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 CraneSpotters.com compiled from the Southeast
Florida Multiple Listing XChange.”