501 First Residences, Miami Florida
Condos for Investors Seeking Rent Revenue
Hello, Joel Greene here from Condo Hotel Center with a look at a recent trend.
With Covid-19 finally winding down here in the U.S. we’re seeing a surge in the home-sharing economy. Fully-vaccinated people are ready to travel, and property owners can’t wait to welcome them back to their rental property.
While Airbnb is the most recognizable name in this industry, it’s not the only game in town. There’s also VRBO, Home Away, Booking.com, to name just a few, offering properties in over 91 countries.
For homeowners, these vacation-rental sites offer exposure to infinite clientele, free marketing and the chance to make steady income. For renters, like my daughter Haley when she was sent to Chicago for six months of training for her job, they are a more home-like option than a traditional hotel room.
But there’s one group of homeowners that hasn’t participated in the home-sharing economy – at least until now. Because most condominium complexes don’t allow short-term rentals (under six months), their owners have been excluded from sites like Airbnb. Now that’s about to change.
The property I have for you today is a luxury condo – not a condo hotel – in Miami, and it’s the first one I’ve seen that offers its owners-to-be all of the following options:
- Live in the unit as your primary residence if you wish
- No rental restrictions – rent out your unit for days, weeks, months or years
- Find renters via third-party platforms like Airbnb, VRBO, etc.
- Use in-house rental program – receive 60-70% of revenue
- Leaseback to developer – receive 8% (gross) guaranteed revenue for 24 months
If you’d like to get into the rental game, then today’s featured property might be for you. Read on for details.
Luxury Condo Tower
501 First Residences is a to-be-built elegant tower in downtown Miami. Beyond its excellent location in an area of accelerating economic growth and high occupancy, the tower allows short-term, vacation-type rentals, making it ideal for investors.
It is the first condo development in Miami without a hotel component to offer this feature. The tower will consist of 40 stories and 448 fully furnished condo residences.
501 First Residences will have many upscale services and amenities:
- Elegant porte-cochère with 24/7 valet service upon entry
- Ground-level, multiple restaurants and cafes
- Rooftop 20,000+ sq. ft. of recreation featuring 360-degree views
- 75-foot, resort-style lap pool
- Hot hydrotherapy bath
- North-facing private rooftop movie theater experience
- Grill & chill on the sunrise and sunset decks
- Outdoor game lawn
- Work areas with coworking space, boardrooms, video conference, etc.
- VIP living room with game tables, chef’s kitchen, media room, greenhouse
- World-class fitness center with indoor gym, yoga room, and private training rooms
- Pet Lounge – pet bath station to cater to furry residents
An Ideal Location
Downtown Miami is exciting, and 501 First Residences will have a prime location in the city. 501 First Residences will be just one block to the Port Miami Cruise terminal, a stone’s throw to the FTX Arena (Miami Heat, live concerts, etc.) and a short walk to Miami Worldcenter (shopping, entertainment, conventions, museums, sports venues, etc.)
501 First provides easy access to the Metro mover, which connects directly to Miami International Airport and all the main points of Downtown and Brickell. Other area attractions within a few miles include:
- Bayside Marketplace – restaurants and shops
- Bayfront Park – 32-acre public park
- Adrienne Arsht Center for the Performing Arts
- Brickell City Centre
- Wynwood Walls – street murals by world-class artists
- Marlins Park – home of the Miami Marlins
- Miami Beach and Key Biscayne beaches
- Numerous restaurants and popular art and science museums
Construction on 501 First Residences is expected to begin by the end of 2021 and should be complete about mid-year 2024. The condos include studios, one-bedrooms and two-bedrooms, ranging in size from 401 sq. ft. to 835 sq. ft.
Prices range from $310,000 to $750,000. Want to know more? Request my detailed data sheet below, yours for the asking:
Haley Home for a Quick Visit
I mentioned at the top that my daughter Haley had left for Chicago for six months of management training. Turns out the company likes her and has asked her to stay on indefinitely at their Chicago headquarters. Proud papa here. Fortunately, Haley was able to dart home to Miami for a short visit last month.
Again, if you’ve been contemplating buying a Miami-area condo as a vacation destination or rental property, 501 First Residences could be the ideal second home (see what I did there?). Check out my data sheet or contact me to learn about our many other properties.
Have a nice day!
Want to know more about me? Click below:
© Condo Hotel Center. All rights reserved. No portion of this Property Alert newsletter may be reproduced, exhibited or distributed without the express written permission of Condo Hotel Center. Condo Hotel Center takes copyright infringement seriously. Violators will be prosecuted to the fullest extent of the law.
Although Condo Hotel Center believes the information contained in this Property Alert newsletter to be accurate and complete, Condo Hotel Center can make no such guarantee. All features and descriptions are subject to change.
Please speak with your personal legal and financial advisors to determine whether this property is suitable for your objectives.