Wednesday, December 30, 2015

Pre-construction properties available in Doral

Doral has a lot to offer for residents or visitors alike. Over the last years it has become one of the most attractive cities for real estate market. According to Nerdwallet's “Best Places to Invest in Real Estate in Florida” list, Doral is the first place to look at, due to its relative affordability, low unemployment rate and strong population growth. If you are looking for a new place to live or invest, Doral is the right choice. Here are some pre-construction homes you should consider.

This is an exclusive development of luxury single-family homes that will be an icon in the city of Doral, and Miami, for its beautiful architectural design, inspired by a movement that recalls the style of Miami Modern, a style spread in Miami Beach between the 1950s and 1960s. The project consists of three separate and independent communities, with private security, magnificent clubhouses with pools, gyms, meeting area, library, playground, beautiful gardens, parks and lakes. They can be booked now with $50,000, $70,000 and $100,000, pay 10% when the contract is signed, 5% when planning begins, 5% when construction begins, 10% when the roof is placed and 70% at the end of the purchase. Do not miss this opportunity; be one of the first to book in Modern Doral.

Down Town Doral now launches 5300, as the next step of the success of 5252 Paseo. This is one of the most spectacular, modern and unique new development in Doral and you can be a part of it. This is a mixed use complex with apartment buildings, townhouses, charter schools and retailing. It is located right on 87th Av. and 52th St., across the Donald Trump Resort. Now for pre-construction sales, apartments with magnificent golf views starting at $250k and town houses starting at $440k.


Neovita is the newest pre-construction gated community in Doral. It will be located at 104th Av. and 69th St. It has two separate areas; one with only 142 townhouses between 2,150sqf - 2.350sqf, starting at $400,000, and another one with single-family homes between 3,400sqf - 4,450sqf, starting at $700,000. They can be booked now with $25,000 and $50,000, respectively.

Monday, December 28, 2015

Doral’s Roads

Almost all residents of Miami-Dade County are affected by traffic congestion, and this includes the inhabitants of Doral. Studies carried out by the Florida State Department of Transportation in 2012 and 2013 have shown that Doral has a high volume of vehicular traffic both on main and alternative roads. This is one of the most important issues at the moment for Doral residents. The city has already developed several work plans in order to reduce the problem.

Different traffic relief projects are ongoing at the moment and are expected to alleviate the situation in the upcoming months, such as the connections between 74th St. and 97th Av. and 109th Av. and 41st St.; creating new roadway connections to ease traffic in the city’s major corridors.

The Florida State Department of Transportation has another important project scheduled for 2016 at 87th Av. This will include the extension of the current road from two to four lanes, the construction of a drain system, sidewalks, curbs and ditches, pavement marks, traffic signs and public lighting, as well as a new bridge over Miami’s Canal (from South River Dr. to Okeechobee Rd.)

Another significant project is the one at 58th St., from 97th Av. up to 82th, scheduled to begin by January 2017. At the moment, developers are dealing with a general planning project, which includes the involvement of users and entails major road improvements, including but not limited to the extension of the existing street into a four lane road, with bicycle lanes, sidewalks, curbs and ditches, as well as drain systems, pavement marks, traffic signs and the corresponding public lighting.

Regarding the works at 97 Av., the city also plans to carry out road improvements between 52nd and 58th St. including the expansion to four lanes with their corresponding bicycle lanes, sidewalks, curbs, ditches, drain system, pavement marks and traffic signs. These works will begin by August 2018.

According to major Luigi Boria the city is transitioning to “a new mixed-use urban center, where everyone will have a variety of methods to move. When we say “Doral is on the move,” I want that to mean on foot, on bike, on trolley, or your car.”

