Miami Beach 411
Like what you see? Let's talk about how
we can help your vacation --> Contact Us
Results 1 to 4 of 4
  1. #1
    Junior Member
    Join Date
    Oct 2006
    Location
    Miami Florida
    Posts
    33
    Likes Received
    0

    Default Office condos - Stop paying rent for your office

    In the past four years, a slow-growth national economy, historically low interest rates, and volatility on Wall Street have led many professionals and entrepreneurs to look at alternative investments in the real estate market — including owning their own office space.

    Office condos provides the opportunity to:

    • Stop paying rent
    • Build equity
    • Tax saving benifits
    • Own quality office space in a prime location

    Morel business owners are choosing to buy rather than lease office space.

    Office condominium appeal to small businesses, and professional firms with stable business models. These office users typically purchase 1,000 to 6,000 sq.ft

    One of the key drivers of the office condo market is the prevailing rental rate, If new office space is leasing at $25 to $30 a square foot, and a user can buy new space at $18 to $28 a square foot, there's an immediate return on that real estate investment.

    Because of the savings per square foot, many businesses find owning office space makes financial sense and provides a stable, familiar location for their clients.

    Recently we have been servicing a lot of new clients with office condo requests. What are your thoughts on this type of real estate investment?

  2. #2
    Gus
    Gus is offline
    Administrator Gus's Avatar
    Join Date
    Jun 2005
    Location
    Somewhere between South Beach and South Miami
    Posts
    6,506
    Likes Received
    167

    Default

    Can I sleep there? What are the rules and regulations about buying an office condo and setting it up as my perminent residence?

    Do most office condos come equipped with a bathroom and kitchen?

    Last week, I was in a realtors office on Lincoln Road, and he told me his place was an office condo. I don't think they had a bathroom.

  3. #3
    Junior Member
    Join Date
    Oct 2006
    Location
    Miami Florida
    Posts
    33
    Likes Received
    0

    Default

    Gus, when you are in office condo and it does not have a Code required Bathroom in the individual unit they are most probably using a Common area Bathroom that is considered the common elements of the building. This is part of the “common ownership”

    Don't just think residential apartment next time someone says "condo”. Also think office and retail condos. All condos have rules which include office and retail condos. You must read the Condo Documents to see if you can do such things as sleep in them or have a pet etc. etc.

    Condominium
    A real estate project (does not have to be Residential) in which each unit owner holds title to a unit in a building, an undivided interest in the common areas of the project, and sometimes the exclusive use of certain limited common areas. The condominium may be attached or detached. Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership.

  4. #4
    Administrator Michelle's Avatar
    Join Date
    Jul 2005
    Location
    Miami Beach, FL
    Posts
    1,706
    Likes Received
    53

    Default

    Hi Lyle,

    Thank you for explaining why people would prefer to buy, rather than lease an office. As I've seen more offices for sale, I've wondered why anyone would want to buy one. It makes sense now.

    Maybe I'll buy a few office condos instead of "liveable" condos; seems like a better investment. I wonder if any of them allow for sleeping.

    Let me know if you hear of any.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •