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Eighty Seven Park condos for sale continue to attract investors from all over the world. Situated in Miami Beach, Florida, this luxurious high-rise is home to estate-quality units with first-class amenities at every turn. Each condo features spacious terraces with large windows that illuminate interiors with natural light. Enjoy marvelous, breathtaking views of Miami and Biscayne Bay as you bask in the warmth of the sun and natural surroundings.

From one to four-bedroom condos, exceptional living is just one visit away. If you love picturesque scenery with captivating backdrops, Eighty Seven Park is for you. Here are some of the top amenities at this popular and growing community:

Children’s play-box and recreational room.
Concierge, front desk, and butler services.
Enoteca Wine Bar and cellar for wine enthusiasts and aficionados.
Library, lounging areas, and the popular Lobby area with comfortable seating and reading materials.
Curated art collections, lush landscaping, reception services, private gardens, and Outdoor Pavilion for socials and community events.
Soul Center Spa for lavish, elegant treatments after a long day at the office. Residents enjoy two swimming pools with ample lounging areas and great views of the environment.

What about fine dining establishments?

Residents at Eighty Seven Park in Miami have easy access to a myriad of excellent restaurants and outdoor cafes. From delicious seafood and burgers to sizzling steak and veggie platters, there are so many mouth-watering choices to dazzle your taste buds. Eighty Seven Park is also close to fine shopping and entertainment for one and all. Enjoy a stroll on the sandy beaches below or sit back, relax, and take in the soothing sea breezes. With so much to do and see, this uniquely-designed complex is perfect for families, newlyweds, singles, and world travelers alike.

As an oasis of charm and beauty, Miami has long been known for its world-class culinary establishments. Whether for breakfast, brunch, lunch, or dinner, let’s take a look at some of the best restaurants near Eighty Seven Park condos.

Surf n Sides Bistro

Surf n Sides Bistro is a haven for tourists and folks that love comfort food. This exquisite seafood restaurant is decked out in nautical, aquatic themes with a delicious menu. Enjoy comfortable indoor our outdoor seating with plenty of space for hosting parties, socials, or business luncheons. Just minutes from Eighty Seven Park, Surf n Sides Bistro is a 5-Star eatery that is synonymous with elegant but sporty dining. Here are some of the items on their bill of fare that is sure to entice and attract foodies:

Grilled chicken wrap – a healthy choice for folks that enjoy light meals with healthy beverages. Enjoy a side salad with your choice of several dressings and appetizers.
Delicious hamburgers and cheeseburgers with fries and bottled drinks.
Kosher burgers, veggie burgers, grilled salmon, grilled chicken breast, fresh white tuna, pretzel buns, Panini, and onion rings.
Kid’s menu includes burgers, hot dogs, French fries, bottled drinks, and more.

Wokka

Wokka is Miami Beach’s premier Thai food restaurant. Located minutes from Eighty Seven Park pre-construction condos, this enchanted eatery features spacious seating with a Thai-inspired décor. Enjoy delicious egg noodles, rice noodles, jasmine rice, or brown rice entrees. Each platter comes with egg, cabbage, carrots, and scallions for health-conscious diners.

Wokka showcases a range of Thai-inspired specials, including sautéed beef with coconut sauce and noodles. Chicken with noodles and peanut sauce is another favorite among diners at this 4 ½ star restaurant. They also have an extensive beverage menu, including water, sodas, lemonade, and Thai iced tea. The Build Your Own Bowl feature is a must for folks that love all types of noodles with vegetables and meat, poultry selections of their choice.

Le Sirenuse Miami

Le Sirenuse Miami is located at The Surf Club in the famous Four Seasons Hotel. This exquisite 4 ½ star restaurant features Italian – Mediterranean coastal entrees and platters for one and all. They showcase a beautiful champagne bar with on-tap specials, domestics, imports, and wines. Blanketed by palm trees and cozy seating, this venue is known for its tropical themes and first-class dining selections. These include but are not limited to:

Fresh pasta, seafood, and fish dishes.
Buffalo mozzarella, fish filets, pancakes, scallops, tuna, and potato frittata.
Caviar, octopus, Ahi tuna, marinated red onions, grapes, oysters, shrimp scampi, swordfish, and more.
Spaghetti, linguine, pizza, clams, truffles, Alaskan king crab, salads, appetizers, and more.

Cypo Café Brazilian Restaurant

Crypo Café is a cozy, art-filled restaurant with mouth-watering Brazilian-inspired dishes and platters. Enjoy comfortable seating as you dine on sizzling beef and steak platters served with fresh veggies and fruit. They also feature a popular rice and beans entrée without meat called feijoada. From fresh bread and cod fritters to ice cold beer and delicious wine, the Café is the ideal venue for family dinners, corporate brunches, or even social parties and team-building events.

Crypo Café is conveniently located on Collins Avenue – just down the block from Eighty Seven Park. They offer delivery/take out services and reservations for medium to large size groups. For authentic Brazilian fare like shrimp moqueca and Camaro a Milanesa (breaded shrimp), this exciting Café is truly the place to be.

Make Eighty Seven Park your new home

Eighty Seven Park is a great place to live, work, and raise a family. With beautiful scenery and top-notch restaurants, there is so much to do and enjoy in this vibrant, thriving community. For more information, contact Eighty Seven Park today for a tour or visit their website to learn more about their condos and floor plans in http://www.eightysevenpark.com/

Buying homeowner’s insurance is an essential step in securing coverage for your new home. In fact, this is a mandatory requirement for any new or existing homebuyer. Still, most folks do not look at the fine print when considering a home insurance agency. There are so many things to keep in mind when looking for home coverage. This includes cost, value, terms, and especially the longevity of the policy. Whether looking for a new home or buying a lavish condo at Eighty Seven Park in Miami, here are eight expert tips on how to choose the best homeowner’s insurance.