Friday, October 30, 2015

Future Parks & Recreation in progress

The City of Doral is well known for its green areas, sunny feel and elegant atmosphere. Between the local shops, financial institutions and amusement this city has been a perfect mix of business advantages and lifestyle appeal. With that perfect mix in hand, the City of Doral is currently working on several recreational projects that will make it even a better place to live. The purpose in mind is to make bigger and greater gathering environments that will concentrate on sports, art and nature

NW 114th Avenue Park – Recreational Center

The construction of this Recreation Center began FY 13-14 and will continue during FY 14-15. The final product will encompass 18+ acres in the section 7 area of Doral and will concentrate on the enjoyment of sports, cultural arts, and nature facilities in a safe environment. Among the amenities you are going to be able find:

Community Center
Football/soccer artificial turf field
Indoor basketball gymnasium and exercise track
Youth/adult softball field
Community/cultural room with seating capacity for 200 people
Tennis courts
Arts and craft room
Full-sized outdoor basketball courts
Aerobics/dance room
Outdoor movie area
Conference room
Children’s playgrounds
Senior room
Walking and running paths
Multi-purpose room

Doral North Park – Nature closer by

This fantastic project is planned to cover 25 acres and will be located in NW 74th Street between 97th Avenue and 107th Avenue. Given the location and the concept of the park it is easy to see that this construction will concentrate on nature. Adding up outdoor activities and green areas to the city. The central part is going to be a beautiful lake where people can fish or kayak. Also, there are going to be tennis courts, a bike lane, a nature center and others. For a better understanding on what has been described the park concept is shown below:

Thursday, August 20, 2015

Top Doral Rentals: Luxury for Less

In The Real Deal earlier this week, there was an article about the most expensive Downtown Miami rental. It was a penthouse at 900 Biscayne owned by basketball player Kevin Durant that listed at $22,000 per month and was scooped up rather quickly.

As Doral undergoes a major real estate expansion, new neighborhoods are coming to fruition with unbelievable opportunities for rentals. Doral is full of beautiful homes for rent at a monthly far less than $22,000 per month. And, while they may not have the amazing views of Biscayne Bay that a Downtown Miami penthouse boasts, some of the most expensive Doral rentals are located in new developments and offer the utmost luxury and space along with exquisite fixtures and finishes. Here are a handful of the most expensive Doral rentals:

Oasis Park Square at Doral
Oasis Park Square is a new Doral neighborhood that has been under construction since 2013. This is a gated community with larger, executive-style homes with a contemporary architectural design of simple lines and modern fixtures and finishes. Homes range from about 3,100 square feet to over 4,000 square feet and have luxury features like gourmet kitchens with high end stainless steel appliances, stone counter tops and sleek cabinets, wine cellars, marble flooring, and roof top terraces  with outdoor kitchens for entertaining and enjoying the Florida sunshine.

Within Oasis Park Square, there are homes for sale as well as available rentals. Rentals start at about $5,000 and climb to about $8,000 per month for some of the most luxurious homes in all of Doral. The best part is that everything is NEW. There are currently seven Oasis Park Square rentals of which three are among the top rentals:
  • 3402 NW 83rd Court, Oasis Park Square, Monthly Rental Rate:  $7,950
  • 8272 NW 34th Drive, Oasis Park Square, Monthly Rental Rate:  $7,950
  • 8221 NW 33rd Terrace, Oasis Park Square, Monthly Rental Rate:  $6,000

FYI – properties listed for sale in Oasis Park Square are typically priced between $1 million and $2 million (a lot of house for the price).

Vintage Estates
Another new neighborhood with some of the top available Doral rentals is Vintage Estates. This neighborhood is part of a larger community, Vintage Doral, which also devotes a section to smaller coach-style homes. The atmosphere of Vintage Doral is 180 degrees from Oasis Park Square in that it has more of a Tuscan/Mediterranean architectural style in terms of the home designs with lots of stone, stucco, and clay barrel tile roofs. Developed by the Terra Group, Vintage Estates features home interiors with modern, high-end fixtures and finishes along with unique accents to give homes character. Some of the most sought after features include private swimming pools with outdoor kitchens and lots of room for entertaining, large bedrooms and living areas and so much more.

