Canadian looking to buy condo in Miami/Miami Beach (Hallandale: for sale, oceanfront)

[gbill2004]

I live in Canada and am looking into buying a condo in Miami or Miami Beach, primarily as a rental property, but I would also vacation there as well. I am looking for something on the beach/close to the beach, ocean view preferable (water view a must though), balcony, and in the $75,000 to $150,000 range. Based on this, do any of you have advice? Can money be made renting condos in Miami Beach? Are there any buildings to stay away from? Good buildings you can recommend? Any good agents to work with? Anything to look out for (e.g. mold)?

Any advice is appreciated!

[gbill2004]

Anyone??

[r_k]

I think the problem is your questions are a bit too broad. For example, it would help if you could narrow it down geographically a bit. Are you looking in south beach, mid beach, or north beach? Even then it would be hard to come up with a list of buildings to avoid, there are hundreds.

As general advice, I would spend a lot of time studying the market, probably months. Don't be in a hurry, but be prepared to move if something outstanding comes up. But even to tell that you would have to have done your homework. Are buying with cash, or a loan? If the latter then be aware that many buildings are not eligible for loans. Is it possible to make money renting condos? Yes and No, it depends on the exact deal and location, but in general it's a tough thing. Some condos buildings have high number of delinquent owners, raising HOA fees to unacceptable levels, others have many restrictions on renting, pets, etc. that you need to know about.

[doggiebus]

If you want to be near the beach then you will need to just look at Miami Beach. Now were on Miami Beach I wish I could help but I am not familiar enough with the condo market in Miami Beach. Money can always be made on renting a place as long as you buy the right place. Many people can lose money... You need to find the building you are interested in and find out what the rental rate is for that building and based on that you can find out if you will make money or not...

Rarely do we have mold issues, you will hear of a story or two, the A/C units usually do their jobs. I wouldn't worry about it.

[Sunnybelle]

We have owned a a condo in Sunny Isles Beach for 10 years and are very familiar with the area. We use this condo as a vacation rental. The persons that we rent to are mostly over 55 or families with children under 12. You can buy oceanfront condo and rent it when you are not using it. Our renters are from Canada in the winter and some in the summer.We have been doing this for some time and rent it when we are not using it. We have about an 80% occupancy and the other 20% we use it a few weeks in the summer. Vacation rentals by owner has increased in popularity. . Sunny Isles caters more to family, retired or semi retired people. South Beach caters to a more active lifestyle. I hope you have found this information useful in your search. Some condos only accept cash as payment. Be wary of the HOA fees as some(too many) owners have defaulted on their mortgage increasing the HOA fees. Assessments are other fees to worry about. Study the area well.

[miamiworshipper]

$150k will buy u a 1bd apt with lateral ocean view ( balkony at the sides of the building,looking at the ocean ) or city view ( perhaps canal view).
Lots of competitors at such a low price.

[perry335654]

Miami Beach Condos for Sale, Condominiums in Miami Beach, Sa: Condo.com


Here are some 1br/1 ba between $75,000-$150,000

[hurricaneMan1992]

Depends on your targeted tenents. Sunny Isles and Hallandale (just across the County line) are pretty much ground-zero for snowbirds (Esp. from New York and Quebec). Oceanfront in Miami Beach definitely caters to a younger crowd and is probably better in terms of "location, location, location," but most of the buildings in your price range will be older ones off of Collins Ave, possibly with canal or bay views, and many of them will have only street parking.