1. Check the market and see what is available

The insurance market is turbulent at best. What is expensive today may be cost-affordable tomorrow. As with any form of insurance (medical, life, automotive, etc.), several factors determine insurance rates for home coverage and mortgages. These include current market rates, along with financing options and interest fees. With all this in mind, it is essential to see what’s available on the market.

According to leading real estate agents, here are some things you should do when looking for home insurance:

Get quotes from a minimum of four carriers. This allows you to compare rates and make a worthwhile, informed buying, and investing decision.
Check Google for homeowners’ insurance tables and prices. These databases can be found for free at most insurance websites. You can check rates, compare prices, and search for the best insurance plans that meet your needs within time and budget.
Contact insurance agents or companies directly. This is a great way to get more information while asking questions or voicing concerns. As always, keep the square feet of your home and all pertinent information handy. This is important when inputting details to receive complimentary quotes and prices.

2. Buy direct insurance to save time and money

Direct writers produce policies and deal directly with consumers. This is a good way to connect with insurance companies without having to go through an independent agent. With the latter, he or she may assess high fees for connecting you to the right insurance company and policy. Working with companies directly takes out the middlemen, which results in significant savings and cost-effectiveness for you as a buyer.

If looking to settle in a condominium, consider Eighty Seven Park condos for sale. These estate-quality units are fitted with smart technologies, modern décor, and contemporary amenities for one and all. Located in Miami Beach, this luxurious high-rise is heralded for its spectacular views and soothing bay breezes. Enjoy quality living with pool decks, large terraces, natural light, onsite bar, fitness center, green areas, and outdoor pavilion for family events and neighborly socials.

3. Don’t delete all your junk mail

A lot of home insurance companies send out promotional emails each day. While it’s tempting to delete these or send them to your spam folder, look for marketing emails that may list home insurance portals for free quotes and prices. These companies work with marketers to present recipients on email lists with easy tips on finding homeownership policies. With this in mind, browse through your junk mail to see which companies may have reached out to you with the latest quotes and online sites for getting the best, affordable coverage options.

4. State shopping guides for consumers

Check your state for online homeownership shopping guides. These guides will list companies that have competitive rates from leading providers. The guides also provide information on lesser-known companies in your state. If you reside in a hurricane or flood zone, you may need additional home coverage for these natural disasters.

State home insurance guides also cover shopping guidelines for homeowners in vulnerable coastal or urban areas. This is vital information that private insurers tend not to offer to potential customers. Always keep your options open when it comes to service providers in your immediate area or general vicinity.

5. Check service histories of providers

While homeownership companies may offer significant discounts, it’s still essential to check their service histories. No truer is this than when it comes to their speed of processing claims. Check each provider’s industry rankings and online reputation as well. Speak to a representative at each company you are considering about their turn-around times for claims. Ask for special rebates, discounts, and the lowest prices available that they have. Generally, companies with shorter times for claims have excellent service and may be the ones you should gear towards.

6. Check financial ratings

Another vital facet to consider is a home insurance company’s financial ratings. A rating of A or higher by Standard & Poors is a great indication that the company has above-average financial ratings. Industry monitors like Weiss Ratings and Moody’s Investor Services are also good for examining any home insurer’s financial stability and market dominance. Remember, looking for the right home insurance is a detailed, intricate process that requires true tact, patience, and precision.

7. Always keep an eye out for discounts

As always, keep your eyes open for home insurance discounts. While Eighty Seven Park pre-construction condos are ideal units for a high-quality life, you still need to cover the basics of homeownership across the board. Remember, buying an elegant condo is no different than purchasing a single-family home. With this in mind, discounts are usually offered by insurers for consumers that take proactive actions in their homes. These may include installations of energy-efficient components like radiant barriers on HVAC units.

Installing protective or safety equipment inside your home may also qualify you for decent discounts. Similarly, elderly homeowners are eligible for lower prices across the board. Premiums may even be cut by 15% (on average) for homeowners that link their home and auto policies together. This makes it easier for servicers to service two or more policies simultaneously.

8. Get a free insurance review

Last but not least is getting a free home insurance review. Speak with local agents about coverage options and which one may be right for you and yours. Most companies offer free quotes but may even offer complimentary reviews without assessing fees.

These are some of the ways you can browse and buy the right coverage plan for your home. As always, ask plenty of questions and stay informed on the home insurance industry and its changes at every turn.

We at Eighty-Seven Park believe our properties are among the most desirable in South Florida but each buyer must decide for himself based on his own wants and needs. All motivations seem to be able to be reduced to around seven reasons and this article proposes to offer words of insight for potential pre-construction buyers. The type of buyer varies and, of course, the advice may vary as well as overlap.

A passive investment buyer is one who buys with the expectation of holding a property as an area develops, demand increases, and value appreciates. Renting may be a possibility yet it is not really the objective. Therefore, price and location are likely to be the biggest concerns of this buyer. Where is the building? Eighty-Seven Park has these buyers covered. Our location is among the most sought after in the world.