Homes for sale in Vintage Estates start just below $500K and climb to almost $2 million; however, if renting is preferable, Vintage Estates rentals may start as low as $3,500 and go to almost $8,000 per month. These homes are ideal for those who frequently travel to South Florida for extended amounts of time but still maintain a primary residence elsewhere.
  • 10330 NW 70th Terrace, Vintage Estates, Monthly Rental Rate:  $7,000
  • 10430 NW 69th Terrace, Vintage Estates, Monthly Rental Rate:  $3,500

Doral Rentals

Other neighborhoods feature some of the most beautiful and luxury Doral rental properties with rental property available including Doral Isles and Grand Bay as well as communities under construction like Downtown Doral, Midtown Doral and NeoVita. Doral offers the ability to live like a king without spending a fortune – affordable luxury at its best.

Monday, May 25, 2015

Downtown Doral – Update on the Process

As construction progresses, Downtown Doral has officially become a reality with more announcements being made.  This is definitely one of the major "talks of the town" when it comes to Doral real estate.  With townhouse communities completed and condominiums, apartments and commercial space in the works, it is always good to present an update on the process of Downtown Doral.

5252 Paseo is Sold Out
The only place to start is by the most recent announcement in The Real Deal a couple of weeks ago stating that 5252 Paseo is officially sold out with most of the 203 individual properties being “sold to foreign investors in Latin America.” It is anticipated that this condominium will be open by the end of the year.  According to the developers, unit prices fell between the upper-$200s and upper-$900s.

5300 Paseo is On the Move
For those who were considering 5252 Paseo, don't worry.  Its sister condominium is 5300 Paseo, a 23-story, 219-unit condominium is about underway.  In addition to successful sales with the condominium, it was announced in the South Florida Business Journal that Codina Partners had secured a $46+million dollar construction loan for the building being designed by Sieger Suarez and Adriana Hoyos.  For potential buyers, 5300 Paseo preconstruction list prices start in the mid to upper-$200s and climb to the mid-$800s for units ranging from 1,100+ square feet to over 1,900 square feet.  The condominium offers one, two and three-bedroom units along with amenities including a pool, children’s play area, and a fitness center with massage rooms.

Townhomes at Downtown Doral
Construction for the Townhomes at Downtown Doral is complete with a handful of townhouses listed for sale in the $800s.  These are some of the most luxurious townhomes in all of Miami-Dade County – think elaborate rooftop patios and terraces on top of each townhouse and high-end fixtures, finishes and appliances.

Other Elements of Downtown Doral
Downtown Doral is located in the heart of Doral as a sort of city within a city.  Tagging itself as a “Live-Work-Play” master-planned community, the entire city appears to be culminating in Downtown Doral to ultimately “include eight to nine mid-rise condo towers, more than 1 million square feet of office space, a K-5 charter school, and 70 retail stores and restaurants” stated in The Real Deal.  The official Doral City Hall is located in this new part of Doral along with retail, business, and restaurant space.  The first phase of the Shops at Downtown Doral is expected to open late this year.

Fantastic businesses have committed to Downtown Doral. According to The Real Deal article, “A UPS Store, AT&T store, Marilyn Monroe Spa and Nail Salon, and liquor store are among the retailers Codina announced this week, Codina Barlick said.  Popular Coral Gables eatery Bulla Gastrobar will open a Peruvian ceviche restaurant called Pisco y Nazca; and Dragonfly, a Japanese sushi chain out of Gainesville and Orlando, will also be a tenant.”

Doral has an excellent public school system. The Downtown Doral Charter Elementary School is in its final stages of construction and is expected to open for school next fall.  According to a Doral community newspaper article, “Downtown Doral Charter Elementary School is projected to open in fall of 2015 and will accommodate over 800 students from Pre-K through fifth grade. DDCES will offer a one-of-a-kind, dual language curriculum, which will prepare students to excel in an increasingly complex global society. DDCES is private-public partnership, which will be managed by M-DCPS.”

Downtown Doral is underway to become an amazing community within the city of Doral. Watching the community progress is an awesome experience. The goal is to make Downtown Doral a destination for those living and visiting Miami-Dade.  It looks like it is well on its way to meeting that goal.

Monday, May 4, 2015

Five Doral Listings Under $500K

South Florida has ridden a huge wave out of the financial debacle that sank the real estate market several years ago – and at a pretty fast rate.  Much of the rebound is due to the influx of foreign buyers wanting a solid place to put their money that would offer a good return.  The US real estate market – specifically Florida – fit the bill. 

