Almost 40% of Downtown Miami Residents Have Pets – Strategies for Investors and Tenants
The Downtown Miami DDA (Downtown Development Authority) released its updated demographics study today, and they found that 39% of Downtown Miami households include a pet. This is interesting because so many of the developments impose strict pet policies upon their residents. Some only allow certain sizes of pets, some only cats, some only allow pets for unit owners and some say no pets at all.
This is always a touchy subject when we are working with a client who has a pet. There is so much misinformation out there regarding which buildings do and do not welcome pets. If a resident gets caught with an unauthorized pet, they are forced with the difficult choice of paying a lease cancellation fee (which is typically the value of 2 months’ rent), or re-homing their beloved pet. Unfortunately, not all agents verify the pet policies before entering into a contract, which wastes time and gets the client all excited about an apartment that they cannot have. No bueno.
I even once had a client who cheated on me with another agent that had told them they could have a large pet in a pet-restricted building. That is completely irresponsible and self-serving of that agent. Thank goodness, the clients realized what would happen if they went forward with that deal. The agent would have been paid and then they would have either had to break their lease or part with their dog. That is a horrible choice to have to make when most people consider their pets as members of the family.
In order to have an authorized pet in the building, many associations require an additional registration and application. The pet’s weight is verified (many times with a report from the veterinarian), their vaccinations are verified and some buildings even take it a step further. Infinity at Brickell requires a DNA sample to be placed on file and in the event that messes are found in the lobby, the mess is sent in for a DNA match. The resident that pops up after the DNA test is issued a fine. I call it Maury Povich enforcement… but it works. If people know they’re going to get busted breaking the rules, they’ll be less likely to do so. This way, the building can continue to allow large pets for everyone.
Over recent years, a popular workaround to the ‘No Pets’ buildings has become all the rage. There are websites where you can claim that you need a therapy dog. They’ll issue you a certificate for a fee and, viola! Your dog can go with you everywhere and nobody can say anything… except the condo associations have started to get wise of this ruse. The Jade at Brickell verifies these Therapy Dog certificates through an attorney. It takes an extra few days during the application process and you don’t get your application fees back if you get caught with a phony form. I don’t recommend the fake therapy dog stunt.
If you are curious of whether a particular building accepts pets, just have a look at the building page on our website. We have verified all of the buildings’ policies and list them in the FAQ section of the website. Every now and again, a building will change their policy in between when we last called to verify, but we update it frequently. Our agents also keep themselves updated of the pet policies and fees for the buildings in the area. We’re all about efficiency and not wasting your time or energy…
So what about investors?
With the rental market changing, it is important to have apartments that appeal to as many people as possible. Purchasing an investment condo for sale in a pet-restricted building automatically crosses out almost 40% of the prospective tenants that could be interested in moving in. Some of my favorite pet-friendly buildings are MarinaBlue and 900 Biscayne Bay in Park West, Infinity at Brickell in Brickell, the Midtown developments in Midtown and One Miami in Downtown.
For investors who are concerned with having animals in your property without knowing the behavior or cleanliness of the pets, it is completely customary to charge a pet deposit for the unit. In many cases, the building has a separate pet deposit or fee, but I suggest a refundable deposit for the unit itself. The amount can vary depending upon the pet. Puppies would require a bit of a larger deposit since they tend to chew and have accidents. You could also lower the deposits in the event that a tenant was able to submit a diploma from obedience school or behavior training.
Whether you are an investor, or if you are buying/renting a home for yourself, if there is a specific building that you are curious about, don’t hesitate to drop us a line and inquire. We’re happy to help.
Week in Review: Brickell Backyard Section of The Underline Receives Large Donation, Auberge Reserves 50 Units in 5 Days and Other News
Brickell Backyard Section of The Underline Park
This week brought great news for supporters of The Underline, a new park that is being developed beneath the Metrorail lines from the Miami River down to Dadeland. Each station is individually funded and the Brickell Backyard section received a $75,000 donation this week from local developers.
The Underline will begin construction in the Brickell phase and continue down 10 miles of the rail tracks. They have also secured $5 million in grants and funding from developer impact fees, Miami Dade County and Florida Department of Transportation. Friends of the Underline CEO & founder, Meg Daly hopes to begin construction by the end of 2016.