One of the reasons to buy pre-construction is also a tip to buying. Buyers have the opportunity to choose many finishings in a pre-construction purchase. Do not be lulled by the attractive incentives to buy. Forfeiture of decisions about what is wanted should be avoided and can be if the buyer continues to pay attention. Changes are more easily made before construction than after. This is more true for the investment buyer who buys more with an intention of generating rental revenue than merely holding a property while its value appreciates. He wants something renters will want to occupy. So he does have more concern about finishing choices.

A primary residence buyer is the one looking for a home – maybe the entrepreneurial executive whose career is on track and who has decided to stay and is looking for a hat peg. The website of a developer and builder are certain to be impressive as well as any printed material. The real tests are in what others with previous experience with the company have to say. Sure, there is some effort required but check with buyers in other properties. Also check the Better Business Bureau to see if any complaints against the developer have been filed.

Pre-construction is also the time for the buyer to discuss with the builder what is wanted. Admittedly there may be fewer external options than for a stand-alone home yet there are still floor-plan changes that can be made. Assume nothing. Ask everything. The buyer owes no apology for asking about any possibility. The right is his/hers to ask if something can be changed and what it will cost.

Be advised of a simple fact. Pre-construction carries a 20% higher price tag than a comparable condo already built. The benefit is, of course, that newer construction will include open floor plans, a kitchen island, a large shower rather than a large tub, and most are wired for mounted television sets. And because it will have the latest in technology, it will be more energy efficient.

A second home buyer is one looking for a home away from home and those decision are likely to be as impactful to him as to any. Maybe family or business brings them to the area often. Another tip is to be sure of the direction the unit is facing and not just mesmerized by an attractive price. Especially in a second home is this detail important because, in a second home, residents are most likely to be there to unwind than for work so a second home condominium view is likely to be a more immediate notice. Developers often put a premium on the units facing the water directly vs those from the opposite side of the building or the sides of the structure. The Eighty-Seven Park residences all offer spectacular views of the water and the area yet an unavoidable fact is some face the water directly and some face it at an angle.

A pied-à-terre buyer is the one who just seeks a place to chill when in town. He may be on business, maybe for pleasure yet probably not for family vacation. Be advised that a pre-construction may be the stereotypical weekend project at the lake. The last paint of coat, for example, may be the responsibility of the buyer after closing.

A gifting buyer is one who buys a place to house a child entering university or an advanced study program, an in-law, or a parent. Sometimes other special relationships fall into the category. Another tip is to be sure to know the contents of the condominium documents. Sometimes there are restrictions to who or how many people can occupy a residence, whether there are animals permitted or the size and type of animal, how the place can be used. Just be ware if the benefactor of the kindness is a softie for homeless animals, distressed families, or is a retired hippie who always wanted to start a band.

A corporate perk Buyer is a university providing housing for a visiting dignitary or professor, a corporation offering a perk to an executive, or simply as a perk to various employees or constituents. Probably the points of greatest interest there are occupant restrictions, price, and location.

We at Eighty-seven Park want each buyer to as well-informed as possible. Come see us.

A condo questionnaire is a document lenders require to fund a property designated as a townhouse or condominium that’s part of a homeowner’s association. The document offers evidence that condominium projects such as Eighty Seven Park Miami comply with the lender’s underwriting prerequisites.

Moreover, it offers a way of obtaining some significant facts regarding the stability of your possible real estate investment as well as a future home. If you’re looking to invest in our luxurious condominiums at Eighty Seven Park, here’s what you should know about the document.

What a Condo Questionnaire is

Lenders use the document to screen homeowners associations with a similar intensity prospective renters and buyers face. They do so because the federally backed funding sources (Freddie Mac and Fannie Mae) need it.

If the condo development doesn’t meet eligibility prerequisites, nobody can obtain conventional mortgage funding to purchase in that development. The huge drawback for a buyer is that if the development doesn’t meet eligibility, they probably won’t obtain a government-backed loan for it and they’ll need to pay a bigger deposit if they decide to obtain funding another way.

Therefore, the questionnaire requirement makes purchasing Eighty Seven Park pre construction more complex for all parties.

How a Condo Questionnaire Works

Lenders consider condominium units riskier than single-family homes because the physical and fiscal well-being of the entire development affects the unit’s value. If other residents fall behind on their association fees, it influences the community’s fiscal health.

Similarly, if a high proportion of non-occupant owners rent out their units without maintaining them, it affects the community’s physical state. Therefore, association managers or HOAs are supposed to fill out the form upon a lender’s request.

It offers information regarding whether development is warrantable. Previously, lenders used to write up condominium questionnaires, but this changed in 2016. Freddie Mac and Fannie rolled out standardized questionnaires, thus streamlining and generating consistency in the review process. While some lenders use theirs, the standardized forms are easy to process and access.

Condominium Lender Prerequisites

Condominium lenders assume a great risk when funding a condo construction. As a result, a lot of work must take place in document execution before breaking ground. Due diligence must take place to make sure the property is marketable upon completion and the purchase contract must specify there’ll be a sufficient number of sales.

Consequently, lenders typically take extra care to prevent any errors in documenting the legal roles with the developer and other stakeholders in the contract.

Warrantable vs. Non-warrantable Condo

For a condominium development to be warrantable, it must meet an extensive requirement list laid by Freddie Mac and Fannie Mae. Some of the limitations might seem apparent. For instance, the unit can’t be part of a houseboat project or timeshare.

A warrantable condo ensures that at least 10% of the yearly budget goes to reserves and at least ½ the units should be owner-occupied. Before investing in a condo development, we recommend you verify whether it qualifies for government-funding.