In a press release from the Miami Association of Realtors, “Brazil again led all foreign countries searching for South Florida real estate on the MIAMI Association of REALTORS® (MIAMI) website in February 2015.”  Additionally, according to MAR, “Brazilians spend the most on South Florida properties among foreign consumers, paying an average of $495,000. On average, Miami’s international buyers paid $444,000 per purchase, compared to $245,000 statewide.”

The Doral real estate market is on an upswing in terms of development by real estate developers that see the value. For foreign buyers looking at South Florida as a place to invest, Doral real estate offers significantly more property for the money.  When considering the above statistic, here are the top five Doral listings under $500K:

10961 NW 65th Street, Doral Isles Antigua, List Price:  $499,900
This townhouse offers a beautiful lake view along with a nice, open floor plan.  Inside, owners enjoy the gorgeous Italian kitchen with quartz countertops, wood floors, stainless steel appliances and other upgrades. Doral Isles is one of Doral’s most exclusive communities with amenities like an unbelievable community club house with several resort-style pools, an unbelievable children’s playground, basketball and tennis courts and more.  Antigua is a townhouse community that is situated adjacent to the community’s club house and pools. There are currently only two listings in Doral Isles Antigua and only one sale over the past six months at 95 percent of the list price (average number of days on the market at 182 days).  Doral Isles allows annual rentals; however, there are none currently for rent in Antigua.  The average monthly rental rate for Doral Isles condominiums typically ranges from around $1,800 to $3,000. 

8759 NW 98th Court, Grand Bay at Doral, List Price:  $499,000
Doral is well known for being home to several luxury townhouse communities and Grand Bay at Doral is one of them.  Just completed in the last couple of years, Grand Bay Doral is a community of executive single-family homes and large townhomes.  This unit is situated on a single house lot and features a full bed and bath on the main level along with three bedrooms and two baths on the second floor.  Additionally, the large kitchen has stainless steel appliances, stone counter tops and custom wood cabinets.  There are so many incredible fixtures and finishes throughout the house including tile flooring on the first floor, wood on the second floor and a wonderful patio to enjoy the Florida breezes.  Grand Bay Doral is a newer neighborhood just a short drive from Trump National and top schools in Doral. There are currently seven townhomes listed for sale in Grand Bay Doral with list prices ranging from the mid-$200s for two bedrooms to almost $500K for four bedrooms. This townhouse is also available for rent (furnished) at $3,000 per month.

5184 NW 108th Place, Piazza Vecchia, List Price:  $499,000
This four-bedroom, three-bath home is just under 2,400 square feet with a newly renovated kitchen, large, open living areas and a private outdoor pool.  Piazza Vecchia is a small gated enclave of homes ideally situated in the heart of the City of Doral close to shopping, top schools, golf and major arteries into and out of the area.  There are currently seven listings in Piazza Vecchia with three having four bedrooms and three baths.  This listing is the lower priced of the two listings.  Three-bedroom properties in Piazza Vecchia fall between the lower-$300s and mid-$400s while the four-bedrooms start at just under $500K and climb to the mid-$500s.  There is currently one rental listed with a monthly rental rate at $2,350 (three bedrooms, two baths).  Taking that average price per square foot, investors can expect a monthly rental rate for this property to fall around $3,000. 

7031 103th Court, Vintage Place, List Price:  $499,000
Another new development that has finally come to fruition is Vintage Doral, a community filled with beautiful Tuscan style single-family homes and carriage houses (Vintage Place).  This carriage-style home features four bedrooms and three and a half baths along with Italian custom cabinetry, porcelain flooring, marble bathroom counter tops and so many more amenities.  Community amenities include a private gated entrance with a 24-hour manned guardhouse, professional community management,  private clubhouse overlooking a beautiful lake complete with a fully-equipped adult fitness center and children’s playroom, a library, a business center with media room and kitchenette, an over-sized swimming pool with spa, sun deck, a BBQ gazebo area and fountains and so much more. One of the nicest features at Vintage Doral is the green park with trails for walking, running and biking. With six properties listed for sale at Vintage Place, this unit is one of the lowest priced in the community with the other topping out at in the mid-$600s.  Vintage Place rentals are also available for rent with monthly rates ranging from around $3,000 to $4,000. 

