Thinking About Downsizing? Here’s What You Need to Know About Life in a Condo

The shift from home living to condo life may seem like a minor one, but there are plenty of things that will differentiate your lifestyle other than size when it comes to making a condominium purchase. If you’re contemplating this move and wondering about some of the things that this might entail, here are a few factors that are worth considering.

The Fees You’ll Have to Pay

While a smaller condo is unlikely to have the same associated costs as a large home, you will be paying a monthly condominium fee that will be covering maintenance and insurance so that many repairs and upgrades won’t have to be paid out of pocket.

While this cost will not cover each and every maintenance issue that can occur in a condo, it should keep you covered for many standard home costs. When purchasing a condominium, it’s important to read about what this monthly fee entails.

The Life of Central Living

Life in the suburbs can often mean that you’re far away from the amenities of the city, but many condominiums are built in areas that are full of restaurants, pharmacies, cultural centers and grocery stores which are only a short distance away.

If you don’t mind getting into the car to run your errands, this might not be that important to you, but if you enjoy the exercise and like having amenities close by this type of living situation can be a welcome change.

Less Room for Stuff & Storage

Condo life can certainly eliminate many of the responsibilities of having a home, but if you’re downsizing there’s a possibility that you may have to get rid of a large number of items to successfully fit into your new space.

If you’ve thought about the decision a lot and are convinced that condo living is the right choice, it’s still worth considering how much storage space you will have in your new home so that you can plan for this change, and shift your living style to fit the demands of a smaller space.

There are a lot of things to think about if you’re planning to downsize into a condo, but if you’ve considered the space you’ll have to work with and the conveniences that will make your life easier, you’re probably already prepared for the shift.

If you have any questions about moving into a condo, give me a call and I will happily help you.

Maria Lopez
RE/MAX Advance Realty
(305) 467-0774
MLopez5020@gmail.com

4 Reasons Why Selling a Condo is Different Than Selling a House

Florida home

Listing a property is a delicate dance. From the initial marketing to the final price negotiations, everything needs to be tailored to the type of home being sold. However, because of their main differences, this process can look very different when selling a condo versus selling a house.

Reason #1: The Homeowners Association (HOA)

As all condo owners will know very well, most condos come with some type of HOA, or homeowners association.

The HOA generally handles common areas like swimming pools, the exterior of the building, and landscaping. Sometimes, the HOA is also responsible for holding social events throughout the year.

However, all of this comes at a cost. The first is money; an HOA cannot operate or pay necessary expenses without charging residents a monthly fee. The second is freedom; most HOAs have rules that need to be followed.

When selling a condo, potential buyers will balance the costs of each HOA with the benefits.

Reason #2: Real Estate Investors

When selling a condo, it’s reasonable to expect a larger number of investors considering the property than when selling a home. After all, renting out condos is a big business.

As a result, selling a condo could mean a faster closing, a cash offer, or even competing bids if the condo is on prime property and priced competitively.

Reason #3: The Type of Buyer

Different types of buyers look at a condo versus a home. For starters, condos are generally smaller, don’t have yards, have all landscaping handled professionally, and frequently come with amenities like a swimming pool or fitness center.

While a good majority of potential buyers with children would love a swimming pool with zero maintenance, they aren’t willing to make the trade for a smaller space. This means that when selling a condo, potential buyers will generally be single adults, newly married couples, or retired professionals looking to downgrade to an easier property.

Reason #4: Location, Location, Location

Every real estate agent knows that one factor, above all others, is most important when selling a property: location. Being close to town versus far away from traffic, near downtown excitement versus in a quiet neighborhood, or near shopping centers versus on the edge of nowhere all come into play for a property’s value and desirability.

Generally speaking, condos tend to be closer to urban areas, shopping, and entertainment. This also means that their price per square foot is frequently higher. As a result, owners looking to sell their condo should carefully consider the best way to market their property and a fair listing price. As always, I am happy to answer any questions you may have about real estate.

Maria Lopez
Kurz Real Estate
(305) 467-0774
MLopez5020@gmail.com

Want to know what’s available in your neighborhood?  Search for properties on my website, marialopez.themiamihomesearch.com.

 

 

 

HYDE Suites & Residences at Midtown Miami, Live in the middle of all the action in Midtown

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Hyde Midtown will be located at 3401 NE 1st Avenue, Miami, FL 33137

HYDE Midtown is a 31-story development with 395 luxury condominium units. Residences will feature expansive floor-to-ceiling windows, glass railing terraces, oversized balconies and stunning city and bay views from select units. Residents will enjoy the convenience of shopping and dining just outside their door in a uniquely creative urban experience.

HYDE Midtown is ideally located in the heart of Midtown just steps from premium retail shopping and dining as well upscale retailers just a few minutes away in the Design District.