Establishing whether your condominium is warrantable isn’t easy. After all, Freddie Mac and Fannie Mae don’t maintain a public list of endorsed projects. Rather, your lender might need to order a condo review to establish whether the property is warrantable.

If you’re considering a condo investment, we recommend you consult a real estate agent who should inform you upfront. If he doesn’t, you might struggle to acquire financing. Fortunately, you’ll discover that our Eighty Seven Park pre-construction condos are warrantable and worth the investment.

A non-warrantable condominium doesn’t fulfill all of Freddie Mac or Fannie Mae’s lending requirements. Beware that it can be challenging to secure financing for a non-warrantable development. Regardless of how creditworthy you are, locating a lender that underwrites mortgages for non-warrantable units might be hard. A condo development isn’t warrantable if it’s party to a lawsuit; it operates as a motel or hotel, also called condotel; requires membership, for instance, country club or golf club.

Drawbacks of non-warrantable condominiums

Issues purchasing the condominium

As a purchaser, you’ll need to meet eligibility for a portfolio bank loan rather than a conventional loan. While lending practices vary across banks, you can expect strict underwriting criteria. You might need a huge down payment to purchase the unit.

Issues with the condo’s fiscal health

Development might be non-warrantable because numerous owners are delinquent on association dues or if the project sends inadequate money to its reserve fund for emergency costs. Both signs reveal that the HOA might have cash flow issues. If an association can’t meet its economic obligations, owners might witness an increase in their association dues. In some instances, owners might need to pay a special evaluation to cover necessary improvements and repairs.

Issues selling the unit

When the time comes to sell a non-warrantable unit, it will attract a smaller portion of buyers. Numerous purchasers won’t have the essential credit or down payment needed to secure a portfolio loan.

Ability to secure funding

From the surface, a non-warrantable and warrantable condominium might appear similar. However, whether your unit is warrantable makes a difference in your capacity to invest in the property. If you discover a development is non-warrantable, consider the risks before investing.

Most people buy a condominium to serve as a vacation home or personal residence, but they can make great investments. They’re particularly appealing for beginner investors or those who seek turnkey properties. That’s because they typically need fewer repairs, and can be a cheaper alternative to single-family homes in a similar market.

As much as we at Eighty-seven Park love our properties and residents, we also know there is no one place that pleases all. This article proposes at least six points to ponder when looking for a place to make new home. What the family unit needs and wants supersedes everything.

Because the weather and terrain seem to affect the others, we decided to mention it first. Naturally, printed materials or on-line postings seek to make the locale they represent trump all others. And why blame them? Nonetheless, there are pros and cons to any location and most people will not remain any longer than is necessary in a place they do not like.

For the aficionados of water, whether those castles will be perched on the coast of Maine or the cliffs of Oregon, the banks of the Colorado River, the Mississippi River, the shores of the Great Lakes, the Florida Everglades, or the Outer Banks of North Carolina, there are reasons to and reasons to not. With the draws of those places also come the humidity, the probability of disastrous weather, pesky insects, and dangerous reptiles. Seasonal tourists with money to spend and attitudes to match are all part of that landscape.

Mountain landscapes offer cooler summer temperatures, fresh air, panoramic views of the lower-lying areas, more wildlife like bears, deer, coyotes, mosquitoes, and more venomous reptiles. The bubbling streams and fresh-water lakes are part of that life along with seasonal tourists too, although a less dense population off-season is one of the rewards.

For those lured by the extremes, Alaska, the wilds of Michigan’s Upper Peninsula, the Appalachians, and upper New England and New York offer opportunities for less pampered living with the ever-present humidity et al. Conversely, Death Valley, Arizona, New Mexico and other states offer more stark landscapes and desert vistas with low humidity but potential weather dangers too and dangerous wildlife in abundance.

Immediately following weather is the second factor – location. After deciding whether mountains, lakes, cornfields, islands, or beaches is where your hat will hang, the next question becomes to what degree. A quiet beach town or fishing village vs San Francisco or Boston? Gambling in the high desert or on a riverboat in New Orleans? Is your shopping preference the Mall of the Americas, Park Avenue, Coconut Grove, or Fort Laramie, Wyoming?

The third factor is that of demographics, culture, and education. University towns might be the ideal place to start a business because there are always new graduates and the talent pool likely better. Simultaneously, the noise, traffic, and night living may challenge families with children.

The aged have their place the same as everyone but they generally are not in a rush and places with large clusters of them like Phoenix, Myrtle Beach, or North Carolina can be an issue for younger residents always in a rush.

In some places education is a symbol of status and importance and in others it is a means to an end and little more. Places with year-round sports events can be an issue for those with other interests. Plans snarled by traffic delays due to sports event traffic are a reality. In some places the only performed art may be at the local school or worship center. And the best known centers in others are downtown where the soup kitchens for the homeless are.

The fourth consideration is the provincial(state) government and the tax rates. Yours truly knew a fellow who packed up and moved his family to New Hampshire because a coworker and others lauded the no income tax and limited sales tax. What any of them failed to mention was that property taxes are very high, so much so the guy concluded a move back was most advisable for him.

Right along with that one is number five. Know not only the income, sales, property, and any other quirky taxes a place may have, but know the real estate market in a considered locale. A former boom town whose industry off-shored and left a doom town may have some real estate bargains that become nightmares if one needs to sell and move on.

