Sunny Isles Marco Polo Beach Resort ~ Condo Hotel Advice. In reviewing a customer’s excellent condo hotel deal with Sunny Isles real estate, I decided to relay the answer here on the MiamiBeachRealEstateBlog.us…
The maximum residency in a condo hotel (zoning) is 6 months. Income may cover costs with the typical financing at 20 to 30% down. The rental income through Ramada management is a good way to offset taxes and maintenance fees. It would cover only a small portion of the principal. Through owner management or property management outside of Ramada, net income could be slightly higher. The current owner rented this unit for $525 weekly plus $50 cleaning plus 13% tax. On the flip side, I like the idea of Ramada’s network, which may keep occupancy higher hence netting an equivalent as owner/management.
Marco Polo Beach Resort
Oceanfront condo hotels are typically purchased by the vacationer & investor looking for passive income with stress-free management in place. The potential for appreciation is great based on the price point of $110,000. Anything oceanfront less than $200k in a highly desirable area is RARE. Also, this high tourist area makes it more exclusive in the coming years.
- The Yearly Taxes are Estimated at $2,082 or $173 per month
- Maintenance fees at ~ $550 per month
- At 25% down ($27,500), the remaining balance is $82,500. At 7% (example only), the monthly would be $548.87.
- Total monthly expense estimate = $1,272
Hi, Thanks for your excellent blog and articles. Enjoyed them very much. I have a question reg. you statement that “The maximum residency in a condo hotel (zoning) is 6 months.” Is this specifically for Sunny Isles, or does it also apply to Miami Beach? Thanks in advance for any information!!
That’s a great question rk and I would say it’s for every condo-hotel based on City regulated zoning laws of Miami Dade County including both Sunny Isles Beach and Miami Beach. Many may say it’s unregulated and many owners DO slip past the commandos but fyi, I would love to have additional feedback from educated readers of this blog…
Ashton, thanks for the quick reply. I just wanted to let you know what I’ve learnt since then, though it is still incomplete. Shortly after posting the above question, I emailed the Miami Beach Zoning Department with essentially the same question. I have been looking at buying a unit in a condo-hotel in the city of Mimai Beach, with a goal of spending anywhere from a couple of weeks to the entire winter there, each year. My concern was whether there are any city zoning rules that may set upper limits on how long one can stay in the unit. I mentioned that my plan was to stay there upto 6 months per year. A very helpful person from the zoning dept. emailed back the next day, and wanted to know two things, mainly, whether I planned to apply for homestead exemption (no) and how large the unit was (~900 sf). He then emailed back that there was no zoning problem with my intended use of staying there upto 6 months each winter. While this did answer the immediate question, I was left with the impression that the rules may be different if the unit were smaller (perhaps a small studio with no bedroom may have more restrictive zoning?) I wrote back asking if there was some document or web site that explained the zoning for all units and condo-hotels, not just my specific case, but have not heard back yet. If I learn something additional on this topic I will post back. A note for potential buyers in condo-hotels: sometimes there may be additional restrictions imposed in the condo rules. One needs to check both the condo docs, and the city zoning rules, and the more restrictive of the two may apply.
i am interested in buying a condo at Marco Polo…
we own a ocean view unit at marco polo we seldom use it,and there are people that live there all year round,by the way ours is for sale
I’m interested in buying a unit in Marco Polo.