Search Miami Luxury Condos

All the statistics we have listed trend towards an easy conclusion: investing in Miami luxury real estate and beach condos is low risk. As well as the high number of foreign investors, Miami sees many Americans coming here, especially from New York. Many wealthy New Yorkers summer in the Hamptons and winter in Miami.  Some even say it is quicker to fly to Miami than it is to drive to the Hamptons.

 

Some Tax Advantages of Buying Miami Luxury Real Estate

Florida residents (who do not have to live there full-time) benefit from no state income tax and from "homesteading" their primary residence. It is easy to ignore the homestead benefits since many people think it merely reduces the taxable value of the property by $25,000. 

Florida residents (who do not have to live there full-time) benefit from no state income tax and from "homesteading" their primary residence. It is easy to ignore the homestead benefits since many people think it merely reduces the taxable value of the property by $25,000. 

In addition, there is an annual lifetime limit as to how much that taxable value can increase. Over 10 or 20 years, that can be significant. And you do not have to keep the same property; the homestead exemptions are transferable to a new purchase, so there is every reason to keep looking at properties for sale. In addition, unless the homestead is guaranteeing a debt, it is impossible for any creditor to seize the residence to pay off business or other personal debts.

We have explored in detail "Why you should invest in Miami," so now let us discuss how to invest.

"Miami Home Buying Process"

"Miami Real Estate Tax Information You Should be Aware Of"

Types of Miami Property to Buy

An investor or someone looking for a pied-à-terre may choose a high-rise condo in Downtown, a Miami Beach condo, or explore the range of Miami luxury homes available. Each has their own role in meeting a buyer’s preferences, so choosing the right agent to find the right property in the right neighborhood is essential for success.

Expenses Associated with Owning a Condo or Home in Miami

A single family home's ownership costs are all the owner's responsibility. The property tax is based on assessed value by the Miami-Dade County appraiser. Utility costs are based on monthly usage. landscaping and maintenance costs are subject to contract negotiation by the owner and the contractor

• A single family home's ownership costs are all the owner's responsibility. The property tax is based on assessed value by the Miami-Dade County appraiser. Utility costs are based on monthly usage. landscaping and maintenance costs are subject to contract negotiation by the owner and the contractor.

• Homeowner insurance depends on coverage and preferred deductible. Regular insurance will cover wind damage, but flood damage is managed by the National Flood Insurance Program and depends on the FEMA flood zone designation where the property is located.

• Condos come with a monthly association fee to cover the management and maintenance of all common areas. Florida also requires each association to hold appropriate reserves; funding is included in the monthly fees.

• Condo owner insurance is charged at a lesser rate than a single family home because the exterior of the property is covered by a separate insurance, and those premiums are included in the monthly management fee. Condo owners should seek advice on taking out flood insurance from their insurance agent.

• One cost of owning investor property to rent out is the commission. In Miami, it is usual for the owner to pay 10% of the annual rent.

Getting a Mortgage

Typical mortgages are fixed for the life of the loan, which is usually 15 or 30 years. A deposit of 20% up to 50% may be required according to the overall size of the loan, and whether the borrower is domestic or overseas. Foreign borrowers are welcome, and arranging finance is not difficult.

Typical mortgages are fixed for the life of the loan, which is usually 15 or 30 years. A deposit of 20% up to 50% may be required according to the overall size of the loan, and whether the borrower is domestic or overseas. Foreign borrowers are welcome, and arranging finance is not difficult.

Closing (or Transaction) Costs When Buying a Condo in Miami

The rest of the property's purchase price if paying cash, otherwise the rest of the agreed deposit.Finance charges paid to the mortgage lender.

• The rest of the property's purchase price if paying cash, otherwise the rest of the agreed deposit.

• Finance charges paid to the mortgage lender.

• Property insurance premium, plus any "reserve" required by the lender.

• Title insurance if the property is new construction, otherwise the seller is likely to cover this.

• Title insurance paid to the lender to guarantee the mortgage in case of any subsequent title dispute.

• Closing costs payable to the title agent.

• Legal fees payable to the buyer's attorney. We always advise our clients have a specialist attorney working for them on luxury property purchases.

• Property inspection fees. The inspector is hired by the buyer to ensure everything is safe and functioning to industry standard.

As a final note, it is worth mentioning that Florida's property tax laws are such that many of these costs may be "offset" by the lower rates when compared with high-tax states like New York, New Jersey, and California. And those lower rates continue every year of course.

We will provide all the relevant information for you to make an educated purchase decision and negotiate the transaction on your behalf. As Exclusive Buyer Agents, we will hold your interests above all others, striving to obtain the best purchase price for the property. Remember, our mission is to grow, protect and preserve your wealth, so we are here to serve you.

