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Old 03-29-2011, 02:32 PM
 
Location: France
28 posts, read 58,968 times
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We are looking to buy a nice condo in a waterfromt property in Miami Beach 's Normandy Isle (Bay Drive). Real estate prices have dropped so much for the last 2 years that we wonder if there is a problem to invest in that area of Miami Beach. Can we get any input from locals ? Thank you in advance.
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Old 03-29-2011, 05:47 PM
 
Location: Dallas
4,630 posts, read 10,418,855 times
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Quote:
Originally Posted by SouthFloridaFan View Post
We are looking to buy a nice condo in a waterfromt property in Miami Beach 's Normandy Isle (Bay Drive). Real estate prices have dropped so much for the last 2 years that we wonder if there is a problem to invest in that area of Miami Beach. Can we get any input from locals ? Thank you in advance.
Miami's real estate prices are just like Miami - a roller coaster. My opin is now is a great time to buy and prices will eventually go back up - a lot. Normandy Isle is a really nice place.
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Old 03-29-2011, 07:08 PM
 
3,848 posts, read 9,275,502 times
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Quote:
Originally Posted by SouthFloridaFan View Post
We are looking to buy a nice condo in a waterfromt property in Miami Beach 's Normandy Isle (Bay Drive). Real estate prices have dropped so much for the last 2 years that we wonder if there is a problem to invest in that area of Miami Beach. Can we get any input from locals ? Thank you in advance.
It's a little less polished than other waterfront areas. It has a cute little shopping area, but wouldn't be my first choice as an area to buy a condo. It's not bad by any means, it's just not the best.

If you don't mind saying your bed/bath requirements and budget, others might be able to suggest some other places that you might like better.
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Old 03-30-2011, 07:03 AM
 
Location: Free From The Oppressive State
30,102 posts, read 23,476,813 times
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I lived on Bay Dr on Normandy Isle. It is not so bad, truthfully. Parking was a pain in the backside but if you get a condo with parking, you should be ok.

When I left, they were building more condos in the area...(after they kicked everyone out of their apartments), and when I went back last August, the condos were still sitting there, unfinished. It was three years. We'll see if they finish.

It's not as noisy as the beach, around the fountain you'll find neat little shops and a lot of stuff is within walking distance.

I found neighbors there who were generally nicer than other places I've lived in this city.

I think parking is the one thing to watch out for...it really sucks!!!! Get a condo with designated parking. You will thank me for that tidbit.
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Old 03-30-2011, 09:52 AM
 
Location: France
28 posts, read 58,968 times
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Thanks for the input. The condo we've found as a covered assigned parking. How safe is it in the area ?
We will visit it when we come down in a couple of weeks and I hope we'll like it. However the selling price is much higher than the current assessed price so I wonder how this will work out.
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Old 03-30-2011, 11:45 AM
 
Location: Dallas
4,630 posts, read 10,418,855 times
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Quote:
Originally Posted by SouthFloridaFan View Post
Thanks for the input. The condo we've found as a covered assigned parking. How safe is it in the area ?
We will visit it when we come down in a couple of weeks and I hope we'll like it. However the selling price is much higher than the current assessed price so I wonder how this will work out.
The big catch in Miami is the Home owner's Association fee is often higher than the mortgage payment. Make sure you ask about all fees before you make a deposit or sign anything.
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Old 03-30-2011, 12:57 PM
 
Location: France
28 posts, read 58,968 times
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The fees are $290 per month for a building with around 50 condos.They include water, sewer,trash, pool, common area and manager. I realize insurance is not mentioned. What kind of insurance is usually included ? How much does it cost if paid separately ?
Thanks
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Old 03-30-2011, 03:39 PM
 
Location: Seattle, WA
2,975 posts, read 4,911,621 times
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Insurance for the structure is always part of the HOA fee, but condo insurance for inside your condo would not be included, and is likely to be expensive in the coastal areas. Also: find out about the hurricane deductable on the HOA's policy minus the cash reserves, divide it by the # of units, and that will give you an idea of what kind of assessment there would be, in the event of a major hurricane. If the HOA has no cash reserves, RUN AWAY! Also ask to see a record of all assessments for the past 5 years or so. Many assessments? Then RUN AWAY! It either means deferred maintenance and/or lack of cash reserves.

As for the area, I would buy there if I were in a position to buy. It's a safe, walkable area close to the beach.
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Old 03-31-2011, 07:07 AM
 
Location: Free From The Oppressive State
30,102 posts, read 23,476,813 times
Reputation: 38296
Also with insurance, make sure it covers wind damage AND flood damage. (Depending on how high up you are.)

And agree with what others have said...check and double check everything first.

As far as safety...it's really not too bad there. Seems most of the people are pretty nice and there's always someone out and about in that area.

Use your head like you would anywhere else but overall, it's what I would consider a safer area.
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Old 03-31-2011, 08:02 AM
 
Location: France
28 posts, read 58,968 times
Reputation: 10
Thank you all again for the valuable information! We are first time buyers in the US, therefore not accustomed to the regulations which are quite specific in South Florida I realize. To make sure I understand clearly, by "Assessments" do you mean the amount the HOA would ask in addition to the other regular fees, in case of specific unpredicted maintenance or repairs not covered by insurance, or other ?

I've asked the agent to give me the Association contact number to get more information.

Is it true that if some condo owners do not pay their fees, the other owners have to pay for them ? Don't the HOA has any legal way to get the missing payments ?

Thanks again for your help.
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