0 EV Charging Stations and Solar Energy Are On The Rise in Miami

ev charging station

Miami has been on a path to provide more eco-friendly housing options for several years now. With condos and apartments being a large part of the housing market, two main ways to approach this have been encouraging the installation of solar panels and electric vehicle (EV) charging stations in Miami condos.

 

2017: Miami Ordinance Requires Installation of Solar Technology in New Construction

solar panel installation

Miami has made great steps in the solar energy space. In June of 2017, the South Miami City Commission passed an ordinance to require developers and operators to install solar technology in new apartment construction and in existing apartment buildings. This also applies to expansion projects if the building is expanded by 75- percent or greater.

Housing providers can place solar panels on the roof, garages, patio covers or gazebos in the community to fulfill the requirements. This mandate was adopted as part of an agreement between Miami-Dade County and the City Energy Project (CEP) to reduce greenhouse gases countywide. 

 

 

2018: Florida Amendment Protects Condo’s Ability to Install EV Charging Stations

The availability of electric vehicle charging stations is also poised to grow in Florida. Section 718.113(8), Florida Statutes went into effect in July of 2018, effectively making it easier for condo owners to install EV charging stations in their building’s designated parking area. The provision states that with limitations, a declaration of a condominium or the board of administration of a condominium may not prohibit a unit owner from installing an EV charging station within the boundaries of the unit owner’s limited common element parking area.

As the use of electric vehicles increases, EV charging stations are an amenity that is increasingly desired and will soon become expected. This amendment helps encourage condo association boards to go green and adopt the technology.

 

2019: EV Roadmap for the state of Florida

The energy-conscious Floridian will be happy to know that the network of EV charging stations in Florida will be expanding. In May 2019, the Florida Department of Agriculture and Consumer Services’ Office of Energy began working on a Florida Electric Vehicle Roadmap for the state of Florida.

Florida Electric Vehicle Roadmap


2021:
Miami Condos that Have EV Charging Stations

While the increased availability of EV chargers along Florida highways is great, if you own an electric vehicle, you also want to be able to charge your vehicle at home. Check out this list of Miami condos that have EV charging stations installed and are ready to welcome eco-friendly residents. 