10461 NW 61st Lane, Doral Cay, List Price:  $498,500
In addition to being located in the heart of Doral, this brand new Doral Cay townhouse features four bedrooms and three baths under 2,100+ square feet of living space along with a great kitchen that has upgraded counter tops, stainless steel appliances.  Doral Cay is a gated community with a large clubhouse, fitness center, resort-style pool, sun deck overlooking lake, playground, guard house with 24-hour guard and so much more.  The location only makes this one of the most desirable neighborhoods in Doral as it is adjacent to the Morgan Levy Park and all it has to offer and very close to top Doral schools and top Doral golf courses. Currently, there are 15 listings in Doral Cay with list prices ranging from the mid-$400s to mid-$600s.  Additionally, Doral Cay rentals  typically range between about $2,600 and $4,200 per month for an annual lease.

Even though list prices are showing signs of increasing, the amount of property for the investment far outweighs other areas of South Florida. So for foreign investors looking at South Florida real estate, Doral properties should be at the top of the list of possibilities.  Developers see the too should those wanting to buy real estate.

Thursday, April 16, 2015

Top Doral New Construction Listings

Finally, the new developments we have introduced over the past couple of years are coming to fruition.  Doral real estate is about to bust loose with properties in communities that are underway.   One of the most appealing features of new construction properties is that buyers have the ability to be part of the design process in terms of picking fixtures, finishes and even choosing paint colors (if they sign early enough).   With this in mind, here are the top Doral new construction listings:

3470 NW 82nd Avenue, Oasis Park Square at Doral, List Price:  $1,150,000
Oasis Park Square at Doral has been in the works for a couple of years and is now under construction.  Situated in the heart of Doral so close to Trump National, Miami International Airport, and Doral’s best resources for shopping, this listing features a 3,000+ square foot single-family, contemporary home with four bedrooms and four baths.  It features clean lines and style along with high-end appliances, a wine cellar and, what every Florida home needs – a roof top patio and Jacuzzi.  It is going to be a spectacular home.  The new gated community offers 24-hour guard gated security, a community pool with cabanas, an exotic koi pond, decorative street lighting, and a high privacy wall surrounding the entire community just to name a few. 

8351 NW 51st, Downtown Doral, List Price:  $850,000
Downtown Doral is coming together and turning out to be as spectacular as the plans showed months ago when the development was just on paper.  This property has never been lived in and features golf course views.  As the biggest floor plan, this property features five bedrooms and four baths, and developer upgrades including a terrace and roof deck penthouse with terrace. On top of that, other features include an alarm system, security cameras, and so much more.  Downtown Doral is a city within a city making it easy and possible for residents to live, work and play without ever having to leave the neighborhood – that is unless golf is on the schedule in which case, residents have to drive down the street or a trip is planned which involves airport travel (only a few minutes away).  

8355 NW 51st, Downtown Doral, List Price:  $840,000
Another townhouse is ready for owners at Downtown Doral.  This townhouse comes with an amazing golf view and tons of upgrades.  There are three bedrooms and three and a half baths with a studio on the third floor along with a wonderful rooftop terrace and barbecue.  Located in the heart of Doral, Downtown Doral is close to Trump National, shopping, dining and the major transportation hubs in Miami-Dade. This new community touts itself as a place to live, work, and play which has never been so true. In addition to residential properties, Downtown Doral will feature retail and office space as well as Doral government offices, charter school and more.
10540 NW 69th Terrace, Vintage Estates, List Price:  $795,000
This is a gorgeous and roomy new two-story home.  With four bedrooms and four baths, the Chianti Tuscan floor plan features an open two-story living area, a large kitchen with stainless steel appliances and an adjoining breakfast area, washer and dryer, two-car garage, a large master bedroom with sitting area and balcony facing the backyard and, best of all, a guest bedroom and bath on the main floor.  Along with this elegant home come other extras like a gated and secured entrance, pool, party room, gym, game room, meeting room & library. This residence is currently under a lease contract. 

