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 15^th 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.

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So why is it a good time to sell your condo at the Portofino Yacht Club? Because the inventory is low and the last sales of bayfront units were at a high price.

Let’s first look at the last sales. The three last sales of bayfront condos at the Portofino Yacht Club were in the $800/sqft.

#2812 which sold a month ago for $950,000 or $840/sqft and it was not remodeled. The other one was #1804 which closed for $840,000 or $770/sqft totally remodeled. Finally, PH#3308 sold for $805/sqft or $612,000.

These last sales give us a positive forecast for the remainder of the year.

Now if you want to sell your unit at the Portofino Yacht Club you are going to ask me for what is available for sale today on the market?

Well if you want to buy a 2-bed condo there are only available ones above $900,000. You can choose between #2612 for $919,000 or #2012 for $939,000 or #2010 for $1,075,000. This means they are all above $800/sqft.

You can also enjoy a 2-bed Penthouse at the Portofino Yacht Club for $2,200,000. This unit has an awesome balcony and 10 feet ceilings. It is very well remodeled.

If you are looking to sell your 1-bed condo at the Portofino Yacht Club, the prices range from $555,000 to $626,000 for the remodeled unit. These are the only units under $1M in the entire south of Fifth neighborhood which offer sweeping views of the bay and downtown Miami so you will find a buyer quickly.

As a conclusion, if you are planning on selling your unit at the Portofino Yacht Club it is the right timing even if we enter the low season. Please call us so we can evaluate its pricing.

The post BREAKING NEWS: Portofino Yacht Club owners – Great time to sell ! appeared first on Yacht Club at Portofino.