Building Address City Neighborhood Zip
1 Hotel & Homes 102 24th St Miami Beach South Beach 33139
360 Condo 7900 Harbor Island Dr North Bay Village North Bay Village 33141
900 Biscayne Bay 900 Biscayne Blvd Miami Downtown 33132
Acqualina Resort Residences 17875 Collins Ave Sunny Isles Beach Sunny Isles Beach 33160
Aqua Allison Island – Chatham Condo 201 Aqua Ave Miami Beach Mid-Beach 33141
Artech 2950 NE 188 St Aventura Aventura 33180
Bay Park Towers 3301 NE 5th Ave Miami Edgewater 33137
Biscayne Beach 2900 NE 7th Ave Miami Edgewater 33137
Brickell Flatiron 1000 Brickell Plaza Miami Brickell 33131
Brickell on the River North 31 SE 5 St Miami Brickell 33131
Bristol Tower 2127 Brickell Ave Miami Brickell 33129
Carillon Miami Resort & Condo 6801 Collins Ave Miami Beach North Beach 33141
Capri Marina Grande 1445 16th St Miami Beach South Beach 33139
Capri 
CITE Condo 2000 N Bayshore Dr Miami Edgewater 33137
Costa Brava 11 Island Ave Miami Beach Venetian Islands 33139
Crimson 601 NE 27 St Miami Edgewater 33137
Echo Aventura 3250 & 3300 NE 188th St Aventura Aventura 33180
Echo Brickell 1451 Brickell Ave Miami Brickell 33131
Fontainebleau II Tresor 4441 Collins Ave Miami Beach Miami Beach 33140
Fontainebleau III Sorrento 4391 Collins Ave Miami Beach Miami Beach 33140
Four Seasons Residences 1435 Brickell Ave Miami Brickell 33131
Gables Ponce 310 Granello Ave Coral Gables Coral Gables 33146
Giralda Place 257 Giralda Ave Coral Gables Coral Gables 33134
Grand Venetian 10 Venetian Way Miami Beach Venetian Islands 33139
Grovenor House 2627 S Bayshore Dr Miami Coconut Grove 33133
Hyde Midtown 3401 NE 1st Ave and 121 NE 34th St Miami Midtown 33137
Icon Bay 460 NE 28th St Miami Edgewater 33137
Icon Brickell 1 465 Brickell Ave Miami Brickell 33131
Icon Brickell 2 495 Brickell Ave Miami Brickell 33131
ICON South Beach 450 Alton Road Miami Beach South Beach 33139
Jade Residences 1331 Brickell Bay Dr Miami Brickell 33131
Ivy Brickell
Jade Signature 16901 Collins Ave Sunny Isles Beach Sunny Isles Beach 33160
Key Colony II – Ocean Sound 251 Crandon Blvd Key Biscayne Key Biscayne 33149
Key Colony IV – Botanica 101 Crandon Blvd Key Biscayne Key Biscayne 33149
Le Jardin Residences 1150-1160 102 Street Bay Harbor Islands Bay Harbor Island 33154
Le Parc at Brickell 1600 SW 1st Ave Miami Brickell 33129
Louver House 311 Meridian Ave Miami Beach South Beach 33139
Marina Palms Yacht Club & Residences North Tower 17301 Biscayne Blvd North Miami Beach North Miami Beach 33160
Mei  5875 Collins Ave Miami Beach Mid-Beach 33140
Midtown 2 3470 East Coast Ave Miami Midtown 33137
Midtown 29 180 NE 29th St Miami Midtown 33137
Milagro Coral Gables 2263 SW 37th Ave Miami Coral Gables 33145
Monad Terrace 1300 Monad Terrace Miami Beach South Beach 33139
Mondrian 1100 West Ave Miami Beach South Beach 33139
Mystic Pointe 3530 Mystic Pointe Dr Aventura Aventura 33180
Ocean Two 19111 Collins Ave Sunny Isles Beach Sunny Isles Beach 33160
Ocean Park 312 Ocean Dr Miami Beach South Beach 33139
Oceana Bal Harbour 10201-10203 Collins Ave Bal Harbour Bal Harbour 33154
Oceana Key Biscayne 350-360 Ocean Dr Key Biscayne Key Biscayne 33149
One Miami 325 S Biscayne Blvd Miami Downtown 33131
Palazzo Del Sol 7001-7095 Fisher Island Dr Fisher Island Fisher Island 33109
Paramount Bay 2020 N Bayshore Dr Miami Edgewater 33137
Paramount Miami Worldcenter 851 NE 1st Ave Miami Downtown 33132
Pearl House 1170 101 St Bay Harbor Islands Bay Harbor Islands 33154
Peloro Miami Beach 6610 Indian Creek Dr Miami Beach North Beach 33141
Platinum 480 NE 30th St Miami Edgewater 33137
Porsche Design Tower 18555 Collins Ave Sunny Isles Beach Sunny Isles Beach 33160
Prive 5000-5500 Island Estates Dr Aventura Aventura 33160
Puerta de Palmas 888 S Douglas Rd Coral Gables Coral Gables 33134
Quadro 3900 Biscayne Blvd Miami Design District 33137
Reach Brickell City Centre 68 SE 6th St Miami Brickell 33131
Residences by Armani Casa 18975 Collins Ave Sunny Isles Beach Sunny Isles Beach 33160
Rise Brickell City Centre 88 SW 7th St Miami Brickell 33130
Ritz-Carlton Coconut Grove 3300, 3340, 3350 and 3400 SW 27 Ave Coconut Grove Coconut Grove 33133
Ritz-Carlton Sunny Isles  15701 Collins Ave Sunny Isles Beach  Sunny Isles Beach  33160
Sole 17315 Collins Ave Sunny Isles Beach Sunny Isles Beach 33160
South Tower at the Point 21055 Yacht Club Dr Aventura Aventura 33180
Space 01 Lofts 7934 West Dr North Bay Village North Bay Village 33141
St. Regis Resort Residences 9701-9705 Collins Ave Bal Harbour Bal Harbour 33154
Sunset Harbour 1800 Sunset Harbour Dr Miami Beach South Beach 33139
Surf Club Four Seasons Hotel and Residences 9001-9111 Collins Ave Surfside Surfside 33154
Terra Beachside 6000 Collins Ave Miami Beach Mid-Beach 33140
The Georgian 1623 Collins Ave Miami Beach South Beach 33139
The Grand 1717 North Bayshore Dr Miami  Arts & Entertainment District 33132
The Mark 1155 Brickell Bay Dr Miami Brickell 33131
Trump Tower II 15901 Collins Ave Sunny Isles Beach Sunny Isles Beach 33160
Turnberry Towers 19355 Turnberry Way Aventura Aventura 33180
Waverly 1330 West Ave Miami Beach South Beach 33139
Villa Regina 1581 Brickell Ave Miami Brickell 33129
Wynwood 25 240 NW 25th St Miami Wynwood 33127
Williams Island 1000 1000 Island Blvd Aventura Aventura 33160
Williams Island 2000 2000 Island BL Aventura Aventura 33160

 

Pre-Construction Miami Condos that Have EV Charging Stations

Building Address City Neighborhood Zip
57 Ocean  5775 Collins Avenue Miami Beach Mid-Beach 33140
Aston Martin Residences 300 Biscayne Blvd Way Miami Brickell  33131
Legacy Hotel & Residences 942 NE 1st Avenue Miami Downtown 33132
Arbor 3034 Oak Avenue Miami Coconut Grove 33133
Elysee  700 and 788 NE 23rd Street Miami Edgewater 33137
GlassHaus in the Grove 3661 Center Street Miami Coconut Grove 33133
Pearl House 1170 101st Street Bay Harbor Islands Bay Harbor 33154
Turnberry Ocean Club Residences 18501 Collins Avenue Sunny Isles Beach Sunny Isles Beach 33160
Onda Residences 1135 103rd Street Bay Harbor Islands Bay Harbor Islands 33154

If you are interested in finding a home with EV charger capabilities in Miami, reach out to one of our agents today!

0 Why 95% of Homebuyers Would Consider One-Stop Shop Real Estate

one-stop shop real estate

 

The one-stop shop real estate agent has gained in popularity over the past 5 years, and for good reason. Working with a real estate agent who can also be your partner through the home loan origination process is convenient, and also provides an added layer of trust and security. A recent survey by the National Association of Realtors shows that “.95% of homebuyers would consider a one-stop shopping model.

With any real estate transaction, there are two main parties with whom a client typically works: a real estate agent and a mortgage loan originator. It takes time and energy to do a sufficient amount of research to find suitable parties to fulfill each function. Even if you were lucky enough to find the best of the best in each department, you still run the risk of having individuals who are not used to working with one another. These professionals need to communicate about one of your most important financial decisions, and alignment is very important.

