All Forum Posts by: Jeffrey Davis

'Triggered' agent here lol. I have Shenandoah set up for both the neighborhood in Miami where I am based, as well as Shenandoah VA which is one of my favorite places in America and where I would like to build a dream home. After six years of living in VA before moving to Miami, I am discussing acquiring a vacation rental property with friends in that area.

Wild in the 305. Active Inventory is down nearly 40% y/y, with the months supply dropping 60% from 8.7 to just 3.5 months across SFH, MFH, and Condos. A 66% increase in Cash Sales 20% increase in Closed Sales, and decrease in New Listings, has shot down the median time to contract to just 27 days. The market is hot.

There's always opportunity for investors in Miami. You are not gonna find Memphis prices, but it's not Queens either. Remember this is a growing economy down here, and neighborhoods you've never heard of will be great for flipping, BRRRR, and other strategies. If you only had a Realtor you could trust in Miami...;-)

@Jordan R.

@Ravi S.

Glad you enjoyed the articles. Feel free to reach anytime you would both like to connect here in South Florida.

Just to piggy-back on my recent post, here is some fresh news about Commercial real estate performance in Florida:

NAR's top 10 metros with the strongest commercial markets in 2Q 2021

• 1) Las Vegas
• 2) Cape Coral Fort-Myers
• 3) Port St. Lucie
• 4) Nashville
• 5) Raleigh, N.C.
• 6) North Point-Sarasota-Bradenton
• 7) West Palm Beach-Boca Raton-Delray Beach
• 8) Punta Gorda
• 9) Spokane-Spokane Valley, Wash.
• 10) Olympia-Tumwater, Wash.

Florida boasts five of the top 10 markets with the strongest commercial markets – a ranking that includes the apartment, office, industrial, retail and hotel sectors – according to the National Association of Realtors® (NAR) Commercial Market Conditions Index rankings for the second quarter of 2021.

To find out more, check out this article from the FL Realtors 

Did you wake up, grab your colada, and read the news? Miami is still the destination for homebuyers and renters...and especially investors.

You heard people relocated during the pandemic, but where did they go? Miami. (Link to Redfins Latest Data on Homebuyers Migration)
"Miami has consistently made the top 10 list since Redfin began regularly tracking quarterly migration in 2017, but has never taken the number-one spot until now. It had a net inflow of 7,610 Redfin.com users in July, more than triple the 2,216 net inflow of a year earlier. Two other Florida metros—Tampa and Cape Coral—were also in the top 10 last month and experienced year-over-year increases in net inflow."

If you were one who listened to my advice a year ago...you're now the richer for it! If not, that's okay, there is still more room for growth in this wild town. Check out the housing stats:

Florida Realtors research demonstrates a year-over-year Closed Sales up 57%, Cash Sales up 119%, Average Sales Price up 33%, Dollar Volume up 110% ($2.7 billion), and Months Supply of Inventory down 59% in Miami-Dade County.

Fortune Builders recently listed Miami as a top ten city for rental prices (Check out Fortune Builders Cities with Highest Rents data), and Insurify places Miami at #3 for percentage of renters (Where are the Renters?). This is a city of renters and investors are benefitting.

Take a deep breath because Miami -- one of the 'Cleanest Cities in America' -- is about to leave you breathless (not just from all the fitness gurus). Just ask the America Lung Association, who strongly ranked Miami for its air quality!

Miami is in position. Ranked with 11 other FL cities in 20 of the Top Cities to Retire in the US, Miami is poised to take on America's aging population. Furthermore, US News recorded 11 FL cities in the top 20 for Fastest Growing Cities in America. Miami isn't on that last list...but I wonder where people drive to go visit for that Airbnb vacation? Follow the tourist dollars!

Bottom-line, Miami is an ideal vacation spot for its beaches, nightlife, and rental investing. Not to mention a great place to live with its year-round sunshine, warm weather (you can ditch that snow shovel!), and low tax burden. So are you ready to grab a cafecito and take the next step?

I am starting up my first STR here in Miami, but definitely not in Miami Beach. Did you see the 2020 article and report from AirDNA/investopedia (https://www.investopedia.com/a...)? Miami Beach is the #1 worst in the country for profit potential. If you are an exp investor (like some Ive met here on BP), AND have a golden strategy, I am sure there is money to be made. With the taxes, high HOA fees, and sheer amount of airbnbs in Miami Beach (I read 1 VR for every 15 MB residents)...you would have to give me a free condo to invest on the beach. I dont see the #'s working here like I do in other parts of Miami, but would love to hear others experience.

Hi all, I am a Realtor-associate who lives on Millionaires Row here in Mid Miami Beach. Would be glad to provide my perspective and contribute to this convo on STR in MB, just hit connect and message me.

Hi BP, searching for some input from those experienced with Airbnb/Vacation/Short term rental rules and regulations (with bonus points for South Florida/Miami).

My plan is to move from a condo on the beach into a nice big home in South Miami (3500 SF), and convert half of it into an Airbnb separate private guest suite. This home is too much space and too much price tag for my wife and I. Fortunately, my family is playing the banker here, so there is flexibility on time and payment. BUT, I want to get it right the first time and it has been tough to find accurate and reliable info BEFORE taking action on my plans.

Questions: 

• If a home is sectioned off to become a private guest space, and an exterior door is added for separate access to the suite, does this trigger an issue with city rules and regulations? All the work will be permitted, but my concern is that the city will require a kitchen (or some other requirement) if I wall-off this guest suite.
• Is creating a private guest suite in a SFH, making it a multi-family house? I am concerned the city would shut this down since MFH are not permitted in this neighborhood.
• Does Airbnb conduct inspections?
• Any input would be awesome.
• Thanks BP, Jeff

Hi James, here is some info I found on your Marbella Towers

Source: https://www.sunnyislescondosre.com/sunny-isles-beach/marbella-tower/

About Marbella Towers

Marbella Tower Condo Complex, located on 200 178th Dr, in the world-famous city of Sunny Isles Beach, Florida. Built-in 1976, The Marbella Tower apartment building has only 60 apartments with one bedroom one bathroom with 1,040 SqFt. And two bedrooms, two baths with 1,477 Sq.Ft. Le Marbella Tower Condominium is walking distance to the Atlantic Ocean, Samson Oceanfront Park, Sunny Isles Fishing Pier, Norman S.Edelman K-8, one of the best public schools in Miami-Dade County, shopping centers, and restaurants. Marbella Tower apartment building offers to the residents impact windows, covered parking space, a fitness center, heated pool, laundry facilities, intercom at the lobby entrance, and community clubhouse. Walk to the turquoise waters of the Atlantic Ocean or numerous boutiques nearby. Just minutes away you have Gulfstream Casino, the racetrack, and Aventura Shopping Mall. Marbella Towers Condominium Complex is investors friendly, allow rental the first year of ownership, and short-term rental too; no pets allow in the building. A free community shuttle is available.

James, did you get your questions answered? From my brief research, looks like an STR-friendly building in Sunny Isles. At least much more so than where I live in Mid Miami Beach (STR not allowed). The question is whether the Condo Board is friendly. In my experience down here on the beach, year-round condo homeowners typically do not want to deal with Airbnb or STR people.

Cheers,

@Jean Rychlik You got it Jean! Let's connect over a cortadito in Miami, and we can chat about it. My wife is from here, but I am a recent pandemic transplant who brings a lot of energy to an already energetic place! Would love to hear about your farm area here too.