7000 NW 104th Court, Vintage Estates, List Price:  $695,000
Another new home in Vintage Estates, this 2,400-square foot  home has three bedrooms and two and a half baths with a beautiful living area, open kitchen, two car garage, formal dining room, and a master bedroom with a balcony overlooking  the community’s lake.  On top of this, the kitchen features stainless steel appliances, high-end counter tops and custom cabinetry. living area, open kitchen, stainless steel appliances, formal dining room, powder room on the first floor, washer and dryer, 2 car garage & master bedroom with a balcony facing the lake. Vintage Estates is a gated & secured luxury community ideal for families because it has a resort style clubhouse area with infinite-pool, kids' pool, party room with kitchen, gym, game room, meeting room & library 24-hour manned security, trails for walking, running and biking and a lot more.  In terms of location, Vintage Estates is close to major thoroughfares, Miami International Airport, and top rated golf courses. 

Doral New Construction Neighborhoods
In addition to these listings, there are many other Doral properties built in the last couple of years and listed for sale starting in the upper-$200s.  From condominium units at 5300 Paseo, Doral Cay and Vintage Place to single family homes in Vintage Estates, Isles at Grand Bay and Oasis Park Square, buyers wanting a brand new home can look forward to top quality real estate at a much more affordable price than in other parts of Miami-Dade County.  

Tuesday, March 24, 2015

Doral – Florida’s Top City for Real Estate Investing

Recently, Doral was named the best place to invest in real estate in the state of Florida in a study conducted by Nerdwallet, a consumer advocacy group that specializes in empowering people to manage their money wisely. In the study, Nerdwallet looked at the market health, taxes, 10-year housing price change, vacancy rate and price per square foot. When it came to tallying the numbers and ranking the cities in Florida, Doral rose to the top.

Highlights of Doral
When you think about the fact that Doral was incorporated a little more than 10 years ago, it is amazing to realize all that it has to offer. To quickly emphasize some of the outstanding highlights of Doral, here are several reasons why Doral ranked first.
  • Affordability compared to the surrounding communities like those in Miami
  • Low unemployment at only 4.5% compared to the state’s rate at 5.8% (Homefacts, January 2015)
  • Growing population (expected to hit 80,000 in the next five years)
  • Increasing home values

When you look at all of these statistics, it makes Doral look that much more appealing.

Doral Real Estate
The Doral real estate market is on the rise. When the entire real estate market crashed several years ago, everything around Doral seemed to be taking a nose dive in terms of property values. While they did drop, the home values within Doral still maintained much less of a drop than other surrounding areas.

Now as the market has shown continued growth over the past few years, Doral is expected to continue its climb while still maintaining a much more affordable cost of living than many of its Miami-Dade counterparts.

Real estate developers like Shoma, the Related Group, Terra Group and others have put their faith in the growth with new residential and mixed-use communities like City Place, Downtown Doral, IVI Doral, Vintage Estates and others under development.
Still with these fantastic neighborhoods in the works, the established communities that have been here through thick and thin remain popular and highly sought-after neighborhoods in which to live. Among some of the best are Doral Isles (have you seen the community amenities, specifically the pool?), Doral Estates, the Reserve at Doral, Doral Cay, and others.

Housing is much more affordable especially when you compare what you can get in Doral versus other area communities. For example, in Doral, $500K buys a nice four-bedroom home in a Doral Isles or Islands at Doral neighborhood as well as a brand new three-bedroom unit in 5300 Paseo (Downtown Doral’s newest condominium under construction) or a spacious four-bedroom townhouse at the Reserve at Doral. In other parts of Miami-Dade, properties of this size may list for much more depending on the location.

A Lot to Offer
Businesses find Doral to be an ideal location especially in the area of importing and exporting or travel as the city is centrally located close to major thoroughfares, Miami International Airport and the Port Authority. In fact, Carnival Cruise Lines has its headquarters located in Doral because of its close proximity to the ports and its affordability.