Closely related are the cost of living and the local economy, the sixth factor. A small lesson from the New Hampshire anecdote. Words of praise or raze are always relative to the source. Consider it before taking action. One young couple moved to a depressed town after the husband’s job offer. Taxes were reasonable as was real-estate. Some of the gourmet grocery items they liked, though, were more expensive despite not being taxed. Plus, she waited two years for work in her field.

And the seventh factor to consider is a well-rounded look at the local business landscape. Taxes may be favorable and real-estate may be appealing but what is the international setting? Is the population, including community leaders, divergent or simply pleasantly diverse? If one has any entrepreneurial ambitions, then incorporation laws, import or export tariffs, travel expenses, lodging and eating opportunities can be an issue.

Here at Eighty-seven Park we are convinced a family unit needs to identify its wants and needs before chartering a course. Changes are infinitely more difficult after a launch. Contact us to see if your new home is one of ours.

Eighty Seven Park condos are a popular housing investment option, particularly for first-time buyers. One of the key reasons for their popularity is that they cost less than an equivalent single-family home in the same area. Their cost tends to be lower than single-family homes because of some shared facilities like the entire complex being built on a single parcel of land whereas in a single-family home each plot has its own title.

There are other differences between Eighty Seven Park condos and single-family units. Because of the communal nature of the complex, these units are managed by Homeowners Association or HOA that ensures the care and maintenance of communal amenities like gyms, pools, and clubhouses. in lieu of this service, the HOA charges a monthly fee to cover the costs of upkeep of the common areas.

Most home purchases are carried out through some sort of financing and herein you’ll find another distinction between single-family units and condos.

Why are mortgages on Eighty Seven Park condos slightly higher?

Mortgage lenders shield themselves from risk by charging higher premiums on risky investments. The reason why you might find mortgages on condos to be higher than on single-family units stems from the shared ownership. Unlike the case of a single-family unit where total responsibility lies with the individual owner, in Eighty Seven Park condos there is a shared responsibility amongst all residents and particularly with the HOA itself.

The other inherent risk with condos is that rules are set by an organization rather than the individual owner of the residents which might make it unattractive to potential buyers in case of foreclosure of the unit.

Finally, the viability of the complex is very dependent on each individual owner so if multiple owners are unable to make payments it can jeopardize the entire investment.

Differences between an Eighty Seven Park mortgage and home financing

The mortgage interest rate will be higher

There’s a high likelihood that an individual purchasing an Eighty Seven Park condo would be subject to higher mortgage rates than if they were purchasing a single-family unit on similar terms, this is as we mentioned before, is to compensate for the higher risk exposure for lending to purchase a condo than a similar single-family unit. The borrower can mitigate this hired by simply putting up a larger down payment and reducing the risk exposure of the lender.

You may require a larger than the standard down payment

Potential Eighty Seven Park condo owners should be aware that if they want to access the best mortgage rates then they would need to put down a down payment of at least 25% of the total purchase price of the house. Failure to put down a large down payment will lead to higher mortgage rates that in turn leads to a more expensive loan for the borrower. Again this is a function of the risk exposure to the lender where they try to mitigate this risk by compelling the borrower to put down a larger down payment.

Homeowners association fees

When computing the viability of a mortgage loan, lenders rely on an accounting function called debt to income ratio. The lower the proportion of the debt is to the income then the more likely the borrower is to finance their monthly mortgage payments. The monthly payments to the HOA constitute part of the debt part of this ratio. For individuals looking to purchase an Eighty Seven Park condos, then the higher the HOA fees, the more adversely it will impact their approval of the mortgage loan.

Prospective condo buyers should also be aware that HOA fees are not static and can undergo dramatic increases leading to severe strain on individual who also has mortgage payments to service.

Qualification of the property

Not all real estate property has access to the many financial loan types available. Some mortgage types like the FHA which is federally funded have certain standards that must be met before the complex is eligible and listed as a property that can be financed by FHA mortgages. Some of the conditions that would have to be met include that at least half of the units in the complex are owner-occupied meaning that they are not available for rental purposes. Another relatively common condition is that no single investor should own more than 10% of the individual condo units in the complex.

The FHA also requires that the property undergoes a financial review that is valid for the last 12 months. These stringent conditions mean that it is harder to finance an Eighty Seven Park condo purchase from federally sourced funds.

The other steps that mortgage lender undertake to reduce the mitigation of financing a Eighty Seven Park condo include

Reviewing the finances of the HOA including its reserves to establish its financial health. They also evaluate the payment history of owners of condo units in that complex because if they’re in default it means the entire property is at risk of foreclosure and this exposes them to a lot of risk.

They evaluate the HOA documents for any red flags that might lead to a depreciation of the asset they have loaned money on. If there is significant risk exposure then they will simply decline to approve mortgages on that property.

The percentage of owner-occupied units also indicates how invested the owners are in the property. The higher this percentage is then the most secure mortgages are that are taken on the property because owners will tend to look after their property more and tend to default less when they live in the units they have purchased.

So that has been our review of the differences between mortgages on a Eighty Seven Park condos and those that you can take on a single family unit or at home.

When exploring Florida’s exciting home market, you will find that pre construction sales are common. With so many developments sprouting up, especially around the Miami Metropolitan Area, the competition for these properties is high.

Eighty Seven Park Miami is one of the most desirable condo developments on the market today. An idyllic location, unrivaled amenities, and luxury units have made this one to watch.

If you haven’t yet considered pre construction, then it’s worth taking the time to understand what it means and the advantages that are offered. With the right information, you’ll be able to make an informed decision that meets your current and long-term needs.

