Expert Advice For Miami Homebuyers

Director of Sales Michael Internoscia Shares Home Buying Insight

As available inventory continues to shrink in the Miami real estate market, now’s the time to get serious about looking for a home. But purchasing a new condo is serious business– and you don’t need to do it alone. Real estate veteran & Marina Palms’ Director of Sales, Michael Internoscia, has some excellent tips for preconstruction real estate homebuyers; from pitfalls to look out for, to how to strike the deal of your dreams.

marina palms michael internoscia
Michael Internoscia

Tip Number 1: The Condo Association
When you are researching your new home, make sure the condo association is healthy before making an offer, or during your due-diligence period.

Most condo associations, after seven years or so, experience new assessments and homeowners associations begin to make changes to the building at this time. Be careful not to get caught in a costly renovation or an association riddled in receivables.

Tip Number 2: Review your Condo Docs closely
In pre-construction purchasing, when reviewing the condo documents and looking at the association budget, make sure the developer is including reserves in the budgeted numbers.

Tip Number 3: Consider the timeline
When purchasing pre-construction, make sure the timeline is not an issue for you when planning to sell your current residence. Sometimes acts of nature cannot be avoided and the time it takes for your new home to be complete could be a few months sooner or later than originally anticipated.

Tip Number 4: Financing
If you’re looking to complete a purchase with the aid of financing, make sure the building is officially “approved by lenders” before you make an offer. Some buildings have not been approved for bank lending because there may be too many renters or too high a concentration of investors. These banks follow Fannie Mae guidelines, and the guidelines are strict. This doesn’t necessarily make the building better or worse, but it will certainly be more difficult to get a loan when trying to purchase there.

Michael Internoscia

Michael Internoscia is a highly successful real estate broker with more than a decade of experience selling high-end, high profile condo projects in South Florida. Prior to joining Marina Palms, he helped sell out the Canyon Ranch Miami Beach Living and ONE Bal Harbour condo hotel projects. Michael also successfully sold out many other condo projects including; Terra Beachside, the Fontainebleau Sorrento on Miami Beach and AXIS at Brickell Village in Miami.

Have a burning question for Michael or want to learn more about his work at Marina Palms? Contact him by calling the sales center at (866) 841-9172 or contacting us online.

About Marina Palms:

Marina Palms, a project being developed by affiliates of The Plaza Group and The DevStar Group, is comprised of two towers, each 25 stories tall, with a total of 468 units. A full-service yacht club and marina will feature 112 boat slips for yachts up to 90 feet. Marina Palms is the first Miami luxury real estate development with full-service marina/yacht club to be built in Miami-Dade in the past 20 years.

Located at 172nd Street and Biscayne Boulevard in North Miami Beach, Marina Palms Yacht Club & Residences will offer amenity-rich living, unparalleled services and a boating lifestyle designed for yachting enthusiasts. With one million sq. ft. of livable space fronting a waterfront promenade, the residential development will entice any buyer in search of luxury waterfront living.

Every two-, three- and four-bedroom Miami condos and penthouse in the two-tower Miami waterfront development will offer luxury amenities such as butler service, infinity-edge pool and hot tub, a state-of-the-art gym, a spa with treatment rooms, a sauna, a steam room and workout studios, a news café, club room with bar, billiard table and 100” plus TV, children’s playroom and teen lounge and secure, gated access with 24-7 valet service.

The new 10,000 square-foot sales center opened in February, featuring a full-scale furnished model designed by award-winning interior designer, Steven G.

To learn more, contact our sales team online, or call (866) 338-5643 for more information.

For daily updates and project news, follow Marina Palms on Facebook and Twitter.

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