$4 Million in Renovations. The King Cole had a $4.3 million assessment last year. This was to make several very much needed renovations and improvements. The main ones were the replacement of the two chillers (air conditioning system), which cost approx. $1 million; the other major was to install new balconies made of a clear smoked glass, which was approx. $750,000; and the last major renovation to be completed is the interior hallways on all floors, which will cost about $1.1 million. The interior renovation consists of replacing all of the wallpaper, the carpet, the light fixtures, door knobs, door numbers and replacing the parquet wood floors with terrazzo in the common areas outside of the elevator on each floor. The interiors will be mainly off-white with different shades of that and other light, neutral colors with a modern flair that matches the design elements of the building, which is a Miami Modern design. The King Cole is part of the Normandy Isles Historical District, which was recently nominated to be added to the National Register of Historic Places. Other improvements to be made in the building are outlined in the financial reports.
New Balconies at the King Cole Condo in Normandy Isles neighborhood of Miami Beach
The Maintenance includes most utilities: electricity, air conditioning, basic cable TV, Internet, water and sewer. In other words, all utilities except for the phone are included. This means that the monthly maintenance cost is $0.55 per square foot once you take those items out of the monthly cost. When one considers that this is a full amenity building built of solid concrete block (no cheap walls here....like they used to make them. You will not hear your neighbors!) with about 30 employees that include parking valets, security front door personnel, maintenance and housekeeping personnel, an engineer and our own property management office, the monthly maintenance amount is normal. Compare it to other full amenity buildingsin the area. Maintenance at Aquasol at 6770 Indian Creek, The Bridgewater (new construction in North Bay Village), the Burleigh House at 7135 Collins Ave. is are all over 50 cents per sq. ft.
Why buy in the King Cole? The main reason is a lifestyle and a standard of living. We believe also that the building is definitely undervalued, because it had not been renovated and there were problems with the Board, which over the last 2 years has been almost entirely replaced with a much more active and progressive group.
Some of the main attractions here are the floor-to-glass windows, the large bedrooms, walk-in closets, thick soundproof wall throughout all of the units, the extra half bathroom, the proximity to the water and the beach, one of the largest swimming pools in the area with great views;
A full gym with cardio and weights that also overlooks the marina; a marina with boat slips; the building property is spacious, secure and safe. Recently, the homeowners passed the vote to allow pets less than 20 pounds in the building. There is also a large kid's playroom in the lower lobby, storage bins for each unit, a bicycle room. Each floor has two washer and dryer rooms. Other features include a number of different rooms in the lower lobby that are also being renovated for a possible future restaurant/convenience store and other various meeting rooms and a billiard room. For more information and photos, please contact us for the VIRTUAL TOUR or Video.
The King Cole was designed by a protégé of Morris Lapidus, who designed the Fontainebleau Hotel and other classical buildings that make up Miami Beach. The King Cole is a MiMo (Miami Modern) building. With over 285 units and a marina with 32 dock slips, the King Cole is a full amenity building with 24/7 security, a nice size gym overlooking the water, a large kids playroom, and one of the largest pools in Miami Beach (overlooking Biscayne Bay, Allison Island and La Gorce Island).
The King Cole is located in a quiet residential neighborhood called the Normandy Isles Historic District, which was recently nominated to be added to the National Register of Historic Places. This Miami Beach neighborhood, also known as North Beach, is conveniently located half a mile from the beach; has several top restaurants nearby; the airport 20 minutes away; and South Beach and Bal Harbour 10-15 minutes away.
For more information about the King Cole and real estate in Miami, Miami Beach and the surrounding areas, please contact us at 786.553.0697, or email us. Visit our award winning website at www.HomesForVIPs.com. We are here to help you learn more about the different areas and to assist you in buying, selling or investing here in South Florida. As licensed Florida real estate agents, we are also certified as e-PROs, International Real Estate Specialists and Certified Distressed Property Experts.
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