It is a short drive to South Beach, Downtown Miami, Performing Arts Center and American Airlines Arena and about 10 minutes by car to Miami International Airport.

In addition to the 395 residences, HYDE Midtown will also offer 60 fully furnished designer suites, over 21,000 sq. ft. of retail space and 526-space parking garage.

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Amenities at HYDE Midtown:

  • 395 Condominium Residences that can be rented monthly (maximum 12 times per year).
  • 60 Designer Suites fully finished and furnished by David Rockwell available for daily rentals with management by SBE hotels.
  • Elevated 7th floor level amenities resort deck fully loaded with pool cabanas around a heated pool and spa and beautifully landscaped sun terrace with stunning bay views and the Miami Skyline.
  • Poolside food and beverage service
  • State-of-the-art fully equipped fitness center with cardio area overlooking the pool deck and Biscayne Bay.
  • Professionally staffed Spa.
  • Only tennis court in Midtown.
  • Permanent installation of world class museum quality art throughout the building’s public spaces.
  • HYDE Music Lounge and Piano bar
  • Signature cuisine by sbe’s renowned restaurant group
  • Club room with fully equipped kitchen, private home theater and game room
  • Pet friendly amenities and services
  • Kid’s play area
  • Business center
  • Exclusive On-Demand concierge staff and services with convenient mail and receiving desk.
  • Complimentary valet parking
  • High-speed internet access in all public areas.
  • 24-hour attended security services and controlled access.

Residential Features:

  • The condos at HYDE Midtown will feature an open-concept contemporary floor plan and will be delivered fully finished.  They’ll feature premium wall-to-wall carpeting throughout the living, dining and bedrooms, and imported porcelain tile in kitchens and bathrooms.
  • Energy efficient, tinted impact resistant floor-to-ceiling sliding glass doors and windows provide for unobstructed views of Biscayne Bay and the city of Miami from select residences.
  • Most residences will come with spacious walk-in closets.

Gourmet Kitchens

  • A premium selection of contemporary European cabinetry
  • Imported solid surface counter tops.
  • Stainless steel appliance package with refrigerator/ freezer, stove glass cooktop, built-in oven, multi-cycle quiet dishwasher, built in microwave with integrated vent hood and stackable washer and dryer.
  • Double stainless steel under-mount sink, with single-lever European-style pullout faucet sprayer.
  • Imported designer porcelain tile floor.

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Bathroom Features:

  • European cabinetry with detailing.
  • Imported solid surface countertops.
  • Full-size vanity mirrors.
  • Floors and wet walls clad in imported designer porcelain tile.
  • Designer bathroom fixtures and accessories.

HYDE Midtown residences come in one bedroom plus den, two bedroom plus den and three bedroom floor plans ranging in size from 681 sq. ft. up to 1,595 sq. ft.  Prices for one bedrooms start from $444,900; two bedrooms from $539,900, three bedrooms from $899,900 and penthouses from $734,900.  Pricing subject to change without prior notice.

Hyde Penthouses will feature  Italian kitchen cabinetry with ash grey wood grain finish and sleek handle system, imported stone countertops with full backsplash, Sub-zero paneled refrigerator and freezer, Bosch electric cooktop with black ceramic glass top and stainless steel trim, Bosch built-in convection oven, Bosch paneled dishwasher and microwave drawer, and GE stacked washer and dryer.

The bathrooms will be delivered with white quartzite vanity tops and porcelain tile flooring and wet wall in master and secondary bathrooms, wood grain finish vanity cabinetry, designer faucets and shower heads and bathtubs with chrome finish faucets. The flooring will consist of imported porcelain tile throughout the interior of the residence including kitchen and bathrooms.

The penthouses also feature roof terrace with spa, summer kitchen with stainless steel sink, faucet, under counter refrigerator and stone countertop.

Ground breaking was in late 2015 and delivery is expected in early 2018.  Units can be purchased with a 30% deposit and the balance at closing.

hyde-midtown pool render

Contact me for pricing information and additional details about HYDE Midtown Condos.

Maria Lopez
RE/MAX Advance Realty
(305) 467-0774
MLopez5020@gmail.com

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Americans Buying More Second Homes

Americans Buying More Second Homes

Vacation home sales in the United States increased 10.1 percent in 2012, as Americans rekindled their love of second homes.

The number of vacation homes sold in 2012 jumped to 553,000 from 502,000 in 2011, according to data released today by the National Association of Realtors.

“We had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes,” NAR chief economist Lawrence Yun said. “Attractively priced recreational property is also a big draw.”

Of all home transactions in 2012, 11 percent were vacation homes, according to a report from the National Association of Realtors.

Seventy-eight percent of all second-home buyers said it was a good time to buy, compared with 68 percent of primary residence buyers, according to a NAR survey.