Ashton is a savvy professional who understands the industry providing white-glove service connecting South Florida's most extraordinary residences with the world’s most sophisticated buyers. With a wealth of experience, an impeccable reputation, and a keen ability to efficiently handle all facets of residential real estate, his success is attributed to an unparalleled work ethic including top-tier professional services where the art of the deal is mastered in contract negotiations, deal-making intricacies, and the end, results-driven real estate.
We in Florida share the same database of properties whether Miami, Miami Beach, Brickell, Bal Harbour, or anywhere else in the Sunshine State. One great broker can deliver the results you're seeking rather than having to call several agents and eventually see the same property twice and, as they say, step on toes. Find someone you trust (and like) and let them do the work to show you the best properties meeting your criteria. They are your single liaison and trusted advisor for all things Miami real estate.
Miami real estate buyers do NOT pay commissions. The seller pays the commissions in virtually all transactions.
The same applies to tenants where the landlord pays the commissions.
Ask your agent or broker upfront if they charge a buyer/seller processing fee. Usually, $295 to $495, paid at closing, this is negotiable.
Miami and Miami Beach are 2 different cities in 2 different locations. Miami is on the mainland of Florida, and Miami Beach is an island 2 miles east of Miami. There are no beaches in Miami. The beaches are located in Miami Beach. South Beach is not a city but the southernmost point of Miami Beach spanning 23rd Street south to 1st Street.
A buyer’s closing costs are going to be approximately 1%-3% of the purchase price. This number will vary depending on whether or not you are paying cash or financing your purchase. A property inspection is not required but is highly recommended. The cost is approximately $250-$1200 (depending on property size) for an inspection, which is a small price to pay for peace of mind and the knowledge of what you're buying.
The seller pays the doc stamps ($.70/$100) for the recording of the deed, not the buyer.
Unlike some states, the laws governing the relationship between a Landlord and a Tenant in Florida are statutory. Please review the Florida Residential Landlord and Tenant Act which is Title VI, Chapter 83, Part II, 83.40 – 83.682.
Cash vs. Financing
You will NOT be able to obtain financing for some Miami condos, regardless of your credit score or income, based on Fannie Mae guidelines. Contact us for a more in-depth explanation. You cannot always depend on a pre-approval letter when financing a condo in Miami. The building itself must also qualify.
In Miami, cash is not always king. Because of the high level of cash buyers in the Miami real estate market, a cash offer does not necessarily give a buyer more leverage in negotiating the sales prices.
There is no absolute way to calculate property taxes prior to closing, regardless of what the current owner is paying; however, in Miami-Dade County, the rule of thumb for estimating your property taxes is approximately 1.75% of the purchase price.
Here is the Miami-Dade Tax Estimator so you are aware in advance.
Living Area – Square Footage – Maintenance Fees
Monthly maintenance fees on a condo are calculated based on the square footage of the livable area or area “under A/C,” meaning under the air conditioning. Never use the terrace space to calculate square footage. Also, the maintenance fees do not change as you move to a higher floor. It is purely based on a set price per square foot. For instance, if you have a condo on the 7th floor and a condo on the 57th floor of the same building, the maintenance fee per square foot will be the exact same on both condos. When looking at the asking price per square foot or comparable sales price per square foot, always make sure to use under A/C living area square footage.
Use caution when purchasing a 2-story loft-style condo as developers may count the “air space” above the living room in their floorplan when quoting square footage of the living area.
Nearly all Miami condos that include a parking space include assigned parking, not deeded parking, meaning the space is assigned to you and controlled by the condominium association. This means that you cannot just purchase or sell parking spaces in a condo building. Further, assigned parking spaces are owned by the respective condo association and assigned to individual owners, which technically means the condo association could change an owner’s parking space in a building to a different space, even though this rarely happens. So, what could happen and why should you be knowledgeable about this. When you are selling or buying a condo, the condo rider of a purchase agreement asks for a specific parking space number(s) for the respective condo being sold. Most real estate agents input a specific parking space number, but this should not be done, and here is why. If a specific parking space number is entered in the condo rider to a purchase contract for someone buying a condo, but the condo association, for whatever reason, changes the parking space number between the execution of the contract and the closing of the condo, problems could arise. For instance, “John” is buying a condo from “Susie” and John’s agent inputs in the condo rider to the purchase agreement that John is purchasing the condo with parking space #222 because that was the space assigned to Susie. But, before John closes on the unit, the condo association changes the parking space to space #1022. This means that when John closes on the property, he finds out after the fact that his parking space is now on the 10th floor instead of the 2nd floor. This could have been a deal-breaker for John had he been informed of this prior to closing because parking to a lot of condo owners in Miami is very important.
Many of the condos in Miami and Miami Beach have private valet companies that manage their valet services. For these condos, owners and tenants generally may pay a flat monthly rate for a valet space for their unit, separate from the in-and-out fee paid by guests. This must be negotiated with the valet company that manages the respective building directly.
Always check a condo association’s rules regarding the pet policy before you make an offer. A building that allows pets for owners does not necessarily allow pets for tenants. Whether you are an owner or a tenant, you should call the condo association for the exact pet policy.
Another important item to know before your purchase is the building's rental policy. More than 85% of the time, the building will allow 1-year lease terms only. The other 15% consists of associations allowing 3-6 month terms, and on rare occasions, single month lease terms but also, such as with condo-hotels, nightly rentals capable of Airbnb.
You will have 15 days of due diligence upon signing the contract and making your first escrow deposit. Use this time to present the developer contract to a trusted attorney and broker so you fully understand what you're buying on paper.
Many units purchased pre-construction from a developer, are delivered “decorator-ready.” Decorator-ready generally means that a condo is delivered with a kitchen and bathrooms built out but no flooring, trim, closets, or window treatments. If you purchase a decorator-ready condo, be prepared to hire a contractor to install flooring, trim, closets, window treatments, lighting, and paint which may take 60-90 days after closing. Many units purchased pre-construction from a developer, are delivered “built-out.” Built-out generally means that a condo is delivered with flooring, trim and white walls, but you still must hire a contractor to install window treatments and build custom closets after closing. Further, if you buy truly pre-construction, many developers will give you select options for flooring, kitchen cabinetry, and kitchen countertops with optional upgrades that will be delivered finished for you at closing.
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