Thinking of buying condo at Mei on Miami Beach... (for sale, real estate)

[Vincopp]

I’m thinking about making an offer on a condo at Mei Condominiums on Miami Beach. This will be a vacation home for half the year and I may rent it out the other half but not sure. My two main concerns are the high maintenance fees and the amount of time it seems to take to sell these units. I don’t plan on selling any time soon if I bought a condo there but it just doesn’t give me a good feeling when I see most of the units for sale having been on the market for over a year. The value of some of the condos have also gone down but that’s probably because they bought at the peak of the market. But overall I just love the building, the amenities, the layout of the condo etc. But I am not a Miami Beach real estate expert and so I would love to hear some of your thoughts around if I am being crazy by buying in that building or just any thoughts at all.

Thank you so much in advance for any comments

V

[logybogy]

It's a new building and units sell for around $1000 a square foot or more which is pricey for mid beach. That's why it takes a while to sell. Top of the market always takes longer since the pool of buyers is smaller.

[Vincopp]

Appreciate your thoughts. My offer will be below the $1000/SF average price because the condo is not facing directly at the ocean. It has ocean views. Mei and Akoya were my favorite buildings and I’ve seen a lot of them, but of course those buildings are on the higher end of my price range. I’m trying to do as much research on Mei as I can so I don’t regret anything later.

[MadManofBethesda]

Originally Posted by Vincopp

I’m thinking about making an offer on a condo at Mei Condominiums on Miami Beach. This will be a vacation home for half the year and I may rent it out the other half but not sure.

Assuming you want to live in it during the winter months, you may want to check on what the rental market is like in the off season. Also, be aware that if you lease your condo for less than six months and a day to any one renter, then you are required to collect and pay tax to the City of Miami Beach. The City also makes you jump through a few other hoops before they will even approve you to rent your unit. Now many people choose to rent their units "illegally" without taking the proper steps to set up an account with the City, but be aware that the City has stepped up enforcement and the fine for a first offense is $20,000. Here's more info:

https://www.miamibeachfl.gov/busines...-term-rentals/

Originally Posted by logybogy

It's a new building and units sell for around $1000 a square foot or more which is pricey for mid beach. That's why it takes a while to sell. Top of the market always takes longer since the pool of buyers is smaller.

One bedroom units on the market at Mei (which is what I assume the OP is looking to buy) are nowhere near $1,000 per square foot. They are currently priced at $718 - $803/sq.ft.

[Vincopp]

Thank you Madman for your comments. I’m not familiar with all the rental rules in Miami but I will abide by them if I choose to rent out the unit in the off-season. To be honest I don’t expect to rent out the unit when I’m not using it but it’s good to know that I have the option and I won’t be trying to cut any corners so I will make sure I am fully aware of all the rules. I do know that Mei only allows for leases no less that 6 months.

Regarding square footage, you are correct. Although I am looking for a two bedroom

[logybogy]

You know there are plenty of buildings you can have direct ocean views for much cheaper? That's a lot of money for a non direct ocean view and you will have a harder time selling and have less appreciation. I'd buy in an older building before a non direct view but that's just me

[logybogy]

I mean if you are going to for a non direct view and want a 2bedroom you can get $400 per square feet in an older building being renovated in a better location closer to south beach with much less maintenance. Just saying...

https://www.redfin.com/FL/Miami-Beac...home/160469955

[Vincopp]

I understand what you’re saying. We did look at a lot of the other buildings, and older ones. But we just did not like the quality of the building and the amenities that much. But we did like the actual size of the unit itself and the lower common charges of course. We realized pretty quickly that we wanted a newer building with more updated amenities as well as being on the beach and having beach service. Which is what quickly drew us to Mei and Akoya. If I make an offer at the Mei, I will be offering something around $675 SF which is well below what the seller is asking so I probably won’t get it but thought it is worth a try. Residents overall seem pretty happy there and it is quite a beautiful building which of course means higher prices and higher common charges. I wished I liked some of the older buildings more because you can get much more for your money, but they were just a little too outdated for what I am hoping to find.

[logybogy]

If you like Akoya, you could also consider Blue and Green Diamond. They were built around the same time and by the same developer I believe.

[Vincopp]

Thank you I will check them out! I saw some listings but I thought they were a little higher priced but I will recheck