I just found a place for $1300 they were asking 1,500… is not 100% our match ( we hate carpet) but the rest was good ( 1 – 1.5 almost 1,000sqf) . Just keep looking at realtor.com and this site. Craiglist does not offer good things, mostly the same and the same units that don’t get rented for various reasons.

All the realtors have told me the plaza it is the best place in Brickell… I visited many buildings but Quantum and Plaza were by far the best in our budget. Higher budget can go to Marina blue lol

Hope it helps..

I have been searching in the brickell area as well. I have also ran into the scams on Craigslist. I am looking to move down the third week of June. I recently visited Brickell on the River South. Would only live in the two biggest two bedrooms in that building, because the living rooms in the one bedrooms are very small. If you could give some advice on what you have been finding please let me know. Thanks!

Ain’t that the truth… Once inventories come down to 12 months supply, then it will be time to consider looking to get into the market….then buy as it gets under 8 months or so….. We are probably years away from the pricing bottom here.

Another good article why prices will continue to go down………don’t buy just yet!

1) Florida touts itself as a no state income tax state. But they really screw the property owner for their operating revenue to make up for that loss. I find that the FL property taxes are really crippling for out of state residents. I learnt the hard way.

2) Homestaed exemtion is only good if you have been living there for a while. Then only there is a cap in the increase of assessed value of your property.

For example:
Scene A) You bought a condo in 1997 for 79,000 and live in it. You maybe assessed at 70,000 and every year there is a cap on the increase in assessed value. Then they deduct 25,000 from that value and tax you on 45,000.

Scene B) Fast forward to 2005. Your condo is worth 495,000 market. But you are only taxed at like 140,000 or something similar due to the caps.

Scene C) Let us say instead that you happen to buy that condo on resale in 2005 for 495,000 and live in it. The assessed value would be say around 435,000 and then they take 25K off and tax you on 410,000. There will be cap on the increase on the assessed value from there onwards like 1 or 2% only per year no matter how high the market value goes up.

Scene D) You bought it in 2005 for 495,000 and dont live in it (non homestead). Then they will screw you for good. by 2007, they will assess it for 550,000, no caps no deductions and you will be wrung dry and hung on a wire paying those taxes.

They have created two classes of citizens. Those who lived there for a few more years than you and those who came recently. The old timers have a free ride on your back. If you dont run faster, you will get whipped!

Is it true that out of town investors will have to pay a very high property tax every year ? And that the tax will keep going up and up every year if you do not have homestead exemption?

Does anyone know the formula or the rate for calculating property tax for out of town investors?

I was told that Miami resident only pays about 2% of the appraised value of the property. But I am not sure what percentage out of town investors have to pay.

Any advice would be appreciated.

Thanks

The best deals are direct owner listings whether in Craigslist or the Miami Herald. If you are serious about it, definitely look at the Herald and make some low offers across the board and see who replies. It’s not that difficult to get 15-20% under market rate if you are not picky about a particular building and if you are an ideal tenant.

A rental that sits unoccupied for 3 months makes an owner less over a year than a unit you can rent out asap at 20% less.