by Craig Greenberg

Florida Rentals

Oceanfront Rentals

The homes and condos presented on LuxuryOceanFL.com for rent include the cities of Boca Raton, Delray Beach, Gulf Stream, Highland Beach, Hillsboro Beach, Manalapan, Ocean Ridge and Palm Beach.

Please be aware that properties can be offered for rent in a variety of ways:

• furnished
• unfurnished
• seasonally (short term/winter months)
• off season (summer months)
• and/or annually.

I mention this because the majority of the time, the list price of a property will be the least expensive price available (usually meaning an Unfurnished Annual rental).  So if you are looking for a short term seasonal rental, make sure you reference the Furnished Seasonal Rent price


Short term rentals in the state of Florida have an 11% Bed & Bath tax.  Short term is defined as rentals less than six months and a day.   Please do not ask your realtor to fake a six month lease if you plan on leasing for less than the mandatory term.  You are asking for trouble if you get caught, and I'm sure there will be penalties on top of the tax you would have owed originally.  If you rented directly from an owner in the past that let you do that, good for you, but that was then and this is now.  No realtor should ever jeopardize their license to make a rental happen.

Short term rentals also involve prepaying all rent 30 days prior to the rental start date plus a 1 month's security deposit along with any applicable application fees.  This is done to protect the owner from a renter 'flaking out' at the last minute and just not showing up.  Most likely a renter will put a one month deposit down with an offer and then agree to pay the balance 30 days prior to moving in.

Rentals also include at least a one month security deposit.  On short term rentals, an owner will not switch the utilities into the name of a renter.  They will stay in the name of the owner and the owner will deduct utilities for the term of the lease from the security deposit.  An owner should provide you with all paid utility bills when you receive the balance of your security deposit back.  A security deposit will also be used to fix any damages done to a property.  It's always best to take photos when you move into a rental.  Most renters have a phone or camera readily available, so use it and protect yourself from an overzealous landlord trying to fix up their property on your dime.

Last minute plans - please understand that if you are trying to rent a condo or a property in an association with an approval process, management companies can take up to 30 days to approve an application.   The management company may have an additional fee to expedite the approval process, so if you are trying to rent something at the last minute, please make sure to ask about the approval process including but not limited to fees, amount of time to approve, letters of recommendation, copies of driver's licenses, association security deposit, etc...

Don't be surprised to see your Realtor charge a transaction fee ranging anywhere from $99 to $300 on top of the rental.  Realtor's in Florida are independent contractors, they run their own businesses, but under the guise of a Broker.  I'd say 99% of all Brokers in Florida now charge this fee.  If you can find a Broker that does not charge this additional fee, good for you.

Be wary of rental from first time owners looking to rent their property out because they are unable to use it this year.  They tend not to want to be landlords taking care of issues if and when they arise in a rental.  Realtors are here to put owner and tenant together and then their job is done.  We are not property managers, unless a Realtor markets his or herself that way, then do not count on your Realtor to be on top of issues as they arise.  There is a place in Florida leases for an owner to notify the tenant who to call if an issue arises.  It will either be the owner themselves, or a service contract provider, house sitter or a local handyman.  Make sure you know this before you give all your advance rent in 30 days prior to the rental start date.  A renter's bargaining power is money. Once your money is in escrow, the landlord will consider it theirs and be less likely to answer your questions as they arise.

When does a owner receive advance rent?  The way Florida leases are worded, advance rent given to a Broker can be delivered to the owner immediately (once cleared in the escrow account).  If there is an approval process and the renter is not approved for any reason, the renter is to receive all their money back with no penalty.  Most Brokers (should) wait for renter approval before releasing any funds to an owner.  If they owner spends your money and then you are not approved, say hello to  legal action against the owner.   There are a lot of scary scenarios of a renter giving all their money a month in advance and then the owner not living up to their end of the deal.  That is the risk all renters take, and thank God most owners live up to their word.

Let's not just pick on an owner.  Renters too are capable of being sneaky.  I have seen renters move in during the beginning of season, November/December, for an annual rental by paying first, last and one month's security deposit and walk away from a rental leaving the owner high and dry at the end of season (April/May).  Not only is the renter walking away from the lease (breaking a lease), but they locked in the annual rate for seasonal months.  Annual rates tend to be 50% that of seasonal asking prices.  Don't be surprised to see an owner ask for 1st month, last 3 or 4 months upfront and a security deposit if you are starting an annual lease in the Fall in Florida.  Owners are catching on to this scam.

If you interested in renting in Florida and want an agent on your side with many years of experience, working on 100's of successful rentals, then please feel free to contact us.

• View All Oceanfront Rentals
• View Intracoastal Rentals
• View Intracoastal Homes for Sale
  
• View Oceanfront Homes for Sale

Craig Greenberg 561-376-8540 | Craig@LuxuryOceanFL.com
Tripta Chawla 561-703-7733 | Tripta@Tripta.com

Boca Raton Luxury Waterfront Condo Update

by Craig Greenberg
LuxuryOceanMarket.com

Boca Raton Luxury Waterfront Condo Real Estate Market Update

It's been quite a busy year for the Luxury Waterfront buildings.  Buildings like Presidential Place on the grounds of the Boca Beach Club have no more residences for sale.  High end buyers are coming to Boca Raton in droves and buying up the chic luxury properties.