Residents of Brickell have been increasingly vocal over recent years regarding their desire for more park space but have lost out due to the laws of economics. The Underline is a solution that meets the needs of everyone involved, as the area underneath the rail tracks is not able to be sold and developed, but is available for public use. Think: the opposite of New York’s High Line… Underline will be a welcome addition indeed. [The Real Deal]
Speaking of the laws of economics, The Next Miami is reporting that the location of Brickell’s Burger King could face the wrecking ball in favor of a 960 foot tower. It appears that plans have been submitted to the FAA requesting permission to build up to 960 feet above sea level on the site.
Before you cancel your reservations on your north-facing apartments at Brickell Heights and hoard a box of Whoppers, let’s take a look at all of the evidence. Yes, a tower could be built on the land and this will likely happen one day. No, the Burger King strip center is not the highest and best use of the lot (particularly after Brickell’s recent growth spurt). We do believe that a tower will be built on the corner, but the likelihood of it happening anytime soon is very low.
The parcel of land at 10 SW 8th Street includes the Burger King on the east side all the way over to La Sandwicherie on the west side. The shopping center was last sold back in 2006 and no developer has been named for this proposed tower. Since shopkeepers in the strip center have been open about the fact that the building is being prepared for a sale, we sense that the proposal is simply a plan to increase the value of the lot in preparation for going to market. Whether or not the sale would happen quickly is another conversation altogether. For the foreseeable future, we will continue to enjoy our late-night La Sandwicherie subs in peace. [The Next Miami]
A little further north, Auberge Residences and Spa certainly had a large week. They released their first inventory on February 10 and successfully reserved 50 apartments in their first 5 days on the market! Given the feedback we have received, we hope that the lucky buyers who were able to secure a reservation hold onto their position when contracts are issued. Many people were disappointed to learn that certain floor plans have already been spoken for. Contracts are expected in late March. [The Next Miami]
While buyers were scurrying for opportunities in the Arts District, buyers of Miami Worldcenter have been scavenging for information regarding the revamped plans of their shopping center. This week finally brought additional details with renderings of the new open-air shopping concept that will replace the enclosed mall that was originally planned.
Some have praised Miami Worldcenter for their revised plans and some have begun to question the development. Have a look at the new renderings and let us know what you think… [Curbed Miami]
Week in Review: How to Avoid the Federal Disclosure Law for Cash Purchases and Other News…
Rendering from Paramount Miami Worldcenter
Week of January 17-23, 2016.
The US Treasury announced this week that starting in March, title companies will be required to disclose the identities of buyers to government regulators for all cash purchases above $1 million in Miami’s residential real estate market. They are hoping to put a stop to illicit funds being laundered through the cash purchases, but effectively are also spooking legitimate buyers who simply do not wish to have their buying habits publicly disclosed.
Fear not, fancy condo shoppers. The ink is not even dry on the new order and The Real Deal has already compiled a list of 7 ways that the rule can be circumvented. [The Real Deal]
Last week, the developer of Miami Worldcenter announced that it is scrapping the plans for an enclosed mall just days after Macy’s announced multiple store closings due to slow sales. After this announcement Taubman and Forbes cancelled their contract with Worldcenter, causing a flurry of rumors and news stories stating that the project would be scrapped. It turns out that everyone jumped the gun. According to the developer and this Taubman release, the project is not scrapped. The contract just needs to be renegotiated to reflect the new building plans. [Zacks]
While everyone was up in arms about the potential drama at Miami Worldcenter, Brickell CityCentre released their updated list of all retailers, shops and restaurants that will be opening with the mall. The shops will begin individual build-out soon and is scheduled to open later in the year. [The Next Miami]
In possibly the least surprising news of the week, Car2Go finally announced that they are suspending service effective March 1. They say that the reason for the service-shuttering is low ridership and high state taxes, locals have not wasted time or minced words with their own theories. It seems they have been in trouble with their client base for some time due to poor handling of a PR incident involving a drunk driving accident, not offering service in many important areas of the community, poor customer service and unreliable service. We think it can be easily explained by simple economics… why pay more to drive yourself in a shared smart car with a complicated service when you can pay less and have an Uber car pick you up at your doorstep and drop you off wherever you want to go? The choice is simple. [Curbed]
Miami Worldcenter Opts for Open-Air Shopping; Residential Amenities Remain Unchanged
News spread earlier today that Taubman has opted to turn Miami Worldcenter into an open air shopping mall rather than the originally planned enclosed mall. We found this to be great news, as open air malls have been more sought after by shoppers in recent years, leaving hoards of enclosed malls vacant and in need of redevelopment throughout the country. The open air plan will also likely be less costly to build.
