| 2101 Brickell Ave Unit 2305 - SHORT SALE Miami, FL | |
   
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Enviable Bay, City and OCEAN VIEWS from this 1 bedroom 1 bath condo unit located in a resort style waterfront location!! Located in the heart of Miami!! This 23rd floor unit provides unobstructed views for miles on out throughout the gorgeous Brickell, Downtown Miami and Key Biscayne areas. This unit features a large private terrace with glass railings, upscale kitchen cabinetry, granite countertops and large walk-in closets. Building amenities include 24 hour valet and security, boating dock, swimming pool and spa, sauna, kiddie play area, tennis court, BBQ area, fitness center and remember....DIRECT OCEAN VIEWS!!!
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| 2101 Brickell Ave Unit 2305 - SHORT SALE Miami, FL | |
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Enviable Bay, City and OCEAN VIEWS from this 1 bedroom 1 bath condo unit located in a resort style waterfront location!! Located in the heart of Miami!! This 23rd floor unit provides unobstructed views for miles on out throughout the gorgeous Brickell, Downtown Miami and Key Biscayne areas. This unit features a large private terrace with glass railings, upscale kitchen cabinetry, granite countertops and large walk-in closets. Building amenities include 24 hour valet and security, boating dock, swimming pool and spa, sauna, kiddie play area, tennis court, BBQ area, fitness center and remember....DIRECT OCEAN VIEWS!!!
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Many buyers opt for condo purchases. There are actually many nice condominiums in the Miami area. What I find with many buyers though, especially first time buyers is that they don't ask all of the necessary questions. As a matter of fact, few Realtors ask all the questions that I would expect them to ask when they call on a condo listing.
Questions I usually get...
How many bedrooms and bathrooms?
How much is the maintenance fee?
What does the maintenance cover?
Questions I do not get...
What is the contribution to the reserve account?
I don't understand why anyone would purchase a condo in a building that does not have a reserve account for major repairs. A building with no reserve account is a building with Special Assessments as a way of life.
What percentage of the units are owner occupied?
Buying as your primary residence in a building with 5%-10% owner occupied is like buying an apartment in a rental complex. If you really do care about the well being of the community, you have a better chance of being satisfied with a higher owner occupied percentage.
Are there any units in foreclosure?
The answer here is an obvious one. No foreclosures, good quality paying owners. Some foreclosures, the building could be struggling financially. 10% to 20% foreclosures, you have serious problems. You probably have another 10% to 20% delinquent on the maintenance also.
Once you've determined that the Association of the building is financially sound you should then proceed to see the unit(s) that are of interest. If you like what you see and are inclined to place an offer, there are a few additional things you should be sure of.....
Additional questions that you may want to know the answers to...
If the building has elevators, are they up to date with their yearly certifications?
There are a few buildings that you hop on the elevator and you notice that the certification is not current. Usually it's just fees that haven't been paid as of yet or they are running late on their yearly inspections but don't assume that this must be it. In South Florida for example, Dade County code requires that all old buildings with older elevators have their cylinders replaced. Old building I'm not talking about being built in the 30's or 40's. I could be a building built in the early 70's. Cylinders ca cost anywhere between $15,000 and $30,000 or even higher. The taller the building the more expensive the cylinder. No cylinder, no certificate. No reserves equals special assessments.
Does the building have any open Fire Violations?
Exit lights are easy to change and don't cost too much at a wholesale electrical supply house. That would take care of that violation. What about a fire violation requiring the building to install a sprinkler system in the trash chute? The handyman that fixed the Exit lights is now out of his league. Now you need licensed fire safety firms, plans, permits and again (a reserve account).
Is the building a minimum of 75 feet high and does not have a sprinkler system?
Think special assessment then. And BIG!!! By 2014 all buildings with a minimum of 75 feet in height by law has to be retrofitted with a sprinkler system. The complete building!! You're looking at 100's of thousands of dollars that are being forced upon those owners in the upcoming years.
It's getting late so I'll post a few more questions in the next couple of days.
I'd like to hear from some of the readers regarding questions that are important to you that usually aren't asked.
| 3901 S Ocean Dr Apt 5E - SHORT SALE Hollywood, FL | |
   
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This is a spectacular ocean view condo on the 5th floor with plenty of amenities. This 2 bedroom 2 bath condo has a direct ocean view from your master bedroom. The balcony from the living room also provides a direct ocean view. This full service building has a Concierge desk, a state of the art fitness center, a party room and more. This is a Short Sale subject to third party approval. Take advantage of today?s reduced market values. Remember, developers cannot make any more oceanfront land. Hollywood Beach has international appeal and this will always prove to be a great investment.
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I am a Short Sale Specialist with Exit Prime Realty in Coral Gables. Visit www.SergioRebollo.com for SELLER info on Short Sales. Buyers view my listing videos at www.YouTube.com/SergioTheRealtor
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