Miami is fast becoming the architectural capital of the world, with dazzling new developments going up at a rapid pace. Aside from its Art Deco era, until recently, luxury Miami condos could only be found in cookie cutter buildings with mediocre architecture. Luckily, the selection of high end condos in Miami and Miami Beach has greatly expanded in recent years. With constant Biscayne Bay and Atlantic Ocean views, some of these Miami luxury condos have outstanding surroundings elevating each of the unique residential buildings.
As Miami has grown in stature, so has the quality and design of its new residential luxury condo buildings. For example, as discussed recently in the Nytimes article: "In Miami, Embracing the Bold and Brilliant in Architecture", the city has seen stunning architecture from architects:
In addition, the Miami area has seen some other stunning architecture, including the Residences by Armani Casa at Sunny Isles Beach, Zaha Hadid at One Museum Tower and Architectonica at Oceana Bal Harbour.
Most recently, Portuondo Perotti Architects at Fisher Island along with interior design firm Indelux, which also designed interiors of Palazzo del Sol and Palazzo del Luna on the island, are designing modern Tuscan estates for the last 12 plots on the island. Finally, Madrid-based architect Joaquín Torres recently designed a spectacular 11,000 sq. ft. home on Key Biscayne.
Florida residents (who do not have to live there full-time) benefit from no state income tax and from "homesteading" their primary residence. It is easy to ignore the homestead benefits since many people think it merely reduces the taxable value of the property by $25,000.
In addition, there is an annual lifetime limit as to how much that taxable value can increase. Over 10 or 20 years, that can be significant. And you do not have to keep the same property; the homestead exemptions are transferable to a new purchase, so there is every reason to keep looking at properties for sale. In addition, unless the homestead is guaranteeing a debt, it is impossible for any creditor to seize the residence to pay off business or other personal debts.
We have explored in detail "Why you should invest in Miami," so now let us discuss how to invest.
Every country in the world and every state in America apply different real estate laws. Some are common, but many parts of the small print are so different that simple errors can cause serious problems.
The property seller, particularly if it is pre-construction or new construction, will have their own agent working for them, and working on their behalf. The buyer should choose their own Miami real estate agent.
In Florida, it is standard practice for a real estate brokerage to work as what is called a Transaction Broker. This enables them to help the prospective buyer search for and see every property that meets their criteria.
Once a property is short-listed, their agent can become a Single Agent. As a Single Agent, the Realtor owes all their loyalty to the buyer, and none to the seller, so they can negotiate effectively on price, terms, and conditions. An agent who represents the seller cannot deliver that crucial level of service to the buyer.
The commission, or sales fee, is paid by the seller, so hiring a dedicated agent is free for the buyer. The seller, in effect, pays the buyer's agent to bring a ready, willing and able purchaser to complete the transaction.
Buyers choose Realtors who know:
An investor or someone looking for a pied-à-terre may choose a high-rise condo in Downtown or a Miami Beach condo. Each has their own role in meeting a buyer's preferences, so choosing the right agent to find the right property in the right neighborhood is essential for success. A buyer can purchase a pre-construction condo or a resale condo, which have their own pros and cons.
As a final note, it is worth mentioning that Florida's property tax laws are such that many of these costs may be "offset" by the lower rates when compared with high-tax states like New York, New Jersey, and California. And those lower rates continue every year of course.
We will provide all the relevant information for you to make an educated purchase decision and negotiate the transaction on your behalf. As Exclusive Buyer Agents, we will hold your interests above all others, striving to obtain the best purchase price for the property. Remember, our mission is to grow, protect and preserve your wealth, so we are here to serve you.
We will introduce you to attorneys, mortgage brokers, and tax accountants, as well as provide contacts for schooling, domestic staff, and property management companies, if required. We are used to working with translators and have Chinese, Brazilian Portuguese, Spanish, French, Italian and Korean language-speaking agents to draw from to make the process seamless.
Finally, you, as the buyer, won’t pay us anything for our First-Class service, as the Seller always pays the sales commission in the US.