The shopping center had been slated to be anchored by Macy’s and Bloomingdale’s, although it is not clear at this moment whether they are still on board. Just last week, Macy’s announced it would be closing 40 stores due to dismal holiday stores.
Construction is already underway on Paramount Miami Worldcenter, the luxury residential component of the development. Many people have contacted us regarding these changes and how they affect the condo portion. The developer has reassured us that the changes in the retail component will not affect the amenities slated for Paramount.
Dwyane Wade’s Downtown Miami Penthouse is For Sale
For just $2,995,000 you too can sleep in the same bedroom once occupied by Dwyane Wade himself. Back in 2011, the developer of Vizcayne Condominium in Downtown Miami outfitted the penthouse especially for Mr. Wade’s use. The property was later sold to an investor from Miami Beach who sold it to an investor from New York who is now happy to sell it to you.
The photos provided to us by the MLS are not the high-quality ones that we typically like to see in a $3 million penthouse, but the features are. The apartment spans 3 floors on top of Vizcayne’s North Tower and includes 3 full bedrooms, 5.5 bathrooms, 2 living areas, a study, sky loft and 5 terraces with one being on the roof overlooking the AA Arena where Mr. Wade works.
Inside the building itself, residents enjoy over-the-top amenities. The pool deck includes 3 resort style pools, a sunset pool, Jacuzzi and catering bar. Inside the amenity center is a fitness center & spa that rivals even some of the popular chain gyms, a movie theater, game rooms, business centers, board rooms and a padded jogging deck with a view of the Biscayne Bay. There is also 24 hour doorman, valet and security.
The current owners certainly seem excited to part with their investment, offering incentives for a quick closing and even offering to lease the property for $12,900/month. Have a look below at the additional photos courtesy of the MLS and floor plan:
Week in Review: Brickell City Centre Reveals Climate Ribbon & Other News…
Week of December 6-12, 2015.
We survived the 13th Art Basel in Miami Beach, drawing record breaking crowds as well as record breaking rain. Despite weather and crowd-related delays and a bit of drama, the yearly art fair drew an estimated 77,000 visitors from around the world and the festival was a success. [NY Times]
Brickell City Centre put a pause on construction to host a beautiful party unveiling their $30 million climate ribbon. The ribbon is designed to filter the tradewinds from the Biscayne Bay into the development, cooling the shoppers and redirecting rain water to the landscaping. [Curbed Miami]
PMG gained approval to build a 1,049 ft tower at 300 Biscayne Boulevard. This would make the new tower even taller than the originally planned 93 story Empire World Towers that was previously proposed for the site. [The Next Miami] The original plan for Empire World Towers was abandoned after the original developers were sent to prison for tax evasion and fraud. [South Florida Business Journal]
Miami Riverfront land is one step closer to being a more usable & pedestrian friendly shopping/culinary destination. Riverside Wharf would have a fish market, restaurants and a public riverwalk. [Miami Today]
Speaking of the Miami River area, David Beckham finally found a spot for his new soccer stadium. The new & approved location is in Overtown, just bordering the Miami River District and close to highways, public transportation and Downtown Miami. The area has often been overlooked until now, we are excited to see the changes that the stadium will bring! [ESPN]
Moishe Mana has been busy in Downtown Miami. He closed on two more sites this week and now owns over 800,000 square feet of space in the area. We can’t wait to see his plans once he reaches his goal of acquisition in the area near Flagler Street in the historic area of Downtown Miami. [The Next Miami]
16 Units at Met 1 Offering One Month Free Rent as Incentive
For those in search of a condo to rent in Downtown Miami, you may want to consider Met 1. Currently, an owner of 16 units there is offering one month free rent as an incentive to qualified renters – a pretty sweet incentive if you ask me! It’s uncommon to come across such an incentive for units in a condo development, especially one for so many units, so get it while you can!