This is one of the reasons why more and more people are gravitating to partnering with professionals who can do both; real estate agents who are also mortgage loan originators and can therefore seamlessly support them through the entire process. This one-stop shop real estate model has seen great success. 

Almost 50 percent of recent homebuyers used one source to procure home-buying services in 2019.

In addition, “Home-buying satisfaction levels are higher among those who used OSS, and the majority of homebuyers say that OSS makes buying a home easier.”

 

3 Benefits of Working with A One-Stop Shop Real Estate Agency

1.One-Stop Shop Real Estate Partners are Convenient

When you are buying a home, you have enough stress to deal with. You want the process to be as easy as possible. One-stop shop real estate agencies are convenient for both the client and the agent. An NAR study shows that three-quarters of consumers believe a one-stop shop makes the buying or selling process more efficient and manageable.

Real estate agents and mortgage loan originators need to be in communication and closely aligned during a home buying process. A lack of alignment can cause delays, inconvenience and some real worst-case scenarios. However, when your real estate agent is a one-stop shop, the entire process becomes more convenient. 

According to a Forbes.com article on one-stop shopping, “When a brokerage has direct access to the mortgage and title companies, it can also take care of issues more quickly than if it had to coordinate with a third-party mortgage or title firm. This saves time for everyone involved in a home transaction.” 


2. One-Stop Shop Real Estate Partners Add Trust & Reliability

Most people put a good bit of time into finding a real estate agent that they think they can trust. In fact, they end up trusting this person so much that they often look to them for a recommendation on who to work with for their mortgage “Over half of homebuyers say they would be more likely to consider a firm affiliated with their real estate agent, with nearly one in five saying they would be much more likely—suggesting that the real estate agent can have a significant impact on a homebuyer’s choice of additional services. This consideration has close to doubled over the past 10 years.”

When a trusted real estate professional can also double as the mortgage loan originator, everyone benefits! Your real estate agent is the closest person to your transaction. They know the timeline you are working on. They understand industry norms. And most importantly, they know the things that could benefit you when it comes to your home loan. 

According to Forbes.com, “Integrating real estate mortgage and title services can even help decrease the chance of something slipping through the cracks as it’s all under one roof.” “Access to an in-house title insurance service helps increase communication and awareness of details between the broker and title firm. The one-stop shop process can help a brokerage avoid any potential last-minute surprises and, ultimately, delays.”


3.
One-Stop Shopping is Financially Responsible

In a one-stop shop real estate environment, transactions can proceed smoothly and efficiently, resulting in reduced costs. There are a wide variety of fees that are an inevitable part of closing costs. However, the amount of these fees can vary, and that can be difficult to research and compare. 

When you work with a one-stop shop real estate agent, they can use their industry knowledge to make sure everything is fair. By maintaining more oversight over the entire experience, as well as the pricing of the home or mortgage or title fees to ensure they’re fair, the transaction is made as smooth as possible for the client and agent (forbes.com).

 

Miami Properties and Paradise is a one-stop shop. Our Broker is also a licensed mortgage loan originator, currently with NEXA Mortgage. We are ready to support your real estate dreams! Reach out today to start a conversation with a one-stop real estate agent today.

0 Miami Housing Market Is Hot and Getting Hotter As We Head Into Spring

Spring is right around the corner, and the temperatures aren’t the only thing heating up. The Miami housing market is hot and getting hotter. As demand for homes is soaring, the supply of homes for sale is shrinking, creating an increasingly competitive and dynamic environment for prospective buyers.

Inventory of single-family homes was down more than 40% year over year last December according to a report from the Miami Association of Realtors. When you pair this with the fact that Miami-Dade County total home sales jumped 23.3% year over year, you can start to see that there is a clear mismatch in supply and demand within the Miami housing market. 

In fact, this is the story in Miami, in Florida as a whole, and in many other states throughout the US. There are currently fewer houses for sale and more buyers wanting to purchase them. Because of this, each home that enters the market is likely to be considered by more people, which ultimately leads to more offers being submitted for each home. This makes for a really competitive market, giving the sellers leeway to choose among the best offers. It can often lead to homes selling quickly and above their listing prices.

As Danielle Hale, realtor.com’s chief economist puts it, “Those thinking of getting into the market this spring should brace themselves for a competitive season, especially in the market for existing homes.” 

 

The Miami housing market is hot, hot, hot!

Just take a look at these stats from the Miami Association of Realtors 2020 report

 

  • Miami luxury home sales surged 108.5% year-over-year in December 2020
  • Miami-Dade County total home sales were up 23.3% year-over-year at the end of 2020
  • Miami single-family home sales posted double-digit, year-over-year increases for 5 consecutive months
  • Miami existing condos posted transaction gains for 4 straight months
  • 109 Consecutive Months of Price Appreciation in Miami, a streak of more than 9 years

 

Why are we seeing these positive trends in the Miami housing market?

There are several factors creating the perfect storm for Miami real estate.

