses or to build reserve funds. These dues are typically split uniformly between community members if you are in an HOA but may increase yearly if needed. In a condo, these dues will likely vary based on the size of your unit, which is interpreted to be a larger ownership share. You can watch our video on Florida HOA fees for a more in-depth discussion. Also, unfortunately, in the past few years, some HOAs have made the headlines for mishandling funds. For these reasons, you must take a moment to review the HOA’s financial documentation to make sure you’re buying into a healthy community. In 2024, many HOA fees increased in Miami because of a new Florida law that made it mandatory for the board to have sufficient reserve funds to cover structural repairs the buildings may immediately or eventually require. In the long run, this actually benefits homeowners because special assessment requests will be less common in the future and your home and investment will be better protected. And it makes comparing condos and HOA fees much easier and more transparent when condo shopping.     — Now, Here Are the 7 Questions to Ask an HOA Before Buying a Condo   1. How Are Regulations Made and Who Gets to Vote on Changes? Every year, owners vote to select three to five people to form the Condo Association’s board. These boards make most decisions on things like day-to-day operations, rules, and regulations not specifically delineated in the Condo Docs, hiring property managers, contracts for services, etc. However, any change that will impact the Condo Docs in any way or change them, requires the owners’ majority vote or even a super-majority vote, which is common.   2. Is There an Adequate Reserve Fund for Emergency Repairs? In South Florida, after the tragic collapse of Champlain Tower South in Surfside in 2021, the Condo Safety Act bill passed in 2023 now requires all HOAs to perform regular structural inspections on their buildings to assess and prepare for maintenance and repairs. Also, HOAs now have to perform a Structural Integrity Reserve Study designed to ensure that the Association has the “reserve funds required for future major repairs and replacement of the common areas.” These funds are destined for the repair or maintenance of roofs, structural systems, fireproofing and fire safety, exterior painting and waterproofing, plumbing, electrical systems, windows, exterior doors, and other elements over $10,000 that have an impact on the structural integrity of the building.  Before this law, HOAs weren’t required to check the building’s structure regularly or to adjust their reserve funds for any future maintenance or repairs, or even have a reserve fund. They could vote not to collect reserve funds even though they knew they might need them in the future. This has meant costly special assessments for homeowners, or worse, the building going into disrepair and becoming unsafe. In line with this new condo act, other crucial questions are whether the building has had its 30-year assessment when the last 10-year study was, and if all construction required has been budgeted, planned, or completed. The answers to these questions could affect your ability to get financing for your condo or could mean expensive special assessments down the road.    3. How Often Can I Expect My HOA Maintenance Fees to Go Up? Typically, Condo Association fees increase yearly according to inflation. There have been cases when it fluctuates more than this and, regularly, it has to do with the homeowner’s insurance costs, as master insurance policy is a significant portion of the fees you pay. In most cases, there is no limit on how much dues may be increased to comply with the needs of the annual Association budget. For example, in 2023 they increased significantly in part because of incremental insurance costs after the 2022 hurricane season. In the state of Florida, HOA board members are authorized to act on behalf of the HOA without requiring a member vote to increase dues.   4. Are There Any Lawsuits or Owner Complaints Currently in Litigation?  If any owners in the community are unhappy enough to file a lawsuit or formal complaint about any issue in the building or community, it’s best to know about it before you buy. If you learn that several owners have filed complaints, or there is a pending lawsuit against the HOA, this should be a sufficient red flag to warrant further understanding of the lawsuit. Depending on the matter, this could also affect your ability to get financing for your condo.   5. May I Review the Minutes From Previous HOA Board Meetings? A great way to get a sense of how the HOA board works and what happens at board meetings is to request permission to attend one or to request a copy of the minutes from a meeting held within the past six months. There, you’ll be able to see the type of topics they typically discuss, as well as the result of any voting processes regarding any of the Association’s duties.     6. Ask About Specific Rules that Are Important to You If after reading the condo docs you are still not clear about a specific rule that interests you, it’s better to ask about it. For example, you might be buying a property to rent while you’re not there or as a passive income, however, some Condo Associations don’t allow you to rent during the first year, or at all. Same thing if you smoke, maybe your HOA doesn’t allow it even in the units because of the odor smoking will create.  