Buying real estate in Doral and more importantly, living in Doral just makes sense. Families like it because of the excellent Florida schools (A-ranked), part-time residents like it because of its proximity to some of the best golf courses in the country and businesses like it because of the ease in getting to it as well as other parts of Miami-Dade County.

Doral has a lot offer those who live and visit here. The next few years are going to be big ones and we cannot wait for the magic to continue. 

Friday, February 27, 2015

Considerations for Becoming a Landlord

Florida is full of residential real estate that appeals to those wanting to invest in rental property. Doral real estate is no exception. In Miami-Dade, Doral is full of affordable properties that make for excellent rental property and is on a huge upswing in terms of residential developments in the works and under construction.

Being a landlord can be very profitable but involves many responsibilities.  Here are a few tips to follow if you are considering becoming a landlord:

Vet Potential Tenants. Remember the old saying “Don’t judge a book by its cover?” Too often, novice landlords look at the appearance of potential tenants and make a snap decision on leasing property to them. It is important that even they have the most attractive, well-kept look (or the grungiest for that matter), you do a full background check on potential tenants to ensure you have a successful relationship with the people who lease your Doral condominium or home.

Follow the Rules. Just like with any other legal agreement, it is very important to follow the rules.  There are strict Florida tenants’ rights in place to which landlords must adhere.  This applies to anti-discrimination laws, disclosures, eviction rules, and more.

Provide a Detailed Checklist.  A checklist of everything in the rental property should always be given to your tenant upon signing a lease.  Ask your tenant to go over each every item on the list to make sure there are no issues.  The list should include any imperfections like a stain on the carpet in a bedroom.  At the end of the lease, once the tenant has vacated the property, go through the same list to check each item once again.  If there are any issues that were not present at the beginning of the lease, you can address them with your tenant and come up with a plan to correct them.  This helps to validate retaining any portion of the deposit. It is important to take into consideration normal wear and tear that comes with living there.

Always Have a Current Lease in Place. If you keep a current and detailed lease in place, you can avoid a ton of problems down the line.  The lease should lay out every facet of the lease in terms of when and how much to pay, responsibilities of each party, lease termination, etc.  The Florida Bar provides a detailed lease agreement (and other forms) for landlords to use as their agreement with tenants. Another suggestion is to use an attorney who is very familiar with Florida real estate laws.

Fix What Needs to be Fixed. One of the most important parts of a good landlord-tenant relationship is honoring the lease agreement.  If something for which you are responsible breaks or quits working, get it repaired or replaced.

Respect Your Renters’ Rights. One of the biggest parts of being a landlord is respecting your renters’ rights.  In Florida, there is a set list of tenants’ rights (Florida Statutes at Part II, Chapter 83, Florida Residential Landlord Tenant Act) that landlords must follow.  In particular is the right to privacy.  Even though landlords have a right to enter the property, they must give adequate notice to their tenants prior to entering the leased property. In Florida, the law states that 12 hours is adequate notice but many landlords suggest usually 24 hours is considered adequate.  This includes when making repairs or replacements.

Know the Appropriate Steps for Eviction.  No one wants to deal with an eviction but it can happen.  When dealing with an eviction, it is best to consult with an attorney to ensure that every step is followed to the letter of the law.  There have been many instances where shortcuts were taken or steps were omitted that delayed the eviction process sometimes extensively.  

Work with a Licensed Broker.  A lot of Florida real estate brokers have a property management department in their offices who work with rental investors.  Property managers are typically well trained in the rental process and can help to ensure that you have a positive experience. The fee involved is usually worth its weight in gold. This is always a good idea especially if you are unsure about the details of the rental process not to mention manage the properties.  

Follow These Steps
There are so many opportunities to buy Doral condominiums, townhouses and single-family homes for the purposes of rental investments, and most tenants hold up their end of the agreement without any issues.  But as with any kind of agreement, there are those who turn out to be not so great.  

With the right process in place, hopefully, you will get lucky and have tenants who go above and beyond to treat the residence as if it was their own. When you hit the jackpot with a great tenant, you want to do everything to keep them happy.   