 

  1. Record-low Interest Rates. Mortgage interest rates are at an all-time low and are currently widely available below 3%! This can amount to thousands of dollars in savings over the lifetime of the loan.
  2. Work-from home and remote-learning policies pumping demand. These lifestyle shifts have left many people spending much more time at home. As a result, people want to love where they live and are looking for their dream homes. We are seeing a trend of people using this opportunity to move somewhere where they can really enjoy their lives, such as sunny Miami Beach. 
  3. Florida Tax Benefits. People are leaving more heavily tax-burdened Northeastern states to Florida where there is no state income tax. See our take on why so many people are moving from New York to Florida.
  4. Miami is an International Bargain. Miami is an epicenter of global activity, and Miami real estate is still a bargain compared to other global cities. According to Knight Frank’s 2019 The Wealth Report,  In Miami, $1 million can net homebuyers 93 square meters of prime property, which is significantly higher than some other major international cities such as Monaco (16 square meters), Hong Kong (22), New York (31), and Los Angeles (36).
  5. Investment potential. The Florida real estate market is showing no signs of slowing down, and real estate is an attractive, more stable asset in what can at times be a volatile economy.

 

The Miami housing market is strong right now, and it will only get stronger as we head into Spring. The longer you wait, the more likely competition and prices are to increase. Miami’s 9-year streak of monthly average price increases is a testament to that fact. Now is the perfect time to find a home that you love in Miami. If you are interested in learning more, reach out, we would love to talk!

0 Second Home Demand Soars Amidst Global Pandemic

buying-a-second-home

Demand for second homes is on the rise, even as some Americans face financial hardships due to the pandemic. For many affluent American’s, the prospect of a second home is now more tempting than ever due to low interest rates, high amounts of time spent at home, and the increased relocation flexibility due to remote work possibilities. This phenomenon is an interesting example of a k-shaped recovery the US economy has been experiencing.

According to a report from Redfin, demand for second homes skyrocketed in October 100% from last year, marking the fourth triple-digit increase in the past five months. 

The second-home demand outpaced the 50% increase in demand for primary homes, signaling particular interest in a second home investment.

Why are we seeing an increase in demand for second homes amidst a pandemic?

The answer is threefold. 

  1. The Lifestyle Aspect second home vacation home

    People are spending more time at home than ever before, and as a result, they want to love where they live! With decreased opportunities to travel and increased remote work opportunities, second homes and vacation homes are extremely compelling.

    The inability to travel coupled with mandates to stay home incites us to create our own residential paradises. Purchasing a second home allows for a safe, consistent vacation alternative that can provide a much-needed change of scenery.

  2. An Advantageous Real Estate Market

    Second homes don’t only provide lifestyle benefits, they can also be really great financial investments. A lot of second home buyers are just regular folks, looking to think outside of the box. They want to purchase an asset that essentially pays for itself every year. Second homes can go up in value and eventually net a return, all while the owners get to use them as personal paradises. Some second homes can even be used as vacation rentals to produce their own revenue streams.

    The current real estate market is making this all the more possible for many. Interest rates on home loans are at historic lows, being readily available below 3%. In fact, interest rates have hit a historic low more than 8 times in 2020.

    This is a tempting factor driving home sales from both existing and prospective homeowners. “With mortgage rates at all-time lows and offices shut down across the country, the dream of having a second home outside of the city is becoming a reality for many wealthy Americans,” says lead economist Taylor Marr.

    home interest rates

  3. The K-shaped Recovery

    The pandemic is not affecting all industries or individuals equally. According to Bloomberg, “While nearly 11 million people were unemployed as of November, many other Americans had grown wealthier thanks to surging stock and house prices, spurring the term the “K-shaped recovery.”

    While some continue to struggle, others are riding a wave of recovery. The diverging strokes of the letter k represent the different fortunes. 

k-shaped recoveryReal estate has been a large facilitating factor in the upper stroke as affluent buyers and sellers take advantage of low rates and healthy margins to relocate to more spacious accommodations, or even purchase a second home.

 

Will Second Home Demand Continue To Increase?

The increase in second home purchases is a trend that is likely to continue, even as physical offices reopen. Consumer preferences are changing in major ways when it comes to housing, employment, and social activity. Those changes won’t simply dissipate when the pandemic is over. 

Marr explains, “Even when offices reopen, folks will be able to spend more time than ever before in their second homes because many employers will continue to offer flexible remote-work policies.”

If you are considering investing in a second home, now may be the perfect time to get started. Reach out today to talk through your options with a real estate expert.

0 Why Are So Many People Moving From New York To Florida?

moving from new york to florida

Florida has long been a favorite winter retreat for New Yorkers, giving them a warm, relaxing place to escape the bitter and bustling New York winters. Recently, it seems that permanently moving from New York to Florida is becoming a more common occurrence. 

According to Bloomberg’s analysis, Florida is reeling in new residents—and their wealth. In fact, Florida came out on top in this study, attracting $17.2 billion more than it lost. Florida was the recipient of a “wealth exodus” from many states, including New York, which contributed about $8 billion to Florida’s income. So why are people making the move?

Tax Benefits of Moving from New York to Florida

One of the big reasons to move from New York to Florida is the tax benefits. Florida is one of seven U.S. states with no state income tax. New York has income tax rates exceeding 8% with additional income taxes levied within New York City. Florida’s corporate tax rate is also 5.5%, compared with 6.5% in New York.

Taxpayers can recoup some of these losses from state income taxes by filing a State and Local Tax (SALT) deduction on their federal forms. However, in 2018, the Tax Cuts and Jobs Act (TCJA) limited that deduction to $10,000 annually until 2025. While this does not affect the majority of tax payers, the tax implications for higher-income individuals are substantial.