Understanding Pre Construction

Pre construction homes are purchased while in development, based on the plans set forth by the construction company, architect, and lead developer. Although pre construction is sometimes offered before groundbreaking occurs, sales usually continue well into the construction phase, until all units are assigned to buyers.

Buying pre construction comes with some significant benefits:

The cost is lower than that at resale. For high-demand areas like Miami, this can mean securing a home in an exclusive community.
Unlike the resale market, there will be more choices available, with early buyers having more flexibility to choose between the various layouts and features that are offered within the development.
Although many features will be standard, buyers can choose from a range of finishing materials, floor plan layouts, appliances, and fixtures.
Pre construction can be more affordable, not only due to the lower cost per unit, but also because the buyer begins the closing process early.

There are currently hundreds of pre-construction homes offered in Florida, with more than 2,000 new communities across the state. Eighty Seven Park Miami is one of the most prestigious of all.

Why Should You Consider Eighty Seven Park Pre Construction?

The new development at Eighty Seven Park Miami offers unique benefits to buyers. We will explore these in the next section. However, even before we get into the specific details of this location, there are inherent advantages of the Miami market that you should consider.

The most important of these are:

Florida doesn’t impose state taxes on income, inheritance, and estates. While you will still need to pay federal taxes, your savings over a typical tax year will be significant.
Prices are competitive, even when looking at luxury development. The condominiums at Eighty Seven Park are priced above the market average, but this is unsurprising considering the amenities and lifestyle that are offered. Even when considering that the development is above the Florida average market, it’s still significantly below comparable properties in states like California and New York. If you want to make your income go further, Florida is the place to be.
The weather in Florida is perfect for people who love the outdoors. Eighty Seven Park Miami is right next to a pristine beach and in close proximity to dining, shopping, and entertainment hotspots. If you seek the perfect work-life balance, there are few cities that do it better than Miami.
Cultural diversity is something that many people enjoy about Florida and Miami in particular. It’s a melting pot of European-American and Latin cultures and one of the best places to explore the unique differences that make life exciting.
Healthcare in Miami is some of the best in the world. Specialist services are in abundant supply so you will rarely need to jump around practices for second opinions. Miami is home to some of America’s most respected healthcare institutions, including the Mount Sinai Medical Center, Mayo Clinic, Cleveland Clinic Florida, Jackson Memorial Hospital, and the Leonard M. Miller School of Medicine.
Miami is also a natural wonderland, with great beaches and sea adventures just minutes away. Further into the panhandle is the Everglades and plenty of unique spots for wildlife watching and adventure sports.

Eighty Seven Park condos for sale can give you a home in one of the most exciting, diverse, and prosperous regions of the United States. The above benefits alone will convince many buyers that it’s worth the move.

Unique Features Offered at Eighty Seven Park

If Miami pre construction homes haven’t been on your radar, the unique features and amenities offered at Eighty Seven Park will quickly convince you that it’s time to look a little deeper.

The balance here is unrivaled in the luxury condominium market. The beach, green parks, and modern high rise condominium all come together in harmony. The glass-encased lobby speaks to the high-end nature of the entire development. An on-site bar serves refreshing drinks inspired by the coastal life and natural beauty of Florida.

The resort-style pool reflects the blue of the ocean and is the perfect spot to enjoy a lazy weekend with friends and family or to relax at the end of a busy workday. With the shoreline within sight, swimming at your new home will be an experience to savor every day.

Other key amenities like a gym and spa, concierge services, lounges, and private gardens will give you the experience of living in a luxury resort. Best of all, you’ll enjoy this experience every day, giving you a dream Florida lifestyle like no other.

Pre Construction Will Secure your Home on Miami Beach

Real estate developments along Miami Beach will not be available forever. Strict planning and environmental laws mean that the luxury developments of today will be some of the last available for years to come. If you want to secure a piece of real paradise, Eighty Seven Park pre construction condos for sale must be considered.

The decision between rent or buy doesn’t always come down to finances. Many people who have the means to purchase will still look to a rental property for the flexibility it can bring. Ultimately, it comes down to your lifestyle, your long-term plans, and even the options that are available on the market.

Florida is home to one of America’s most active home markets. It’s also a state where luxury rentals are widely available, with countless compelling short and long-term leases.

With our guide, you’ll be able to weigh your options and make a decision that suits your needs.

The Biggest Benefits of Buying a Home in Miami

Eighty Seven Park condominiums for sale offer unparalleled luxury in an idyllic location. Buying will secure your future in one of Florida’s most exclusive new condo developments. There are several advantages that come along with this.

Buying results in predictable housing payments. While landlords can change their rates over time, a home mortgage will be set over its term length.
Buying a home, even a condominium, will give you an asset that appreciates over time. Options like Eighty Seven Park pre construction condos for sale are offered at the best possible price. When all units are sold, prices will increase on the resale market. If you buy early, you will be able to save money while having more of a financial upside from appreciation.
Although home taxes can be a burden, you will enjoy some benefits when initially buying a home. Accounting costs, property taxes, and other associated fees in the transaction are tax-deductible in most cases.
Buying a home is less expensive over a long period of time. If you don’t expect to relocate in the future and plan to make Miami your permanent home, you will find Eighty Seven Park to be a compelling opportunity. Rent will never increase, you won’t have to worry about moving costs, and you’ll never experience the stress of competing for high-demand luxury properties on the rental market.
Purchasing a home can provide you with a rainy day fund and security for your retirement. You could sell a condo much further into the future when your needs change. You can also use a condo as leverage for loans, which could be useful if you want to open a business in the future. Homeownership will give you a tangible and powerful asset that simply doesn’t exist when you rent.

