February Update – Yacht Club
Renovation works have taken place in your Yacht Club in Portofino. Your new awnings are at the front of the...Read More
The quick answer is that you are allowed to rent short term in the Portofino Yacht Club. However “short term” means 1-month minimum and you need a license from the city of Miami Beach.
So is this “short term” policy an asset for the condo or a drawback?
The opponents of the “short term” vacation condo claim that allowing fewer restrictions on the term of the lease does increase the turnover of vacationers which as a consequence increases the possibility of damaging the common elements. Nevertheless, this depends on the quality of the “short term” tenants. Since short term rental prices are on the high side in the Portofino Yacht Club, the tenants leave a hefty deposit and are very cautious.
The majority of homeowners do think it is an asset because a lot of condos at the Portofino Yacht Club are second/vacation homes. The owners can offset maintenance fees and property taxes with some rental income. The fact of having an apartment which they can personally enjoy and rent short term once in a while raises their interest in purchasing in this building. Their condo at the Portofino Yacht Club doesn’t cost them an arm and a leg so it becomes very attractive for them and as a consequence increases property values.
For example, this unit is a Penthouse with 3 bedrooms up for rent for $5,000/month in summer and $6,500/month in winter. In between the owner and his family enjoy it. It is already rented in August but it is available from now till the end of July.
We also have this beautiful unit #2708 1bed/1bath which is totally remodeled and is available from June to October for $2,500. Then the owners come till Dec 15th and it’s available for another month or two before the owner come back in February.
By allowing short term rentals in the Portofino Yacht Club, residents mix pleasure and business. The building is very attractive to the international community who is not used to pay high property taxes and maintenance fee back in the home town. Renting their condo for 3-4 months pays their yearly expenses and gratifies them with a “semi-free” vacation condo.