June 14, 2024
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June 14, 2024
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COVID-19 and Bal Harbour, Florida

At least 10 times a week I receive calls asking how the market is in Bal Harbour.

While it’s true I recently had a record sale in the “101” Bal Harbour condominium building, $2.9m, the same line unit, one floor higher, just sold for $2.275m, a 21% drop in price!

These are real numbers in real time!

For buying, houses in the area start at $500,000 to over $22m. Condominiums start at $250,000 to over $20m.

For renting, houses start at $1,800/month to $65,000/mo. Condominiums start at $1,400/mo and go to $55,000/mo.

The wide range of pricing depends on many factors: location (Surfside/Bay Harbor Islands or tony Bal Harbour), view, square footage, ceiling height (something I have been on top of since getting into the business), if there is dockage, appliance package and building amenities.

What I really like about this area, and why I moved here in 1996, are the choices and options one has!

Additionally, being walking distance to the over 13 super kosher restaurants, five shuls, kosher grocery store (which has expanded from two to five combined retail spaces), kosher bakery, $5m children’s water park (free to Surfside residents), post office and The Shops Of Bal Harbour, makes the lifestyle here incredibly convenient.

I am finding terrific deals and opportunities for my clients looking to buy and rent.

At the other end of the spectrum, allow me to draw your attention to the Airbnb Ramada-Marco Polo Hotel and Condominiums, located on Collins and 192nd in Sunny Isles Beach.

Built in 1966 and extensively remodeled, the Marco Polo has over 500 residential and 100 commercial units, with full hotel amenities and shopping, the building even has a full-service Chabad shul as part of the building, headed by Rabbi Chay Amar!

With over 75 units for sale, ranging in price from $80,000 to $227,000, there are incredible buying opportunities!

The units typically come with full kitchen, granite countertops and built-in Murphy beds!

I call this a “short-term solution to a long-term question.”

Because the Marco Polo has condo-hotel status, daily rentals are permitted! Typically, people are getting $100/day or $1,000/month.

One can buy a unit to use for oneself or immediately rent it out.

For rental purposes, one has three options:

1. Place the unit in the hotel rental program.

2. Rent it out personally to friends and family or through Airbnb.

3. Engage a real estate agent to personally handle it for you.

The hotel program commission runs for approximately 50%, all in.

I have handled similar rentals for 10% 20%, depending if management is required, with the understanding that when the owner wishes to sell, that I will be their designated agent.

Many people looking at these opportunities are purchasing for family members or employees, or might be in a transitional stage in their lives.

Leon Weinschneider, fondly known as “007—Licensed to Sell,” has been one of the top real estate agents in Miami Beach/Bal Harbour/Surfside/Aventura/Sunny Isles Beach for over 23 years. Luxury Living Real Estate, 305-812-1090, [email protected].

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