As has already been answered here, the rental price will depend on the view, condition, floor, building, amenities, etc. Some buildings command a higher rent than others. For more specific pricing you will want to work with a Realtor that can look up the rental histories and advise you on the going rates. Good luck either with your search or the placement of your apt for rent. Should you have further questions, please feel free to contact me.
RE/MAX Advance Realty
At the closing table don't forget documentary stamp tax at closing beside attorney, title, mortgage and other misc closing costs as outlined by Bill below. This is all spelled out in your HUD statement that you will receive just prior to closing to review the accuracy of the costs of the transaction.
Once you own it you are going to pay utilities, property tax, mortgage and association dues. When you look at your potential condo purchase review the budget and condition of property to make sure you don't get a special assessment for renovations, shortfalls (delinquencies) or other such things.
Property taxes vary from city to city as well and the concept of appraisal for taxing purposes and sale value are different so keep an eye on what is called the millage rate for your city.
If you need any other information or want to know where to look just shoot me an email or call and I'll be happy to help if you need it.
Advice: Don't do it.
Someone has to pay the bills, and if 27% are delinquent, then the burden's going to fall on you and others who will pay.
Beyond that, if 27% aren't paying their condo fees, that probably means about 27% aren't paying their mortgages, either. Which means the building is going to be full of foreclosures. That'll make financing difficult. That'll make it nearly impossible to sell so long as there are some foreclosures left . . . which might be years.
If you absolutely know you're going to be living there for 5+ years and you can buy for 20% under fair market value (using current comps, including foreclosures), and unless you can afford a 40% increase in your condo fees, then you might consider it, recognizing you're buying into a ton of headaches. Otherwise, look for something else.... more
The condo association has that info, and they are typically not willing to provide that info outside of the condo questionnaire requested by the lender (for which they charge). Some of the key questions are:
-How many unit owners are behind on their maintenance fees?
-How many units have been foreclosed or are in foreclosure?
-Do you have reserves sufficient to meet the planned deferred maintenance?
-How many vacant units are there in the building?
-How many units are owner-occupied?
There's more info, but looking at the financials and obtaiing that info will be a good way to start.... more
Nimesh, can you tell me how many floors total in the building there are? I would keep in mind that many people do not like to be on an extremely high floor and it might make a resale more difficult. But if you really like the unit on the 40th floor more, then try to get it for less than 50kl What building is your unit in? Are you aware that many condo buildings have huge financial difficulties and that it is critical to buy into the right building.... more
I own a unit in 50 Biscayne that I am interested in selling. 2bed/2bath with den 47th floor. I planned on moving to Miami permanently but work situation did not work out. The Building has no financial difficulties and only 1-2 foreclosures out of 550+ units.
contact me if you'd like to discuss in more detail.... more
if you actually are an agent as your profile says, why ask others to do the work for you? Log onto your MLS and you will find the answers there. If you are not an agent, be so kind (and truthful) and correct your profile first before continuing to post.
All the best,
Tobias Kaiser, MS, CIPS
Greater Fort Lauderdale Real Estate Broker + Consultant
Certified International Property Specialist... more
Im a Mortgage Banker for AmericaHomeKey Inc, a direct lender based in Ft Lauderdale and we specialize in cases like yours. If you dont qualify for a loan, we have a FREE credit repair program that we place you on until you are ready to buy. NOBODY else does this. We are licensed in 27states and offer FHA, VA, USDA , and Conventional loans at competitive rates. We are also HUD home approved lenders. These are homes you can buy with only $100. down! Plus I, as well as half our staff are fully bilingual in English & Spanish . Call me anytime for a free private consultation, and I will explain all of your options.
500 W. Cypress Creek Rd, Suite 330
Fort Lauderdale, FL. 33309
office 954-771-7715 x104
pfax 954-379-4469... more
Jeff, what type of investing are you speaking about? Buy and hold, buy and fix then sell, flipping. Single family homes, multifamily homes, apartment buildongs, or storage units. Anyway, you need to have a game plan first, this would include a timeline on how lonhg you would hold the property. What type of return you want on your investment. I have bought, sold, flipped, and owned single family and multifamily properties, mostly in Broward County. The market right now is prime and there are plenty of deals to be had. With that being said you also need to know what you are doing. Without knowing you or your specific plans for investing it is very difficult to give you a straight answer. I hope this helps more than it confuses you!
Keller Williams Realty
Weston, Fl... more
Touches on whats happening infrastructure wise to the city and some shameless plugs on the brokerage itself.
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This page compiles all real estate related news for the Local, Regional, State and International real estate markets. It updates automatically or as the various news feeds that make up the page are updated.... more