The 16 units are a mix of 1 and 2 bedroom units, most of which include at least partial water views. Some of the units have carpet while others have tile throughout. Additionally, included in the rent price are basic cable TV, Internet, water, and one assigned parking space.
For those unfamiliar with Met 1 and/or are new to Miami, Met 1 is ideally located in Downtown Miami at 300 South Biscayne Blvd – just one block from the new Whole Foods and directly across the street from the Miami Riverwalk. The amenities at Met 1 include: a pool, hot tub, fitness center, men’s and women’s sauna, full-service concierge, valet parking, and much more.
To give you an idea as to what the units look like, I’ve included below photos that I took earlier this afternoon for 3 of the 16 available units (2201, 2914, and 3108). If you are in the market to rent a unit in Downtown Miami and would like to consider these as options, please contact me to schedule a showing. I can be reached via email at [email protected] or on my cell phone at 786-247-6332.
Unit 2201 – $2,100 per month
1 bed/1.5 bath corner unit with 790 interior square feet + balcony
Unit 2201 at Met 1 is a 1 bed/1.5 bath corner unit with beautiful views of the city and partial water views. The unit feels much larger than its stated 790 square feet. I love the fact that it has a window in the kitchen. I cook regularly at home, so that’s a big plus in my book.
Unit 2914 at Met 1 is a 2 bed/2 bath unit facing direct east and offering partial views of Biscayne Bay and the Miami River. It has tiled flooring throughout and balcony access off the second bedroom.
Unit 3108 – $2,850 per month
2 bed/2 bath 1,091 interior square feet + large balcony
Unit 3108 at Met 1 is a 2 bed/2 bath unit facing south and offering views of Biscayne Bay, the Miami River, Brickell Key, and Brickell. The balcony curves along the width of the unit with access from all rooms. The views from this unit are phenomenal!
Marina Blue Open House Thursday, July 2nd
Tomorrow, July 2nd (Thursday), from 12pm to 2pm, I, along with another agent, will be holding a progressive open house at Marina Blue. Units 5602 (pictured above), 3609 (pictured below), and 4809 will be open to the public. Please join us to tour these three magnificent condos, each offering breathtaking water views. Marina Blue is located at 888 Biscayne Blvd (at the corner of Biscayne Boulevard and Northeast 9th Street). Valet parking is located on the north side of the building. Refreshments will be served.
Unit 5602
Asking $825,000
2 bed/2.5 bath condo with 1,331 interior square feet
Turnkey furnished with over $250,000 in upgrades, furniture, lighting, electronics, and artwork
Throughout my career, technology has played an instrumental role in the success of my business – from implementing the latest website technologies to launching mobile apps for the Miami condo market. One such technology that has been a mainstay in my business is video. Since at least 2006, I have incorporated video in my real estate business to capture and market properties online. Back then, to capture a video tour of a property, I would strap a digital camcorder to a tripod and push it around on dolly wheels. Since then, not only has video technology improved significantly but the means with which to capture footage has seen major advancements as well. Perhaps the most notable of these advancements is drone technology. By attaching an HD camera to a drone, one is able to capture breathtaking shots from way up high. It also is a fabulous way to provide geographic perspective to an online audience who may not be familiar with the location of a property.
Over the past year, I’ve been waiting for the perfect opportunity to integrate aerial footage captured via drone to my marketing arsenal. My recent listing of unit 5602 at Marinablue – a turnkey furnished 2 bedroom condo located just one floor below the penthouse level – seemed more than ideal. The video above demonstrates the power of drone technology in capturing stunning footage from the skies above. After watching it, I am sure you will agree that drones and real estate are a match made in heaven.
Marinablue is located at 888 Biscayne Blvd in Downtown Miami – directly across the street from Museum Park.