Consider your lifestyle and needs and ask the necessary questions to make sure you are covered. It’s better to be safe than sorry!   7. What Are the Specific Conditions of the Unit You Are Looking to Purchase? When working with a trusted real estate agent, they will give you all the specifications about the unit. However, before signing, you should confirm everything with the Condo Association. Things like whether the unit has storage, one or two parking spaces, and which amenities or services the fees cover, are all important questions to ask the HOA before buying a condo. One bit of advice we give our clients, if you want to go one step further, is to ask the Association for the repair or complaint history for the specific unit you’re considering to see if there’s anything that would affect you, like noisy neighbors or an ongoing leak.     — Now, You’re Ready to Call Your Agent and Go Condo Hunting! Now that you know what basics to cover, be sure to take sufficient time when home-hunting to do your due diligence on the Condo Association before you fall madly in love with any dream home or property. Living with an HOA is like getting into a marriage. It’s best if your goals and expectations are addressed beforehand, and if you agree on the essentials.  A harmonious relationship with a great Condo Association can provide the peace of mind you need to know that your home is being managed, protected, and maintained by a solid, robust entity. It’s always best to know which questions to ask your HOA before buying, as well as to enlist the help of a knowledgeable and experienced realtor who knows the building and area, so you can make sure that you’re as happy with it as you are with the home itself! If you would like to contact a specific HOA, or if you have any questions regarding this topic, call us so we can immediately help you get the answers you need to move forward with your condo purchase with clarity and facts. After years of working in the industry, we’re your most trusted ally when buying or selling your property!

The Number One Mistake Sellers Are Making: Overpricing Their House

  In today’s housing market, many sellers are making a critical mistake: overpricing their houses. This common error can lead to a home sitting on the market for a long time without any offers. And when that happens, the homeowner may have to drop their asking price to try to re-ignite buyer interest. Data from Realtor.com shows the number of homeowners realizing this mistake and doing a price reduction is climbing (see graph below)     If you’re thinking about making a move yourself, here’s what you need to know. The best way to avoid making a costly mistake is to work with a trusted real estate agent to find the right price. Here’s a look at what’s at stake if you don’t. Not Paying Attention To Current Market Conditions Understanding current market conditions is key to accurate pricing. You don’t want to set your asking price based on what happened during the pandemic. The market has moderated a lot since then, so it’s far better to align your price with today’s reality. Real estate agents stay updated on market trends and how they impact the pricing strategy for your house. Pricing It Based on What You Want To Make (Not What It’s Worth) Another misstep is pricing it based on what you want to make on the sale, and not necessarily current market value. You may see other homes in your neighborhood selling for top dollar and assume yours can do the same. But you may not be considering differences in size, condition, and features. For example, maybe that other house is waterfront or has a finished basement. To sum it up, Bankrate explains: “How do you find that sweet spot of pricing for profit but not overpricing? The expertise of your agent can be truly valuable here. A knowledgeable agent will understand fair market value in your area, how much your house is worth and how much you might reasonably expect to get for it in the current market.” An agent will do a comparative market analysis (CMA) to make sure your house is compared with truly similar properties to get an accurate look at how it should be priced. Pricing High to Leave Room for Negotiation Another common, yet misguided strategy is to price your house high on purpose, so you have more room to negotiate down during the sale. But this can backfire. A price that seems too high often deters potential buyers from even considering the home. So rather than leaving room for negotiation, what you’ll be doing is turning buyers away. U.S. News Real Estate explains: “You want to sell your house for top dollar, but be realistic about the value of the property and how buyers will see it. If you’ve overpriced your home, chances are you’ll eventually need to lower the number, but the peak period of activity that a new listing experiences is already gone.” An agent can help you set a fair price that attracts buyers and encourages more competitive offers. Bottom Line Overpricing your home can have serious consequences. A knowledgeable real estate agent brings an objective perspective, in-depth market knowledge, and a strategic approach to pricing. Connect with a local real estate professional to avoid making a pricing mistake that’ll cost you.

