Housing 101

I have a question. It might sound a little ignorant, so excuse me if you feel this way, but quite honestly, I have no clue, because I am not natively from the US… so here it goes…

I am looking to purchase real estate in Florida as my primary residence, preferably oceanfront. Options are to buy a condominium in one of the new developments such as Acqualina or for example in one of the Trump towers in Sunny Isles or to buy a single-family house.

I know most of you will vouch for single-family due to privacy and all other “I own it” factors involved, but why are those condominiums being built. Are there any disadvantages I am not aware off in condo life-style right at the ocean. To me, is sounds very appealing to have a condo in, let’s say Acqualina, where you get all the advantages of a hotel service such as room cleaning service etc, plus higher security with private elevators… Confused, because condo life-style sounds very appealing to my wife and self (yes, we do have a little child), but at the same time there are so many new buildings out there that stay un-sold for a long time, would like to get some input from you Florida residents before pulling a trigger on a huge chunk of money…

Also, what do you think of Sunny Isles as a place to settle in? (Crime/schools/infrastructure) I know Aventura and Ball Harbor (spelling?) is close by, so it is a plus.

Thanks a bunch!

 

Others can vouch for the specific places you are considering but I can tell you that condo owner associations can control vitually every aspect of your life when you are there. They control how late you can make any noise, what type of finishes you can have on the floor, how many visitors you can have at one time, how much you will pay for annual and special assessments, the list is infinite. The advatage is typically cost to buy the property. Currently South Florida is overrun with too many condos on the market and prices and incentives are being adjusted in the buyers favor.
Single family has its advantages of independance, etc... but the costs are MUCH higher. Typical oceanfront runs at least $40,000 per lineal foot of beachfront here. So to get a 100' wide lot is going to cost at minimum $4,000,000, and much higher in the most desirable areas. Personally I would not buy a condo unless I was retiring, but everyone has their own preferences.

 

Sunny Isles is just fine. Close to the action in Bal Harbour, Aventura, and not far from Sout Beach. As long as your building is secure, you should have no problem.

The majority of the condos in the better units THAT WILL BE OCCUPIED at some point during the year by an owner, are second, third, or even fourth homes for not only other Americans, but for "foreign" citizens.

The problem is that most (over 51%) of the units that have been purchased were done so by speculators. This percentage is lower along the ocean than it is in places like Brickell (75+%).

As for condo vs single family, that is all up to your lifestyle. Condos will be a better deal in the next 24 months compared to SFH's.

 

Thanks for the responses, please keep them coming. I guess our concern is – is 10 million condo comparable to a 10 mil single-family or is it not wise to spend 10 mil on a condo and one would be better off purchasing a house from a resale/comfort/accessibility/security etc standpoint?

We are aware of condo rules and restrictions and we’re not really concerned about it, however, it is a good point.

Well, it depends how you look at it, this (if nothing changes) will not be our only residence, but it will be our primary place of residence.

What is a good site to look at properties in Miami? Google results come up with million sites that are cheap looking and not very informative with limited amount of pictures.

Also, you said, “as long as your building is secure”, did you imply that Sunny Isles is not safe?

 

The high rise condo structures are designed to withstand much higher winds than the typical single family home. The structure is analyzed by very highly trained engineers. The only weak point is in the architectural detailing and exterior fixtures. Sometimes architects do not consider the windload on decorative features,etc... but the glazing (window) system should be designed and installed using impact and wind resistant for up to 140 mph 2 second gusts up to 60 ft. high, with higher wind loading above that. The newer buildings all require this to be done by the building department. I would not go into a condo that uses any type of panel system for protecting the openings, including accordion panels that enclose the patio and larger openings. These have been known to deteriorate over time so that when the big storm hits they fail. If I were looking into buying the very high end as you describe I would get with Sotheby's or some other high end realtor and go through them. They get large commissions, so might as well have some work done for that. Someone local to Sunny Isles should be able to make a recommendation.

BT

 

Excelent. Thank you very much. Looking at their web site as we speak.

I edited "hurricane" section out, that would be a question to a builder, but looks like you did spot it and answered it in details... those broken widows though bug me

Sunny Isles local, please post your thoughts.

 

Excelent. Thank you very much. Looking at their web site as we speak.

I edited "hurricane" section out, that would be a question to a builder, but looks like you did spot it and answered it in details... those broken widows though bug me

Sunny Isles local, please post your thoughts.

 

stay away from miami-dade, and beware of vertical condo projects (high rise, mide ride)

www.newcenturycompanies.com

south palm beach county, in fill, communities

me and robertm's company

 

Could you please explain, why you say to stay away from Dade county? Also, what's wrong with condo projects?

You can't expect people take it for granted without explaining yourself. Please?

 

If you spend $10M in a condo you are completely missing the point (my personal opinion). You can buy a oceanfront house for that in Golden Beach, just north of Sunny Isles and live next to really nice neighbors.
In condos you deal with Condo boards and their tyranny. Why would you subject yourself to that. If you want daily maid service get a friggn maid that comes to your house every day and cleans. If you want the gym, build it in one of your rooms.

Besides the obvious objections to buying a condo right now anywhere in the US (the market is in a free fall) you are buying the wrong product.

Funny to see JP dissing Miami Dade when (if I am not mistaking) he himself lives in Miami Dade . But then the cooky cutter housing market up north is not doing too good either so we'll say anything to get a buyer in the door right? LOL

Again:
if you are looking in the 10M range don't waste your time looking at condos.