Most importantly, owning a home at Eighty Seven Park will give you stability. If you are raising a family, then this luxury development would be a great place to see your children grow. Your space will be completely your own, and there’s nothing quite like it.

The Advantages of Renting Luxury Homes and Condos in Eighty Seven Park Miami

In many cases, renting can offer significant advantages to both individuals and families. All of these should be considered as you explore Eighty Seven Park condominiums for sale.

Even though homeownership is a primary goal for most people, renting could fit your current lifestyle better. Consider the following points and see how they align with your own goals and needs.

When you rent, you won’t have to worry about maintenance and repair bills. Landlords take on the responsibility of maintenance and repairs. If a home you rent starts to degrade, if the roof is leaking, or even if a major appliance stops working, it will be the landlord’s responsibility to organize and pay for repairs.
There’s also a significant advantage to be found in the lack of real estate taxes that you would pay. Taxes can be a significant burden on homeowners, particularly if you purchase a luxury home with a high estimated property value.
You might also choose to rent if you’re not ready to place a down payment on Eighty Seven Park pre construction. Most lenders will require at least 20% as a down payment on a mortgage. This would be a significant amount if you choose to live in one of South Florida’s more exclusive communities.
Renting also comes with flexibility to suit your lifestyle. You will have more mobility to move if you have family or work needs that take you out of county or even out of state. You will have less money tied to a rental property, even if you incur fees from prematurely terminating a fixed lease.

Of course, even with all these benefits, availability is something that you will need to consider. Eighty Seven Park pre construction condos for sale are limited in availability. There’s no guarantee that units will be offered for rent after construction is complete. For the units that are available, the competition will be high. If you want to avoid missing out on your own piece of paradise, buying will secure the lifestyle that you want.

Rent or Buy Make an Informed Decision

Choosing to buy a condo is a big decision. Renting does have its advantages, but these aren’t quite as compelling as those offered by purchasing a condo. Unless you need the mobility that comes from renting, you’ll get more benefits from investing in a real asset that appreciates over time. With the luxury condominiums at Eighty Seven Park Miami, you’ll be able to enjoy a high-end Miami lifestyle in a home that is completely your own.

Deciding whether to buy or rent the place in which to reside is a major decision. It doesn’t merely influence the amount of money you have left end month. It also influences your lifestyle. People often purchase homes when they would be financially better off renting because it matters to them to have a place for settling and because they see homeownership as an investment that could grow.

Likewise, people rent for the minimal responsibility and flexibility it provides even though they would amass a bigger net worth over time if they purchased a place. Of the two choices, the bias frequently veers toward homeownership.

However, ownership isn’t generally better than renting, nor is renting simpler than ownership. Consider the cons and pros of each to establish whether buying or renting is right for you.

Benefits of Buying

Build Equity

Unlike renters, homeowners of Eighty Seven Park build equity over time. On most mortgage loans, a segment of every monthly payment goes toward the interest of the loan while the remainder pays its principal. Every dollar our residents put toward their loan’s principal signifies a dollar of equity-actual homeownership.

Once you attain 80%LTV or 20% equity, you can tap the equity through a home equity loan or mortgage refinance to obtain a longer repayment window or lower interest rate.

Potential for rental revenue

Even if you don’t consider your home in Eighty Seven Park Miami as an investment property, it could turn into an income source. Our residents can offset their mortgage tax and insurance payments totally or partially. The easiest way of doing this is by renting out all or part of the property as long as you adhere to the rental property laws.

Freedom for Creativity

Homeowners of Eighty Seven Park pre construction can decorate and engage in DIY projects as long as they don’t violate building codes or homeowner’s association rules. Our residents could paint walls, include new bathroom fixtures, or update their kitchen. Changing your living environs to suit your taste is a fun and cathartic facet of homeownership; this isn’t accessible to renters.

Sense of Community and Belonging

Since our homeowners usually stay in their homes for a longer period than renters do, they’re more likely to settle in their communities. This manifests in numerous ways. Our residents typically engage in neighborhood activities and forge close relations with fellow residents.

If you’re a renter, it might not be possible to do any of these things, especially if you might be relocating in one or two years.

Drawbacks of Buying

Responsibility for Repairs and Maintenance

Homeowners are responsible for covering the cost of uninsured repair work and maintenance on your home. While your precise outlay will probably differ from one year to another, you can anticipate paying approximately 1% of your home’s value annually toward these costs.

High upfront expenses

Although upfront home buying expenses differ considerably depending on the down payment and the home’s value, you can expect to pay no less than 5.5% of your property’s value before you move in. You might end up spending more than 20% of the buying price.

On the other hand, renters pay comparatively low upfront expenses and those who obtain all or part of their former apartment’s security deposit could divert it toward the security deposit on the new place.

Possibility for monetary loss

Although homeownership builds equity, it doesn’t automatically equate to profit. If property values in your region reduce or remain flat throughout your tenure, you risk a monetary loss during the sale of the property. Although renting does not build equity, renters don’t face the likelihood of owning a depreciating asset.

Benefits of Renting

No responsibility for repairs or maintenance

Renters aren’t responsible for repair costs or home maintenance. In case a pipe bursts or there’s a malfunctioning appliance, you don’t need to call a plumber. You simply need to inform your landlord.

It’s easier to relocate

Relocating for work purposes is easier and less time-consuming for renters. That’s why tenants who change jobs frequently usually rent until they stabilize professionally. Although an abrupt move might need you to violate your rental lease, you could offset the cost fully or partially by subletting your rental or negotiating with the property owner.