We will introduce you to attorneys, mortgage brokers, and tax accountants, as well as provide contacts for schooling, domestic staff, and property management companies, if required. We are used to working with translators and have Chinese, Brazilian Portuguese, Spanish, French, Italian and Korean language-speaking agents to draw from to make the process seamless.

Finally, you, as the buyer, won't pay us anything for our First-Class service, as the Seller always pays the sales commission in the US.

Managing Your Miami Investment Property

Property marketing to find a suitable tenant. Tenant screening. Preparing, terminating, or renewing lease documents.

• Property marketing to find a suitable tenant

• Tenant screening

• Preparing, terminating, or renewing lease documents

• Helping tenants prepare the condo Board application

• Handling repairs and maintenance issues

• Dealing with emergencies

• Full communication with landlord and tenant

US Tax Laws are Pro-Real Estate Ownership

If you rent out your Miami property, all taxes and other costs are used to reduce your tax bill.

• If you rent out your Miami property, all taxes and other costs are used to reduce your tax bill.

• Capital gains tax (CGT) is applied to property sales. Primary residence owners may deduct up to $500,000 of profit before CGT is applied.

• CGT may be deferred by using the 1031 Tax Law to sell one property and buy another of like kind.

• The initial cost of purchase may be "tax-depreciated" over 27.5 years to lower annual tax liabilities.

• Estate taxes can be totally avoided. Discuss the details with your attorney on how to plan ahead.

• The US has tax treaties with many countries to avoid "double-taxation" so discuss your personal situation with your own accountant or tax attorney.

• Tax laws are such that, because of the various applicable deductions, many investors pay no federal income tax for 10 – 15 years.

•  

Miami Properties Have Many Luxurious Amenities

Discover the Unique Features of Miami Luxury Condos

Miami luxury condos offer a wide range of luxurious amenities that cater to the most discerning buyers. From private beach access to rooftop pools, these amenities provide an unparalleled level of comfort and convenience. Some of the most sought-after amenities in Miami luxury condos include:

• Private Beach Access and Beachfront Pools: Enjoy the ultimate beachfront lifestyle with direct access to pristine sands and exclusive pools overlooking the ocean.

• Rooftop Pools and Sun Decks with Stunning Ocean Views: Relax and unwind in rooftop pools that offer breathtaking views of the Atlantic Ocean and Miami skyline.

• State-of-the-Art Fitness Centers and Spas: Stay fit and pampered with cutting-edge fitness facilities and luxurious spa services right at your doorstep.

• Private Movie Theaters and Game Rooms: Experience entertainment like never before with private screening rooms and game lounges designed for leisure and fun.

• Gourmet Kitchens with High-End Appliances and Wine Storage: Indulge your culinary passions in kitchens equipped with top-of-the-line appliances and dedicated wine storage.

• Private Elevators and Secure Entry Systems: Enjoy the utmost privacy and security with private elevators and advanced entry systems.

• 24/7 Concierge Services and Valet Parking: Benefit from round-the-clock concierge services and convenient valet parking, ensuring a seamless living experience.

These luxurious amenities are designed to provide a lifestyle that is unmatched in Miami. Whether you’re looking for a relaxing retreat or an active lifestyle, Miami luxury condos have something for everyone.

Miami Luxury Condo Neighborhoods

Explore the Best Areas for Luxury Living

Miami is home to some of the most exclusive and luxurious neighborhoods in the world. From the vibrant nightlife of South Beach to the tranquil beauty of Bal Harbour, each neighborhood offers a unique lifestyle and amenities. Here are some of the most popular luxury condo neighborhoods in Miami:

• Miami Beach: Known for its vibrant nightlife, beautiful beaches, and Art Deco architecture, Miami Beach is a popular destination for luxury condo buyers. The area offers a lively atmosphere with a mix of cultural attractions, high-end dining, and exclusive shopping.

• Bal Harbour: This exclusive neighborhood is home to some of the most luxurious condos in Miami, with amenities like private beach access and rooftop pools. Bal Harbour is renowned for its upscale shopping at the Bal Harbour Shops and its serene, upscale environment.

• Brickell: Located in the heart of Miami’s financial district, Brickell is a popular neighborhood for luxury condo buyers who want to be close to the action. The area boasts a dynamic urban lifestyle with high-rise condos, trendy restaurants, and a bustling nightlife.

• Coconut Grove: This charming neighborhood is known for its beautiful parks, waterfront restaurants, and luxury condos with stunning ocean views. Coconut Grove offers a laid-back, bohemian vibe with a strong sense of community and lush, tropical surroundings.

• Coral Gables: This upscale neighborhood is home to some of the most luxurious condos in Miami, with amenities like private golf courses and spas. Coral Gables is characterized by its Mediterranean-style architecture, tree-lined streets, and prestigious schools.

