July has been a crazy month; demand for this Flamingo South Beach in Miami Beach has been extremely high and right now we are still seing a shortage for units very reminiscent of High Season. Its been talked with heated debate that even the 150% parking rate increase will bring South Tower rental prices down but yet we don’t see much downward pressure on prices.
Deals
The best deal on the market is unit 1458 at 1595 (/w one parking included), this 1 Bedroom is below market and owner is going to re-carpet and paint the apartment so it will be fresh which is a rarity these days. Unfortunately this unit does not have a balcony is its only downfall but at this price it will go fast.
The next reasonable deal is a 1 Bedroom unit 466 which has a courtyard and bay view with a balcony just reduced to 1750 with which is the lowest price with balcony. The view is minimal at best with palm trees and gardens that may restrict your your line of sight at this height, so be prepared to haggle a bit. For $250 more a month we get this same unit one floor up furnished so for those needing short term or easy move in this is your deal.
No deal
Now for the most demanding clients a 1 Bedroom unit 720 the most desirable line direct bay is now available. This unit has been on the Market since July 3rd and actually they just recently raised the listing price from 2000 to 2200, this is certainly the highest for any one bedroom unfurnished for this floor plan. The owner is not very motivated or flexible for the lease and the unit has no upgrades to justify the increase, in fact this was a tenant purchase which they most have gotten as a steal. They want a kick-out clause in the lease if longer than 6 months as they have it for sale at 425,000 right now, good price for sale but horrible for lease. My forecast is that this unit if it were to get rented today should go between 1800 -1900 however lets give the owner a few more weeks to see the light. Having an vacant apartment for 3 more months to get an extra $100 is not the smartest business idea, but hey its not my client!
Now for my favorite unit 840 the super large 1 bedroom corner unit, this beautif
ul apartment faces directly on the bay with balcony towards bay / garden side. It is a fully upgraded unit by the developer and the finishes are very modern and trendy but basic cookie cutter. Stainless steel appliances, title, upgraded cabinets and sinks in the bathroom. This unit is grossly overpriced at 2600 per month sure at almost 1100 sqft we can compare the price and size to a 2 bedroom but most prospects pay close to this on a South of Fifth unit that includes parking. I put an offer on this baby and they countered at 2500 still not much of an improvement but that was a month ago before they reduced the price again as I predicted to the agent she would. This unit should rent easily at 2000-2300 just for the shear size. Unfortunately for the owner this is a bad investment as his cost must be thru the roof so I can certainly understand where they are coming from however the unit has been sitting on the market for 3 months now and they are still playing games, if it were me I would and rent it at reasonable rate and tell them to sell it.
They are no studios in the South Tower as of yet, I have a possible one coming on the market in the next few months just in time for season that is going to blow everyone away, however it is currently under renovation, so no deal.
Rented
I rented my listing just recently, this one bedroom courtyard penthouse unit sat for a while and we had several deals fall short because the parking increase and minor points that shouldn’t have been an issue. At the time it got rented we got 2 offers and I’m sure we could have rented it for more had it been push as the inventory just suddenly dropped. However in the interest to save time and headaches we accepted 1750 which is a fair amount for both parties
Earlier this month I leased a fully upgraded 2 bedroom on the courtyard for under 2400. This is the deal to beat, needless to say my client was very happy and it was just such an easy process. We randomly met and I showed the best priced unit with stainless steal appliances and upgrade kitchens etc...And had it rented in 15 minutes.. They are no other upgraded 2 bedrooms and the 3 others are overpriced at 2900 with minimal price concessions. I suspect they will be willing go under 2500 now since it been a few months they been out there too. Contact Me
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