This makes relocation from New York to Florida especially appealing to affluent New Yorkers, such as Carl Ichan. The moves equates to major savings for this billionaire, just like it did for other prominent billionaires that relocated from New York to Florida – David Tepper, Paul Tudor Jones and Eddie Lampert

Changing Relocation Timelines Due to COVID-19

The existing motivation for moving from New York to Florida has taken on increased urgency and importance due to COVID-19. “Everybody who was on the fence to move for tax reasons now seems to be moving,” said Danny Hertzberg, an agent with the Jills Zeder Group at Coldwell Banker in Miami Beach. “We hear over and over, ‘My tax attorney spoke to me,’ or ‘I spoke to my accountant.’ People are thinking about establishing residency.” 

There may be something else to it, too. The world is changing rapidly in the midst of COVID-19, and businesses have had to adapt to virtual, remote work. A lot of people are asking themselves, do I really need to physically reside near my company? Do I really have to be in New York anymore to do the work I need to do?

For many, there is an added incentive to relocate right now due to the current housing market. Inventory is low in many areas of New York, which puts prospective sellers in a great position. It also happens to be a great time for those same sellers to consider buying (in say, Florida) to take advantage of some truly great interest rates. Due to differences in cost of living, New Yorkers have substantial buying power in Florida, which can allow them to really find their dream home when moving from New York to Florida.

Moving from New York to Florida During an Election Year

Some of the recent financial urgency may also be based on uncertainty revolving around the election. According to Florida Realtors, “Lloyd Abramowitz’s high-net-worth clients at Cerity Partners are asking more often about the financial wisdom of moving to Florida. They’re concerned about New York City’s rising crime rate, and a higher federal tax burden should a Democrat win the presidency, said Abramowitz, a New York-based partner at the firm.” 

 

With it’s temperate climate, the sunshine state is an appealing location to people across the nation. The lifestyle is hard to beat, and the tax breaks are substantial. If you are considering relocating to Florida, reach out today

0 Miami Beach Vacation Rental Regulations for COVID-19

Are Vacation Rentals Currently Permitted in Miami Beach?

As the situation continues to evolve in the United States with COVID-19, Florida’s regulations around short-term vacation rentals continue to evolve as well.

June 16th Miami Beach Short Term Rental Update:

According to Miami Beach’s Phase 2 Reopening Order and Emergency Measures, short-term rentals and vacation rentals were prohibited as of July 16, 2020:

Commencing on July 16, 2020 at 12:01 a.m., short-term rentals and vacation rentals must be CLOSED, and are hereby expressly PROHIBITED. Short-term and vacation rentals shall cancel all existing reservations, and shall refrain from accepting new guests or making new reservations, until such time as this Order expires or is otherwise amended. 

 

June 4th Miami Beach Short Term Rental Update:

As of June 4th, the State of Florida authorized Miami-Dade County to allow the operation of vacation rentals once again.

The Florida Department of Business & Professional Regulation (DBPR) approved the County’s plan for vacation rentals, which includes the following mandatory regulations:

Health and Safety of Guests

  • Guests and homeowners/property managers must follow Miami‐Dade County guidelines regarding social distancing and facial coverings and are restricted to gatherings of no more than 10 individuals.
  • Remote check‐in/out should be made available when possible to cut down on face‐to‐face interactions.
  • CDC resources must be provided to any guest while staying on property. These resources are available in multiple languages at the CDC website.
  • CDC guidance must be provided to guests traveling with pets and service/assistance animals if the property is pet friendly.
  • All properties must provide local COVID‐19 guidance for guests. Miami‐Dade County has a dedicated webpage that includes local information.
  • Homeowners/property managers will add cleaning procedures to their amenities list and property description.

 

Cleanliness of the Property

  • All DBPR sanitation guidelines must be followed: 61C‐3.001 Sanitation and Safety Requirements of the transient lodging statutes.
  • CDC-related guidelines that are for public spaces, businesses, schools and homes and which expand upon the State of Florida and DBPR requirements for safety and sanitation for all lodging, must be followed.
  • Two days must be allowed for enhanced cleaning procedures to take place between stays based upon the use of CDC cleaning and sanitization procedures.
  • Housecleaning will conform to the “Enhanced Industry‐Wide Hotel Cleaning Standards in response to COVID‐19” adopted by the American Hotel & Lodging Association (AHLA).
  • All cleaning will be completed prior to guest check in, so as to avoid any physical contact between cleaning staff and guests.
  • Shared pools and elevators, as well as common areas, will be subject to the Enhanced Industry‐Wide Hotel Cleaning Standards (AHLA).
  • Spare blankets and pillows will be removed, unless cleaned between each guest stay.
  • To inform guests, signage will be placed at each property highlighting the cleaning protocols between stays.

 

All vacation rentals must follow guidelines for Hotels and Accommodations included in The New Normal Guidebook.

For additional information and guidance related to vacation rentals or other businesses regulated by the DBPR during the ongoing “Safe. Smart. Step-by-Step. Plan for Florida’s Recovery,” visit www.myfloridalicense.com/emergency.  

For other County news and updates on COVID-19, see miamidade.gov/coronavirus.

0 Increasing Real Estate Search Interest Signals Strong Summer Market

real estate search interest over time

Interest in real estate appears to be increasing despite the uncertainty of the pandemic, according to data provided by Google and Realtor.com. These leading indicators of real estate search interest show potential for a strong summer buying-season as pent-up demand from spring re-emerges. This is especially true for Florida as two Florida cities ranked near the top for increased buyer interest, with Miami coming in at number four. 