Each of these neighborhoods offers a unique lifestyle and amenities, so it’s important to research and visit each area to find the one that best fits your needs.

Market Trends and Insights for Miami Luxury Homes

Stay Informed on the Latest Market Developments

The Miami luxury real estate market is constantly evolving, with new developments and trends emerging all the time. Here are some of the latest market trends and insights:

• According to the Wall Street Journal, Miami is one of the top destinations for luxury real estate buyers, with a growing demand for high-end condos and homes. The city’s appeal is driven by its vibrant culture, favorable tax environment, and stunning coastal views.

• The Miami luxury real estate market is driven by international buyers, with many buyers coming from Latin America, Europe, and Asia. This diverse buyer pool contributes to the dynamic and competitive nature of the market.

• The average price per square foot for luxury condos in Miami is around $1,000, with some condos selling for as much as $2,000 per square foot. This price range reflects the premium quality and exclusive locations of these properties.

• The Ultra-luxury market is seeing a top price of $6,000 per square foot for direct ocean front, however, there are very few properties trading at that top price point.

• Jonathan Miller, who issues the Douglas Elliman market reports in Miami and New York, reports that the luxury condo market is strong, with many new developments and sales in the pipeline. The company’s insights highlight the ongoing demand and investment potential in Miami’s luxury real estate sector.

• The Miami luxury real estate market is expected to continue to grow, with many experts predicting a strong market for the next few years. Factors such as economic stability, international interest, and limited new development contribute to this positive outlook.

By staying informed on the latest market trends and insights, buyers and sellers can make informed decisions and stay ahead of the curve in the Miami luxury real estate market.

Miami Buyers Should Always Use a Buyer's Agent

The Seller’s broker always works for the seller, remember that. Unfortunately, many buyers don’t understand the consequences of going directly to the seller’s broker rather than using their own broker. Utilizing a comprehensive real estate website can provide essential information and tools for making informed decisions.

For instance, what would be the consequences if you used your wife’s or husband’s attorney for your divorce. Clearly, the consequences would be drastic; don’t make the same mistake when entering into one of the largest purchases of your life.

Be clear about what you want and why you want it so you can stay focused and work efficiently on the multi-million-dollar project to buy.

Have all the facts to hand so the final decision delivers long-term satisfaction. It is a well-known fact among real estate professionals that, apart from a serious change in personal circumstances, the main reason a resale property goes on the market is because the owner “bought the wrong property in the first place.”

Have experienced, successful, and detail-oriented specialists on your team from day one.

Every country in the world and every state in America apply different real estate laws. Some are common, but many parts of the small print are so different that simple errors can cause serious problems.

The property seller, particularly if it is pre-construction or new construction, will have their own agent working for them, and working on their behalf. The buyer should choose their own Miami real estate agent.

In Florida, it is standard practice for a real estate brokerage to work as what is called a Transaction Broker. This enables them to help the prospective buyer search for and see every property that meets their criteria.

Once a property is short-listed, their agent can become a Single Agent. As a Single Agent, the Realtor owes all their loyalty to the buyer, and none to the seller, so they can negotiate effectively on price, terms, and conditions. An agent who represents the seller cannot deliver that crucial level of service to the buyer.

The commission, or sales fee, is paid by the seller, so hiring a dedicated agent is free for the buyer. The seller, in effect, pays the buyer’s agent to bring a ready, willing and able purchaser to complete the transaction.

Buyers choose Realtors who know:

• Everything about the Miami real estate market and individual Miami neighborhoods.

• Every type, style, and specific location and aspect of every piece of property currently on the market that will match the buyer’s purchase criteria. The luxury real estate market commonly has properties listed above true market value. Some buyers feel the need to make a quick decision, and some sellers try to capitalize on that by setting a high price. A good buyer’s agent will counter that.

• Every property that is due to come on the market but has not yet been listed for sale.

• Possible “close-out” sale prices soon to be offered by developers who want to complete a project and begin their next one. There is a real benefit in buying a property that is discounted because the developer wants to “close the books” on a current project. The experienced buyer’s agent will also know if a new project which meets the buyer’s criteria may offer lower-priced pre-construction prices.

• With that being said, currently, Miami has a dearth of new development so this strategy won’t apply.

• The background details on each development, homeowner association and city code details which may affect long-term satisfaction with a purchase.

• The details within a contract to purchase. Florida has two main contracts, the “FAR contract” and the “FAR/Bar contract.”

• Some buyers may hire an agent whose brokerage uses their own contract. The FAR/Bar contract is considered by real estate attorneys to be the tightest and most protective of them all. It is always good for a prospective buyer to know which contract their Realtor will typically use.

“Why You Need a Highly Experienced Real Estate Agent in Miami”