The Most Luxurious Condo Buildings in Venetian Islands

  Miami Beach’s Venetian Islands are a coveted set of isles, tucked away on the east side of Biscayne Bay, that connect South Beach to mainland Miami in Edgewater via the Venetian Causeway. And while most of the Venetian Island’s condo buildings are older, they are going through beautiful restorations of exteriors, amenities, and interiors. So if you’re interested in buying in the Venetian Islands and its tucked-away community, and want to know the top-of-the-line luxury Venetian Islands condos for sale, this is the condo-buying list for you.  Here, we’ve ranked the top 5 most luxurious condo buildings in Miami Beach’s Venetian Islands, which also happen to be the most expensive buildings of this super desirable neighborhood. Read on to find out what kind of amenities these top-class residences provide, what you can expect living here, and which building made it to number one on our list.   — Why Choose the Venetian Islands? This island retreat is a little-known address in Miami Beach that is perfectly located and made up mostly of single-family homes. Residents not only get to relish the joys, views, and privacy of island living, but they’re also perfectly positioned for a short drive to South Beach and Edgewater or Downtown Miami, on either side, via the scenic Venetian Causeway. Secluded living, a real sense of community, and the option to easily dive into all the action in a matter of minutes make Venetian Island properties some of the most prized in Miami. — The Best of the Best Condos in the Venetian Islands 5. Costa Brava - 11 Island Avenue, Venetian Island Average List Price: $987     This classic Bayfront tower on Belle Isle rises 22 stories and is home to 214 luxury condos. Built in 1972 and undergoing a complete restoration, including its 40-year recertification, amenities at this pet-friendly building include an ocean-access marina with boat slips, a heated pool overlooking the bay, a sundeck, a basketball court, a fitness center, a multi-purpose room, recently renovated lobby, and more. Units here are oversized, with one-bedrooms starting at about 1,000 square feet.  4. Nine Island Avenue – 9 Island Avenue, Venetian Islands Average List Price: $1,048 per square foot   This resort-like condo just completed a multi-year renovation, including its 40-year recertification and a major interior redesign. Once a kitschy reminder of 80s resort luxury, this 25-story high-rise now features modern and sleek interiors and common spaces. Perched on one of Miami Beach’s largest and most premium bayfront parcels, Nine Island is home to 270 luxury Venetian condos surrounded by acres of meandering gardens plus boat slips and dockage services.  Amenities here include a large porte-cochere and valet, pet-friendly premises, an expansive pool deck with winding gardens, three outdoor Jacuzzis, a party room, a yoga studio, a fitness center, tennis courts, a billiards room, a BBQ gazebo, lush tropical gardens with Koi ponds, and more.   3. 1000 Venetian Way - 1000 Venetian Way, Venetian Islands Average List Price: $1,192 per square foot   A design aficionado's favorite, the twin towers at 1000 Venetian Way are positioned to offer all their residents exquisite views of the bay and sailing over at the Miami Yacht Club in a secluded location that will never have obstructed views. Both towers rise only 20 stories to house a total of 121 expansive, modern luxury residences. Built in 1983, 1000 Venetian Way hosts spacious, airy residential units that feature expansive views of Biscayne Bay from every room, with an open floor plan design. Each beautifully appointed condo unit is designed to deliver sunrise and sunset views. Amenities include tennis courts, a basketball court, a bayfront swimming pool, a dog park, a lushly landscaped outdoor picnic area, and more. 2. Grand Venetian – 10 Venetian Way, Venetian Islands Average List Price: $1,301 per square foot   This modern high-rise condo building occupies one of Miami Beach’s premium bayfront parcels. Designed by Kobi Karp, one of