FloridaRealtors reports Google Search data that compared a metro area’s lowest day of home searches during 2020 to home searches at the end of April to measure early impact. Out of 50 cities listed, two Florida cities ranked in the top 10 for positive comparative gains. Miami came in at number 4 with 81.82% more searches at the end of April than it had on its slowest day of 2020 so far. This is hinting that real estate demand in Florida, and in-particular Miami, may have been less heavily impacted than some areas of the country.

 

Trends Show Increase In Real Estate Search Interest 

One of the easiest ways to look at changes in consumer interest is by using Google Trends. Google Trends is a website by Google that analyzes the popularity of top search queries in Google Search. The website uses graphs to compare the search volume of different queries over time. By looking at Google Trends data for real estate search terms such as “homes for sale”, “real estate”, “houses for sale” and “condos for sale”, you can see a story emerge about consumer interest in real estate in the midst of COVID-19.

Google Trends Real Estate Search Interest

Google Trends Real Estate Search Interest

The numbers on this graph represent search interest relative to the highest point on the chart for the given region and time. A value of 100 is the peak popularity for the term. A value of 50 means that the term is half as popular. A score of 0 means there was not enough data for this term.

There was a clear drop in interest in real estate in early March when the pandemic began spreading across the United States. Interest began rebounding in April, and by May, it was back to pre-pandemic levels in Florida and throughout the country. Throughout May and June, interest in real estate terms continued to increase until surpassing pre-pandemic levels.

Google Trends Search Data

Google Trends Search Data

When comparing pre-pandemic peaks in early March to the end of June, we saw a +30% increase in interest for “houses for sale” search volume and a +20% increase for “homes for sale” search volume.

This trend has also been noticed across the real estate community. According to realtor.com data cited by FloridaRealtors, “listing visits, saves and shares are all up significantly since the first wave of shelter-in-place orders took effect on March 16 – especially for those listings with virtual tours.” Specifically, realtor.com reported a 30% increase in listing views for single-family homes and condos. There was also a 76% increase in saved homes and a 95% increase in sharing home listings with other users.

 

Spring Home-Buying Season Shifts Towards Summer

While the coronavirus took a big bite out of the spring home-buying season, the real-estate industry appears poised to recover from the pandemic. “Data suggests that home shoppers who had paused their search are now picking it back up, and the spring homebuying season won’t be lost, but merely pushed into the summer months,” says Danielle Hale, chief economist at realtor.com.

The environment is right for some very positive upticks in the real estate market in the near future. Interest rates are low, we have pent up demand from the spring season, and virtual tours have been helping to keep the interest alive during social distancing.

Other emotional factors are at play, too. Surely, the pandemic has caused fundamental shifts in people’s perceptions and way of life. Many people are spending hugely increased amounts of time at home and thus want to be in a space that makes them happy. The “your home is your sanctuary” mindset is alive and growing in the current environment, and for good reason. This focus on the home and home-life is one of the silver-linings of this dark situation, and it could certainly lead to an increase in demand from those looking to find a space that better fits their lifestyle.

 

Virtual Home Tours Have Taken on Increased Importance

Adjusting to virtual tour options quickly became an important factor in maintaining real estate interest following the stay at home orders. Realtor.com found that since shelter-in-place orders began, homes that offer virtual tours saw double the growth in listing visits than those without virtual tours. “User visits were also 29% higher for listings featuring virtual tours, with increased engagement and a greater likelihood of a consumer connecting with an agent.”

Virtual tours will likely become a part of the new norm moving forward. Realtor.com found that 65% of home buyers believe virtual tours will continue to be a great resource in their home shopping process even after the pandemic. However, this is not to be seen as a stand-alone solution with only 8% of users think virtual tours can be a replacement for in-person tours. Source: “Studies Suggest Buyers Prepared to Hit the Ground Running,” Florida Realtors

When asked what they like about virtual tours, top responses include:

  • They help me eliminate homes that aren’t for me (52%)
  • They help me see the details of a home without having to step inside (43%)
  • They help me create a shortlist of homes I want to see in person (38%)
  • They allow me to see more homes quickly without having to drive around to open houses (30%). 

Google search volume for virtual home tours peaked immediately following the stay at home orders. It has since decreased from the levels seen in March, but interest has remained above previous levels.

Google Trends Virtual Home Tours Search Interest

Google Trends Virtual Home Tours Search Interest

 

The rise in interest in real estate seen across Google and by realtor.com are very positive leading indicators for the summer real estate market. However, it’s important to keep in mind that they are just that, indicators. Will this uptick in searches and interest lead to actual transactions? That’s the trend we will want to look for moving forward. If you are considering buying or selling a home in Miami, reach out today so that we can help you keep an eye on the local real estate market.

0 The Top 5 Benefits of Buying a Vacation Rental Property

benefits of buying a vacation rental property

 

Enjoying time in a place that you love, surrounded by your loved ones – that’s truly what life is all about. It’s all too easy to get bogged down in the details of finding a suitable vacation home or to be overwhelmed by the high rental costs and end up skipping it for years altogether. One of the benefits of buying a vacation rental property is that it makes your dream vacation easy and free.

Many people don’t realize how accessible owning a vacation rental property can be. You don’t necessarily have to take on dual mortgages to own a vacation rental property. Why? Because it can essentially pay for itself while also generating you additional income.

 

1. Generate Rental Income

One of the top benefits of buying a vacation rental property is that renting it out when you are not using it will allow you to generate rental income. In this way, the house actually provides you with its own steady source of income. Depending on where you are buying your vacation home, short term rentals during the peak season can cover the mortgage expenses and leave homeowners with a nice financial boost.