One Thousand Ocean, Luxuria, Mizner Grand & Presidential Place

In this update, we'll look at the properties that have sold over the last 12 months in the above mentioned buildings.  As for a tally of closed sales over the last year, One Thousand Ocean had 8, Luxuria had 6, Mizner Grand had 5 and Presidential Place had 4.

If you are interested in purchasing a luxury oceanfront condo in the Boca Raton area, please feel free to contact either Tripta Chawla at 561-703-773 or myself, Craig Greenberg, at 561-376-850.  You can always send an email too and we'll respond ASAP:  info@LuxuryOceanMarket.com

Just as an FYI, we are both agents of Lang Realty.  Lang Realty was the leading broker in the Boca Raton, Delray Beach and Highland Beach area with over $500,000,000 in sales in 2012.  Tripta Chawla once again was named Lang Realty's top producing agent in 2012.  She has had this honor for the past decade, each and every year.  Tripta and I have been working as a team since 2005.

Residences for Sale:

One Thousand Ocean
Luxuria
Mizner Grand
Presidential Place

One Thousand Ocean

Luxuria

Mizner Grand

Presidential Place

November 2011: Boca Raton Condo "Mizner Grand" Real Estate Market Update

On October 30, 2011, these are the current Condos for Sale in the Mizner Grand in Boca Raton, FL:

[one_half] [/one_half]This condo actually is not oceanfront.  It is situated on the Intracoastal, right in the heart of Lake Boca Raton.  And If you are on a high enough floor, I believe from 6 and up, you will definitely see the ocean.  The higher the condo floor, the better your view of the ocean.  The Mizner Grand is also located on grounds of the Boca Raton Resort which has it's own perks.    If you are in the luxury condo market in South Florida, I believe this building has the best value out there.  It's a full service building with some of the highest standards out there.  I know because I have family that lives there and they remind me of it all the time.  And since I have multiple family members in there, I get all the best gossip of who is going to list and why people are selling....aka knowing the "motivational sellers"
In the Mizner Grand, there are 2 main floor plans that I have seen, the 3 bedroom + media room/den (approx 4200 sq ft)  and the 4 bedroom + media room (approx 5200 sq ft).  And if you are looking the list above, you will see there is a monstrous +8400 sq ft condo which is actually a double apartment.  And to boot, it's the penthouse.  My family members all have the larger 4 bedroom + media room condos.  Whenever they entertain, people fall in love with the floorplan and the view.  If you reference the list above, there are only 2 current on the market;  400 SE 5th Ave #504 and 550 SE 5th Ave #504S.  All of the other listings, with the exception of the penthouse, are the smaller floor plan.  That floor plan does not give the same feeling as the larger floor plan, not just because of the missing extra bedroom and 1000 sq ft of a/c living space, but the kitchen and family room are located in the back of the condo overlooking the parking lot versus the larger model where the kitchen/family room, living room and master bedroom all overlook the Intracoastal, Lake Boca Raton and the Ocean if you are on a high enough floor.
Besides the floor plans, which building you are located in tends to play a big role in the overall feel people get in the condos.  There are several buildings that make up the Mizner Grand.  I would avoid the building closest to the Resort because for a few reasons.  The obvious being privacy, but the hidden reason is the noise from the trucks pulling up to the back of the hotel as well as the garbage trucks at the break of dawn.  If you are light sleeper, choose a different building.  I like the central buildings because they give you the best view of Lake Boca Raton and Intracoastal with no obstructions.
[one_half]

Click to Enlarge

[/one_half]As of today, there are no condos under contract for sale.  Year to date there have been 7 sales.  If you click the image to the left "Click to Enlarge," it will show you the details of the sales.  Sales have been in the high $1 million to low $2 million range, with the exception of a custom Shuster Design Associates condo selling around $3.2 million.  Even though the Mizner Grand is a top notch development, it is not prone to the real estate bubble.  A few years back, the condos were easily selling in the high $2 to $3 million range.

October 2011: Boca Raton - Oceanfront Real Estate Market Update

Current Oceanfront Homes for Sale in Boca Raton:

On October 16, 2011, there are two homes in Boca Raton listed as Oceanfront.  Here is a pure violation as Boca Harbour is not located on the ocean or near the ocean, but rather on the West side of the Intracoastal Waterway.  I think if 838 NE 70th Street were a true oceanfront home in Boca Raton, we are missing a digit in the price.  Since this home is not on the Ocean, it should be disrerded as oceanfront, but it's up to the listing agent/broker to take care of this violation.
Now 2601 N Ocean Blvd is a real oceanfront home in Boca Raton.  If you ever drive along A1A in Boca, you will notice the lack of homes along the ocean.  There are plenty of condos for sale, but homes are scarce.  Just like Manhattan where there is only so much space, so the best way to develop real estate is in high rises.  This holds true in Boca.  2601 N Ocean is listed for $22 million.  It is decribed as "Clean, Modern, Elegant, Beachfront Smart House.  Priced Fully Turnkey with the latest and greatest technology."
If you are looking for an oceanfront condo in Boca, there is more of a selection.  There are 36 oceanfront condos on the market in Boca that are priced over $1 million.  They range in price from $1,049,250 at the 5 Palms on Palmetto Park Rd all the way up to $15,250,000 for the penthouse apartment at One Thousand Ocean.
There are no oceanfront homes in Boca that have sold over the last six months or are under contract, but there are 3 oceanfront condos in Boca under contract (2 in Addison and 1 in Luxuria) for sale and 18 others have closed during the year.