The notion that highrise are better built than single family homes????? wrong, when you look at the damage on those high rises from last year. The Pinnacle in Sunny Isles still has boarded windows below and up of the 10th floor. Not even speaking of the carnage in Brickell Ave where those structural experts completely misjudged the tunnel effect around those same "safe" highrises.

 

As far as safety goes, I would think anyone in Sunny Isles is fairly safe. Sunny Isles isn't that big, and because it's on the ocean, the more dangerous people live further away.
You might want to consider your lifestyle. If you're buying a $10M place, you probably don't work at an office every day. If you had to go somewhere every day, make sure it's Aventura. Getting to most places from Sunny Isles is a pain. There's no "fast" route. Even at 11pm! There is also a lot of development going on in that area, so traffic will most likely get worse and worse.
I've never heard of your Acqualina place.
I'm not an engineer. I don't know building codes like some of these other guys. I do know that it SEEMS like when hurricanes have hit, the people I know in condos have their power back faster than those in houses. I know in Aventura (where I used to live), we got power back fast. That could be because we had less damage, or it could be because there are a lot of voters that live there and pay a lot of taxes... not sure. I have to imagine any house in your range should be quite safe in any storm.

 

I'm sure there are condos with some structural damage and some homes with damage from the last hurricane that came through. I would bet the condos that are damaged are fairly old. $10MM is probably too much to spend on a condo, but I know of nice ones in my area that are probalby a good deal at $5MM. BTW, JP was looking to drum up some interest in the products his company offers. I think you took him too literally. While Miami offers the most diverse nightlife, it is entirely too congested and stressful for me to enjoy. Even Palm Beach county, where I live, is too congested for me. I am looking at the mountains to get away from it in the next year or two.
BT

BT

 

Bill:
I am with you on the mountains.

As for JP, well if he thinks that people should stay out of Miami then why would he want to live there and compute every day north to the homes and the "lifestyle" he is building up there? Just an observation. Not sure if I hit the "reply all" button there LOL.

 

Thanks for the responses!

We are used to condo-like lifestyle; quite honestly, security is the biggest reason we consider a condo. Not only a physical security (I guess gated community will do it), but also “weather acting up” security. Also, luxury amenities (and not only a maid service) is a plus.

However, rational voice tells me that 10M is awfully big chunk of money for a flat. Sounds like I am trying to find justification for this “investment” by waiting for a “pat on the back” ( is that how you say it?) from others.

I wonder (no offence here) if it is a so called American dream talks in you pro-house folks? What would you say are the advantages of owning a SF over a condo or vise versa.

No, I do not go to an office anymore, I am in the process of merging my FX firm with one of the Eastern European banks, once that is completed, we should be able to move.

What are the good areas in Miami to settle in?

We have been to Sarasota – way to rural, South Beach way to crowded to narrow it down

 

Why not look into Fort Lauderdale off the intercostal or near downtown.

 

Well, I want a yard and less traffic. Generally the condos are in more congested areas. I also want the ability to have the ability to add space to my house when I want it. Not available in a condo. Plus, the condos generally limit you to about two covered parking spaces. That would not work for me (most people here know that!).
BT

 

Hmmm, what is FX?
There are many good areas in Miami. There are many not-good areas as well. The multi-million dollar places will only be in the best of places. It's up to you if you want interstate access, shopping access, beach access, do you want neighbors and a golf course? Do you want views of downtown and the bay? Do you want to walk to "excitement?"
What do you like about where you live now that could be translatable to Miami?

 

Call it whatever you want, you own the land and have rights on your land. The condo you own zip. You have the right to pay astronomical association fees and if the friggn 90 year old condo commando baord decides to paint the building pick you will just have to live in a pink building. Worst, if they decide that it should be a a "55 and over" building your $10M just deminished to nothing at all and there is nothing you can do about it.

Prices on single family homes will not nearly lose as much value as the overpriced condos on the market right now.

Your money buddy, your choice.

Golden Beach next to Paul Newman:

buy this old clunker and build your dreamhouse:

http://www.realtor.com/FindHome/HomeListing.asp?snum=7&frm=bymap&nearbyZp=&lid=Enter+MLS+ID&pgnum=1&ss_aywr=&st=FL&mls=xmls&mnbed=0&js=on&mnsqft=0&fid=so&vtsort=&poe=realtor&mnprice=0&ct=golden+beach&zp=&primaryZp=&mxprice=99999999&typ=1&exft=0&exft=0&exft=0&exft=0&exft=eoview&mnbath=0&areaid=19798&sid=07EC88FE1C6BC&snumxlid=1067889454&lnksrc=00001


or buy this already existing dream house:

http://www.realtor.com/FindHome/HomeListing.asp?snum=9&frm=bymap&nearbyZp=&lid=Enter+MLS+ID&pgnum=1&ss_aywr=&st=FL&mls=xmls&mnbed=0&js=on&mnsqft=0&fid=so&vtsort=&poe=realtor&mnprice=0&ct=golden+beach&zp=&primaryZp=&mxprice=99999999&typ=1&exft=0&exft=0&exft=0&exft=0&exft=eoview&mnbath=0&areaid=19798&sid=07EC88FE1C6BC&snumxlid=1072689427&lnksrc=00001