Renting out your vacation property generates income that you can use to pay your mortgage payments and any other expenses. This essentially means that you are having others pay off your loan while you still get to capitalize on the equity your asset gains over time.

 

2. Build Equity Through Appreciation

In addition to making you money in the short-term through rental income, another one of the benefits of buying a vacation rental property is that it can potentially make you a lot of money in the long run. While the housing market can fluctuate, real estate tends to appreciate in value over time. Even modest appreciation can add a lot of equity to your investment.

Combine appreciation with the fact that you may be able to pay your loan down entirely with the income you make from short term rentals, and you have a recipe for not just a free vacation home, but a money-making investment. If and when you are ready, you can usually sell your vacation property at a higher price than you paid for it, allowing you to cash in on the profit.

And, what is neat about increasing the income through short term rentals is often times investors will buy an asset based on it’s ability to generate income. In essence, the more income you are able to generate for yourself, the more appreciation you would enjoy as you added that value yourself. How liberating!

 

3. Take Advantage of Tax Benefits

A rental property is considered a business, which makes it eligible for a variety of tax benefits. You may be able to write off things such as mortgage interest, maintenance and repair costs, property management expense related fees, money spent on marketing and licensing, etc.

The tax laws around vacation rental properties are different in each state, so make sure to consult a tax professional to make sure you are taking maximum advantage of your tax benefits.

 

4. Prepare for a Happy Retirement

Who doesn’t dream of retiring where they like to spend their vacations? Maybe by the beach, or on the lake? Or in the mountains, everyone has what they consider “Paradise”.

Another one of the benefits of buying a vacation rental property is that it can help you prepare for a happy retirement in your dream home in a financially responsible way.

If you have considered a plan where, upon retirement, you sell your current home and move full time into your vacation rental property, then you’re probably pretty financially savvy. This plan could save you a lot of money in the long-haul. You will begin reducing your mortgage debt on your vacation rental property long before you move in full-time. Plus, when you sell your current home, you can use the profits to pay down your mortgage debt even further. This can reduce either the longevity of your loan, your monthly payments, or both!

 

5. Anytime Access to a Free Vacation Home

When talking about buying a vacation rental property, anytime access to a free vacation home can’t be overlooked as a benefit. Putting time aside to take consistent vacations with your friends or family is so important. When you’re the owner of a vacation home, planning a vacation could not be easier. You will have your choice of dates, and you won’t have to pay the hefty rental fees. Best of all, you will get to enjoy your vacation in a home that you love and that is familiar to you! Think Pride of Vacation Home Ownership!

 

Buying a vacation rental property is a big decision that extends beyond your finances. You are not just investing in a rental property. You are investing in a place where memories can grow over the years as you vacation with your loved ones. The income that this investment can produce makes it much more accessible than you might immediately think. If you are considering purchasing a vacation rental property, reach out to our team so we can help you make an informed decision.

0 Rebound of South Florida Real Estate Market Over Past Decade Points To Sound Fundamentals

South Florida Real Estate Market

 

Uncertainty. It’s a word we are hearing a lot these days. It’s in just about every advertisement you hear because it’s something we are all actively thinking about. Uncertainty for what the future holds for yourself, your family, your company, your industry. It has to be on our minds because we are all trying our best to plan for the future and make equitable decisions in the face of an unprecedented circumstance with an array of unknown factors.

In the midst of uncertainty, one of the best things we can do to help mitigate the unknown is to draw from similar past experiences. While it is true that many aspects of the current situation are unprecedented, the patternfs of how markets respond to economic difficulty, and to what degree they rebound can tell you a lot about the potential benefit of your investments, despite all of the present unknown.

Take the South Florida real estate market for example. Despite the hit the housing market took in 2008, the South Florida real estate metro has soared over the past decade. Rewind to 2008 and Florida was one of the hardest-hit areas during the foreclosure crisis. However, present-day they have experienced one of the greatest recoveries in the nation.

In Miami-Dade, home prices rose 106% from 2010 to 2019 according to a report by Redfin. In Broward, the median home price increased 161% from $106,000 at the beginning of 2010 to $278,000 at the end of 2019.

 

Real Estate Investments In a Post-Pandemic World

So what does this mean for the future of real estate investments? It means that the time may be coming to make smart investments in the face of dropping prices. If the housing market is to take a hit, historic data shows that the Miami Beach market, in particular, has the fundamentals needed for a strong recovery. Getting into a typically expensive market at a lower price point at a time when demand is lower in the face of economic uncertainty sets you up for a smart investment that has proved to pay out in the past.

Outside of potentially falling prices, interest rates in early 2020 are at historic lows, which is a very important factor to consider for your investment. Buying a property when interest rates are low and getting that rate locked in can truly save you thousands of dollars in interest over the life of your loan.

Interest rates and market prices are important factors to consider if you are thinking about listing your house as well. It will take a bit of time for market prices to adjust following any potential economic downturn, and in the meantime, ready buyers are out there taking advantage of lower mortgage rates. The low mortgage rates will also be beneficial to any seller who will be subsequently or simultaneously listing their home and purchasing a new one.

 

Looking Beyond South Florida Real Estate Market Trends

These market trends are important to keep in mind, but so is the fact that a deal is a deal no matter when it appears. Prices may be high in a market, but if you find your dream home at a good price point, you are still going to want to make an offer. Prices may be down in a market, but you are the one who still gets to decide what your home is worth when you go to list it.

