Brickell Condo Owner Asks, “Should I Sell Now Or Find A New Tenant?”

January 21st, 2013 Written By

Over the weekend, one of our long time customers sent me an email to ask what he should do with a condo that he has owned for many years.  His current tenants had just informed him that they would be leaving at the end of their lease in February.  Should he sell or find another tenant?

I sent him very simple CMA showing the price range that he could expect to achieve if he decided to sell his condo and also what the going rates are for leasing. For him and his wife, who now live out of state, but have family connections in Miami, the process of deciding is two fold:

1. Examine the facts and the numbers that we provided them so that they could make educated decisions. Deciding whether or not to sell if fairly easy based upon the numbers. A sale is possible or not based upon what the investment is compared to what it could sell for. Then they must ask themselves: Is the return acceptable? What does the future look like as far as market value growth? What is the financial health of the building? Are special assessments likely? All of this is important to take into consideration.

2. The hardest part is the emotional part of the decision. By selling do they lose their connection with Miami? It’s really unique direct waterfront corner unit on Brickell Avenue. They lived in this condo for many happy years and have fond memories. Maybe they’d like to return some day. This is the part that we can’t help them with, unfortunately.

Real Estate decisions can be complex if emotions are involved and sometimes it’s impossible to avoid. We give our buyers and sellers accurate and detailed data so that they can make smart financial decisions, which is why they trust us. Then we support whatever decision their gut tells them is best. It’s usually always the best one.

What questions do you have? Ask away.

We know the numbers and track the Brickell real estate market. If you would like to schedule a buyer or seller consultation, please feel free to contact us at 305-960-5317 or send us a note here.

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