On the other hand, selling a home takes effort and time. If you need to sell fast, you might need to accept a lower cost and possibly risk an investment loss.

Less stringent credit requirements

While most landlords expect potential tenants to undergo a credit check, it’s usually a zero-sum proposition. You face denial or approval depending on your credit history and credit score. You’ll probably find a rental as long as your report doesn’t include judgments and bankruptcies. On the other hand, mortgage lenders have high credit requirements and minor changes to your score could influence your mortgage rates considerably.

Drawbacks

No equity build-up

Regardless of how long you stay in the rental, you won’t build up equity under a normal lease agreement. If you intend to stay in the same place for several years, you’re better off buying Eighty Seven Park condominiums for sale instead of renting.

Restricted control over housing costs

Unless you reside in a municipality with laws related to renting control, the landlord could hike the rent once the present lease expires. Property owners increase rents to match increases elsewhere in the real estate market, compelling renters to vacate the unit instead of signing a new lease. Nevertheless, if you sustain good relations with the landlord, you probably won’t face rent increases.

Given the immense upfront expenses associated with a home purchase, most young people start their independent lives with apartment rentals. As they start families and build careers, many opt to purchase a home.

However, homeowners approaching retirement might decide to sell their homes and become tenants once more. Regardless of whether you decide you rent or buy, we recommend you weight the relevant factors keenly before making a decision.

Purchasing a home can be emotionally involved but if you permit emotions to get the best of you, you might fall prey to various homebuyer mistakes. Homeownership has numerous far-reaching implications, so you should keep them in check and make a rational decision.

Your aim should be buying a home that you like at an affordable cost. However, we find that numerous people make mistakes that prevent them from realizing this dream.

Searching for a home isn’t an easy task. From browsing several listings to making offers, the process can be daunting whether it’s you’re the first time or not. If you’re thinking of investing in Eighty Seven Park, here’s a list of tips to conduct a home search.

Obtain pre-approval before you begin your search

One way of showing you’re serious about purchasing Eighty Seven Park Miami is to get pre-approved or pre-qualified for a mortgage. Even if you’re in a market that isn’t as competitive, we advise homebuyers to understand their budget.

This way, you’ll have the confidence of recognizing whether you can afford your dream home. This will prevent you from being attached to a home that’s beyond your budget.

Research the agent who’s listed the home

You should identify the agent who’s listing the property because the agent could be newer. We advise clients to verify references if possible and establish how the sellers found their agent. It’s important to note the number of online reviews more than the negative reviews, which you should take with a grain of salt.

Establish whether they’ve listed other properties because their knowledge in a particular cost range of properties will make a difference if the property you’re considering is outside their normal range.

Research and select a neighborhood where you wish to live

Every neighborhood such as Eighty Seven Park condos for sale has a distinct charm. Before committing to a home solely based on the home itself, we recommend a test-drive of the neighborhood. Ensure it suits your needs when it comes to factors such as amenities and then take a weekend to explore before making a commitment.

Choose a style you like

Assess your family’s needs and settle on a home-style that will serve your needs best. Once you’ve narrowed the search to a zip code, this doesn’t imply that you must tour all listings in that neighborhood.

Open-house visits

People hardly ever locate the home they end up buying simply from stumbling through open houses. Therefore, browsing actual homes such as Eighty Seven Park pre-construction condos for sale could go a long way in helping you identify what you love and dislike in real estate. Make sure the tour is comprehensive by opening every door, closet, and other components in the home. You could even snap pictures if you have permission to do so.

Don’t presume you understand your chosen area based on one visit. You should check out prospective properties at varied times of the night and day to examine how the vibe changes and the type of activity that takes place. You could even talk to neighbors about their experiences residing in the area.

Document the home visits

Once you begin touring homes, the components of each home will begin to blur. We recommend you keep a camera handy and make notes on the listing sheet to document what you like and dislike about every property you visit.

Mistakes to avoid when searching for a home

Not identifying what you can afford

Once you’ve gotten attached to a specific home, it’s difficult to go back. You’ll probably begin dreaming about how great your life would be if you had the amazing things it provided. However, if you can’t or won’t be in a position to afford that home, you’re just deceiving yourself.

To avoid this, you should limit your home search to properties within your financial capacity. If you look at properties that are beyond your budget, you’ll end up wasting time on what you can’t afford. Begin your home search at the low end of your cost range. If you find a satisfying home, you don’t have to go higher.

Not shopping

While you must be sensible in your home search and eager to compromise to some extent, don’t cave on significant things. For instance, don’t settle for a two-bedroom house when you know you plan to have kids.

On the same note, don’t purchase a condominium merely because it’s cheaper than a home if one of the major reasons you dislike apartment living is wall sharing with neighbors. While you’ll need to make some compromises in order to afford your first house, don’t make a compromise that will cause a huge strain.

Unless you’re a high-end purchaser considering custom homes, there are chances that for any home you like, you’ll find others that resemble it. Most neighborhoods have numerous homes that are comparable or a similar model; the same builder might have constructed them all.

Even if you cannot locate the same model for sale, you’ll probably find a home with several of the same aspects. If you’re thinking of a townhouse or condominium, the odds are in your favor. Being open to maintaining your search will prevent you from making rash decisions, which you might regret later on.

Conducting a home search can seem overwhelming especially if you’re new at the process. Nevertheless, the right tips will help the search easier and successful.