Miami’s architectural icons, and completed in 2001, just steps from The Standard Hotel and Spa, the Grand Venetian is home to 124 luxury condos peppered across 25 floors, each with expansive, glass balconies. Residents of this popular pet-friendly building get access to plush interiors and amenities such as a porte-cochere with valet, a completely covered parking garage, a tennis court, a pool and sundeck overlooking the bay, a private party room, a gym, expansive balconies, and more. — And the Winner of the Best Condo in Venetian Islands Goes To… 1. Belle Towers – 16 Island Avenue, Venetian Islands Average List Price: $1,659 per square foot   An absolute gem of a vintage, boutique condo building, Belle Towers features exquisite mid-century modern details and a gorgeous pool on the bay on Belle Isle. Offering panoramic water and city views to residents, this Bayfront tower is home to 46 luxury condos spread across nine stories and is highly sought after by the national and international design community.  Built in 1958, amenities at this pet-friendly building include an open-air lobby with koi ponds, unobstructed water views, a swimming pool, a spa, a handful of boat slips, and extra-large floor plans.  — How Safe Are the Venetian Islands? Besides an overall ‘A+,’ the neighborhood-ranking site niche.com grades the Venetian Islands ‘A’ for Good for Families and ‘A+’ for Nightlife. Living in this coastal district, residents enjoy the perks of island living in a highly secure environment. Security-monitored access to most condo buildings on Belle Isle and a toll plaza on the Venetian Causeway only enhances the sense of security and community among its residents.  Additionally, most of the Venetian Islands are made up of single-family homes, which further creates a strong sense of community. It’s no wonder that the Venetian Causeway is a popular stretch for locals to catch the sunset, take a stroll, jog, bike, or even walk their dogs along its scenic sidewalks. — Best Restaurants in Miami Beach’s Venetian Islands   While Miami is home to some of the best restaurants in the whole of Florida, The only restaurants on the Venetian Islands proper are the Lido Bayside Grill (a local favorite for Mediterranean fare with water views) and the Cafe Standard, both located in The Standard Hotel & Spa. But just a short walk over a small bridge takes residents to the Sunset Harbour neighborhood, with its local favorites such as Sardinia (authentic coastal Italian), Barceloneta (Spanish tapas), Lucali (Brooklyn pizza), Pura Vida, Stiltsville Fish Market, and sushi favorites Pubbelly Sushi and Sushi Garage. — Where to Shop Miami Beach’s Venetian Islands   As opposed to the lively Brickell neighborhood, the Venetian Islands do not have any shopping options to their credit. However, a short walk or drive delivers residents to the Sunset Harbour Shops and Lincoln Road Mall in South Beach—maintaining that small community feel without compromising on the simple pleasures of life. Favorite boutiques in Sunset Harbor include Eberjey, Frankie Miami, Beach Boutique (one of South Beach’s best boutiques for years), and more. Within a 10-minute walk or five-minute drive, residents have a Fresh Market, a Trader Joe’s, two Publix Supermarkets and pharmacies, as well as a Citibank, Ross store, hair and nail salons, spas, and specialty fitness studios including Barry’s Bootcamp, Anatomy Fitness, yoga studios, and more. — The Best Located Condos on the Venetian Islands Over the years, we’ve become quite the experts in finding the best-located condos in Miami Beach.  We were spoilt for choice here, so we decided to name two condos as the best located in the Venetian Islands. We choose the twin-tower 1000 Venetian Islands complex simply for its breathtaking views of the bay and proximity to Edgewater and mainland Miami. And the Grand Venetian on Belle Isle, as it is the fastest walk to all that South Beach has to offer; especially the tiny, yet power-packed neighborhood of Sunset Harbour with its Fresh Market, Publix, Trader Joe’s, yoga, bakeries, and banks.