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

Top Five Doral Real Estate Sales of 2014

As the year closes, Doral real estate is on a huge upswing.  Between new communities under construction and in the planning phase and the already established neighborhoods that draw home buyers to them, Doral is definitely a city to watch.  Huge corporations have opened offices here, most recently, Amazon’s new fulfillment facility, because they see Doral’s potential for growth. 

In terms of the Doral real estate market, sale prices have increased this year even though they are still much more affordable than many Miami neighborhoods.  Here are the top five Doral Real Estate sales of 2014:

9464 NW 52^nd Doral Lane, Doral Estates, Sale Price:  $3.6 million

This home sold in May after being on the market for just under a year.  It is probably one of the most exquisite homes in Doral and had to wait for the right buyer.  It is a large estate with nine bedrooms and 10 baths under over 11,000 square feet.  Yes – over 11,000 square feet for less than $4 million.  Situated on a lakefront property in the exclusive Doral Estates neighborhood, there are currently five properties for sale in Doral Estates with list prices ranging between about $1.4 million and almost $3.4 million.  As for sales this year, only two other properties sold in 2014 also in the first half of the year.  Doral Estates is one of Doral’s most exclusive neighborhoods in Doral.  Most homes have all the amenities that homes of this caliber expect to have:  private pools, large living areas with detailed fixtures and finishes, high-end appliances and more.  Oh, and Doral Estates is a guard-gated neighborhood which is always an added benefit for multi-million dollar homes.

5033 NW 94^th Doral Place, Doral Estates, Sale Price:  $1,720,000

Another home located in Doral Estates, this 3,681 square foot home sold for $1,720,000 in June.  It is a four-bedroom, three-bath home with an in-ground pool and beautifully landscaped yard.  This property is one of three properties with sale prices between $1.35 and $3.6 million and an average price per square foot at about $402.  Just as we said earlier, there are currently six Doral Estates homes for sale with list prices falling between just under $1 million and $3.4 million.  With this home and the others that sold in 2014, it is clear that the list and sale prices are on the rise. 

5224 NW 94^th Coral Place, Doral Estates, Sale Price:  $1,690,000

The third most expensive home in Doral that sold in 2014 was, again, in Doral Estates.  This 4,100+ square foot home features five bedrooms and four baths.  It has a lot of amenities including beautiful water and fairway views of the Trump National’s newly redesigned Blue Monster Course.  As one of three homes that sold in 2014, this home was listed and sold in just over a month.  With a sale price per square foot of $408, it was the closest to the average putting it right in line with the market. 

7094 NW 109^th Court, Doral Isles St. Croix, Sale Price:  $1,350,000

Doral Isles is a large community within Doral that features a mix of residential properties.  The entire community is one in which many residents choose to live because of its family atmosphere with so much to do.  From the huge resort-style community pool with water falls and a fantastic clubhouse to the soccer fields and other sports courts and playgrounds to its convenient location that is close to top golf courses, shopping and traffic arteries into and out of Miami Dade, this is a highly sought after neighborhood.  There are just over 100 properties for sale in Doral Isles with list prices ranging from about $300K to over $1.4 million.  This 3010 square foot single family home has 5 bedrooms and 3.0 bathrooms. 

11347 NW 68^th Street, Doral Isles Mediterranea, Sale Price:  $1,130,000

As one of the larger homes in Doral, this home is situated in one of Doral Isles most exclusive neighborhoods – Mediterannea.  It houses six bedrooms and four full baths under about 4,400 square feet along with a large back patio are with pool.  It listed and sold within 83 days at just under the list prices of $1,150,000. There are currently six properties listed in Mediterranea (probably the most exclusive Doral Isles community) with list prices between about $950K and $1.4 million. As the only property in this section of Doral Isles that has sold within the last six, this home is a definite show place.  The average price per square foot was just under $260 which, compared to that of listed properties made this home a bargain (relatively speaking). 

The Takeaway for 2015

As 2015 kicks in, the market is primed and ready for buyers and sellers. Sellers are finally seeing a return on their investment; buyers still have an opportunity to find diamonds in the rough as new developments and neighborhoods begin to come to fruition.  Neighborhoods under development including The Sanctuary at Doral, IVI Doral, and the Mansions at Doral show list prices starting at about $1 million which brings an entirely new vibe to this city. With Miami experiencing such a boom of sorts and seeing increasing list prices, the upward ripple will extend west towards Doral.