Miami Real Estate Learning Center

Where to stay when you vacation in Miami? What to ask when you talk to your mortgage broker?



Vacationing in Miami? Isn't it time to think about your winter vacation? Miami is a great destination but hotels in high season can be quite expensive. Here are some other options to save money.

Let's start with the unlucky ones who can stay only 10-15 days in Miami. I usually advise to go on my favorite website when I travel somewhere: Airbnb.com. You can also try vrbo.com and homeaway.com. Just make sure to ask if the unit you want is located in a short term allowed building and neighborhood because you don't want Code enforcement to knock on your door and make you vacate the place. Also make sure cleaning is included in the price, parking and ask if someone will welcome you at check-in or if you'll have to get the lockbox code and solve the issues by yourself when you land in the middle of the night....

For the lucky ones who can stay one month or more be aware that only a few buildings allow rentals for less than 6 months. Check with your landlord. Great buildings in South Beach for this type of rentals are the In the neighborhood, you should also check out the yacht club at portofino , which is in the SoFi area or the most prestigious and serene neighborhood. It's great for boat owners since it's right on the marina and walking distance to the beach. The Decoplage , and the Roney Palace are a good option for a more vibrant vacation since they are very close to Lincoln road and on the beach. Finally if you want to experience the parties and night life I would suggest to get a condo at the Flamingo .

What to ask when choosing a lender?

Of course you are going to ask them about interest rates but here are other questions you should consider when you are about to make the biggest purchase of your life.

  • 1. What are the different types of mortgages and what are their differences? Which one is the most popular? 30 years fixed, 5 years ARM, 3 years ARM, conventional or jumbo loan, home equity line of credit?
  • 2. What are my closing costs? How much would they be with a loan or without a loan? Are they negotiable? What is a point? Are there any prepayment penalties?
  • 3. Do I need private mortgage insurance and how much does it cost?
  • 4. Does the bank pay my property taxes and insurance or should I pay it on the side? How much escrow is needed from the bank to pay for them?
  • 5. Who will service my loan? You or another bank?
  • 6. How long will my rate be locked and what happens afterwards if interest rates are higher?
  • 7. How long do you need to be able to close on a house? Is that from the day you have gathered all the documents from me? When will I be approved?
  • 8. How much in total will I be paying over the life of the loan?
  • Don't hesitate to ask me for the best mortgage brokers in town. They will guide you thru the process and don't be shy.

    Malibu farm restaurant Can you count how many times you have eaten watching the ocean? Well probably not many times because there are only a few spots where you can enjoy a meal overlooking the ocean in Miami.

    Here is one which opened in April: Malibu Farm at the Eden Roc hotel. I tried it last week with some friends. First of all, the restaurant is gorgeous but I personally think you should go for lunch since even if we were there with a beautiful moon overloooking the ocean, nothing compares to the pristine blue ocean. Or maybe for happy hour and an early dinner?

    Regarding the food, it is a farm to table concept so everything is organic and grown locally. The burrata and arugula was great but nothing fancy. If you are looking for something different you should try the vegetable paella. We also had the fish of the day which was a delicious savory branzino.

    Top 4 events in October

  • Iron Fork: October 4th
  • Another event for foodies but this time it's a competition between 2 chefs . Located at the Hyatt Regency and James Knight Center in Downtown MIami this event opens its doors at 6pm. Participating restaurtants include Bazaar, Filia, Katsuya, Bagatelle and the famous Rosetta bakery.
  • Miami Auto Show: October 5th-13th
  • Located at the newly renovated MIami Beach convention center. It is one of the top 5 shows in the US. It features more than a 1000 vehicles from over 40 international manufacturers.
  • Surrounded islands: Oct 5th till Feb 2019
  • Documentary exhibition of Christo and Jeanne Claude surrounded islands dating from May 1983. The PAMM museum exhibition retraces the history behind such a work of willingness and determination.
  • Pop Up concert in the Design District: October 19th
  • The Miami Symphony will hold a free concert at 6pm in the Palm Court for its historic 30th season. 80 professional musicians from around the world. Do not miss it, I'll be there !

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