Friday, January 23, 2015

Doral Neighborhoods Offer Excellent Rental Investments

A Miami Today article indicated that the majority of Miami Dade County homeowners are absentee owners – either living elsewhere and spending time here (snowbirds, business people) or investors who own rental property with tenants residing in them.  In fact, “Of the nearly 352,000 condominium units in the county, 37 percent, or 130,000, had a homestead exemption, according to the Miami-Dade Property Appraiser’s 2014 preliminary tax rolls released mid-year.”  Only 37 percent!

While there are slightly more condominium units in Doral with homestead exemptions, more than half do not claim this tax exemption. “County commission district 12, which includes the City of Doral, has 34,402 condominiums, with 46.5 percent of them homesteaded, according to the property appraiser.”  With this in mind, we thought we would look at a few Doral condominium and townhome communities to look at the numbers in terms of sale prices, how long it takes to sell and what kind of rental rates they fetch. 

Doral Isles.  If you have spent any time in Doral, you know that Doral Isles is a very highly sought after neighborhood in which to live.  And just like most any area in Miami-Dade, there are rental properties available.  In fact, many people who want to live here end up renting as it may not be a possibility to own a home in this neighborhood.  For investors looking at Doral Isles, there is a mix of single family homes, townhomes and condos making for a lot of variety.  A condominium in Doral Isles starts in the low-$200s at The Courts at Doral Isles or The Gates at Doral Isles and climb to the upper-$200s or low-$300s where townhouse list prices at Doral Isles North, Martinique and Caribbean start, and surpass $500K.  On the lower end of the spectrum, the condominium residences at The Courts and The Gates at Doral Isles fetch monthly rental rates anywhere from about $1,700 to over $2,500.  Doral Isles real estate offers investors a good opportunity to own rental property that has a solid rental history.

The Reserve at Doral.  There are two sections of the Reserve at Doral – east and west.  Each has its own clubhouse and pool while both have easy access to the major thoroughfares.  Unlike many of the other more contemporary or Mediterranean designs, the Reserve at Doral is a community of ice cream colored townhomes with three and four bedrooms and a Charleston feel to the architecture.  The Reserve features list prices starting in the mid-$300s for a three bedroom property and climbing to over $500K for a four-bedroom.  In the past six months, five properties have sold an average sale price per square foot at about $182 and the average number of days on the market at about 230 days (includes one property that took over 18 months to sell).  Rental rates range from about $2,400-$2,500 to over $3,000 per month.  Currently, there are about five properties for rent at The Reserve at Doral East which is pretty typical at any given time.  Because the Reserve is home to larger townhomes that are 2,000+ square feet in size and have ideal amenities like a pool, fitness, and more at the club houses, they are very sought after with those who want to live in Doral.  Most are rentals are annual leases with renewal options making it very appealing for investors who want a steady stream of income from their investment.

St. Maarten at Grand Bay.  As part of the exclusive and new development, Isles at Grand Bay, St. Maarten offers resort-style amenities to residents like a large clubhouse with oversized pool and sundeck, a kids’ water park, aerobics and fitness rooms, tennis, basketball, playground, park area and more.  Interior features include gourmet kitchens with granite counter tops, stainless steel appliances and custom cabinetry. St. Maarten is centrally located in Doral close to shopping, golf and the major arteries into and out of Miami-Dade County.   In terms of real estate investments, properties for sale at St. Maarten at Grand Bay are offered at list prices ranging in the mid to upper-$200s.  Rental rates fall between about $1,700 and $2,500 per month. 

Just the Tip of the Iceberg
These communities are just the tip of the iceberg when it comes to Doral rental property.  For renters, there are so many options when considering leasing a home in Doral whether a condominium, townhome or even a single family home.  While Brickell, Downtown Miami and the up and coming areas like Edgewater offer a certain appeal, traveling a few miles west offers a lot more living space and saves renters a ton of money.

Investors see the value of investing in Doral real estate.  Another Miami Today from August 2014 stated that “rents west of I-95 have increased 17.7 percent, according to data compiled from the Southeast Florida Multiple Listing XChange.”  

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