The economics are much more micro in practice than in theory. Real estate market trends guide, rather than determine, individual supply and demand. And that is the way it should be. This is why it usually doesn’t make sense to wait to enter the market based on predicted trends. Deals tend to be out there at all times, you just have to find them. And when you do find them, you have to act based on the current market situation while still keeping in mind those future predictions.

For example, if you know that a listing is very competitively priced, you should make an offer that is competitive to that price point. Why? Because if it’s priced low it is likely to receive more bids, which means you have to compete with a greater number of buyers and offers. You don’t want to take advantage of a competitive listing price by low-balling a bid in an effort to get an even better deal or because you predict a drop in market prices in the future. With that strategy, chances are you will bid yourself right out of that deal time and time again.

 

Can We Help?

A trustworthy real estate broker can help determine if a property is competitively priced. Knowing when to jump on an investment and when to wait for something better is something that takes years of industry experience to feel truly confident in. Your broker can also counsel you in what bid you should place in order to maximize your chance of winning while still getting you the best deal possible. This is a fine line to walk.  Let us help you! Reach out to the Properties & Paradise team today.

0 Are Over Half of Miami Beach’s Airbnb Listings Illegal?

Illegal Airbnb Listings are Rampant in Miami Beach

Miami Beach carries the highest penalties in the country for illegal short term rentals with fines starting at $20,000 for a first offense and increasing up to $100,000. Regardless, illegal short term rentals remain rampant in Miami Beach, particularly on sites such as Airbnb. By cross-referencing data from the Miami Beach Business Directory with the number of active listings on Airbnb, we have determined that upwards of 57% of Miami Beach’s Airbnb listings are illegal.

The Miami Beach Business Directory shows just over 1,900 business licenses for residential transient short-term rentals in Miami Beach as of March 2020. However, according to a 2019 article by the New York Times, there are over 4,500 active Airbnb listings in Miami Beach. Assuming this number has remained stable, this would mean that the remaining 2,600 Airbnb listings do not have valid Businesses Tax Receipts, and are therefore operating illegally under the city of Miami’s short term rental regulations. In other words, there are over 2X more listings on Airbnb in Miami Beach than there are legal short-term rental properties.

Property owners are not the only ones that suffer when Miami Beach vacation rentals are posted illegally. The experience is also risky for guests who may face eviction after unknowingly booking an Airbnb that does not comply with the city’s regulations. Guests have been interrupted on their vacations by code compliance officers and are sometimes even asked to leave, although Airbnb has rarely been said to offer refunds to guests in these scenarios. 

 

Why are there so many illegal short term rentals in Miami Beach?

The high number of illegal short term rentals in Miami Beach likely boils down to the City experiencing difficulty identifying offenders. As a result of the settlement from the lawsuit between Airbnb and the City of Miami Beach, home-sharing sites are required to display the business tax receipt number and the resort tax numbers as a stamp of legality next to each listing. However, home-sharing sites are no longer expected to verify the validity of these licenses. Airbnb provides the mandatory fields for hosts to fill out and it falls on the city to verify the validity of each listing. 

It would appear that the use of fraudulent license numbers is rampant across home sharing sites like Airbnb. It would also appear that the city has not found a viable solution to consistently identify fraudulent listings or to enforce the associated penalties. Enforcement seems to have been mostly sporadic following properties being reported by neighbors.

This situation has been made all the more complex following a judge’s October 2019 ruling to strike down the ordinance which set the $20,000 fees for first-time violations. This ruling was immediately appealed by the city.

 

The History of Short Term Rental Law in Miami Beach

Miami Beach’s Short Term Rental regulations have been in place since 2010, though the steep fines were not implemented until March of 2016.  These fines range from $20,000 – $100,000 for repeat offenses, making them the highest in the country. 

This ordinance was heavily enforced until being struck down in October 2019 in the conclusion of a lawsuit filed by a city resident who had been fined for a short term rental violation.

The judge ruled that the ordinance violated state law, which prohibits fines of more than $1,000 a day. The city immediately appealed the decision. Until an appellate court rules on the case, the law is still in effect and the city plans to enforce it. 

Meanwhile, Airbnb was engaged in its own lawsuit with the city of Miami Beach. They filed suit in January 2019 claiming that Miami Beach’s short term rental regulations violated federal law. Why? Miami Beach was placing the onus for compliance on home-sharing websites by requiring that they display license numbers alongside listings.

This suit was settled in early August following a mediation proceeding, but the essential requirements remain in place. 

 

How Do Florida Residents Feel About Short Term Rental Regulations?

Miami Beach’s short term rental regulations are undeniably harsh with many areas of the city being completely excluded from participating in short term rentals. This type of ban doesn’t sit well with the majority of southeast registered voters who responded to a Mason-Dixon poll:

“Do you believe state and local governments should or should not have the authority to ban homeowners from renting out their private property for less than 30 days?”

61% answered that they should NOT have such authority, while 21% said that they should, and 13% said they were not sure.

This poll also asked, “How important do you believe vacation rentals—such as beach houses, waterfront homes and hunting & fishing cabins—are as a component of Florida’s tourism industry?”

59% responded “Very Important”, 26% responded “Somewhat Important”, and only 9% responded that it was “Not Too Important” or “Not Important.

 

If you are considering renting out your property on a short-term basis, consult our resource on “Practicing Safe Renting” to learn how to avoid potential fines. You can also check out our other resources on short-term rentals regulations and legislation in Miami: