Update: One Miami Notice
May 26, 2007 by Lucas Lechuga
I have had a chance to review the revised lease application checklist that is now required by the association at One Miami. There have been a few changes made to the leasing requirements that must be met prior to tenant approval. The revisions were made by the One Miami Board of Directors as mentioned in my previous post entitled "One Miami Notice". In addition to a common area's deposit equal to one month's rent, the One Miami association has implemented a building pet deposit of $250.00 which is non-refundable. The common areas deposit is refundable as long as damages are not made by the tenant during the length of the lease. Another significant change made by the One Miami association is that a maximum of one lease will be allowed over any 12 month period. Previously, they had allowed a maximum of two leases per year. It seems that the Board of Directors feels that eliminating short-term rentals could be a good way of alleviating some of the tenant problems. Lastly, the revised application checklist mentions that all maintenance payments must be paid to date prior to any tenant application processing. All other fees and regulations have remained the same.
Although these changes will put a damper on the rental business that I conduct at One Miami, I feel that this is a move in the right direction for condo owners there. While investors in the building may be negatively affected in the short run, I feel that the long term investment picture at One Miami has improved as a result of these changes.
I am not at all happy with the change made by the Board of Directors, and I’m not even sure that this is legal – since the conditions were totally different when we bought from the developer.
We made a large investment based on those terms – for example, that one month rentals would be allowed. that even small offices were allowed. That was a contract, not some wet piece of paper.
I don’t intend to rent my property – but when I bought it, I was allowed to rent it for short periods – and my plans were to have the property as a second home: use it in the summer and rent it in the winter.
I don’t think the Board is allowed to make these changes without a vote of all the owners – because that is a change to the terms of sale – and I intend to consult a lawyer regarding this.
I believe the property will be less, not more valuable with this change, since it will no longer be attractive to owners who don’t intend to live here permanently.
Also, most of the apartments are not really places for people to live permanently – but for short stays. They are very small, and don’t have any closet or kitchen space. Also, no formal dining room and a tiny living room. I have a two bedroom, and could not possible think of living here for long periods of time.
What was the Board thinking?
“a common area’s deposit equal to one month’s rent” If a realtor makes a rentor pay for this is he/she allowed to contact the association to get the deposit back upon the end of the lease or is the owner the only person allowed to get the deposit back?
I think that the fact that all the maintenance fees have to be up to date for you to be able to rent it is a great idea and it protects the condo association and the building
What do you guys honestly think about living in One Miami?
From what I understand, all these changes are supposed to reduce the wear and tear on the place (as rentals usually do more tearing than owners…) I see it as something positive.
How is the parking situation? From what I understand it is still pitiful..
I also understand that the walls are paper thin, and you can pretty much hear everything going on in the apartment next door… any thoughts on that?
This One Miami building is as amateur as it gets. It is highly oppressive in every aspect of standards of living. having said that, please not that I would love to live there instead of renting my unit out. Alas, I must agree that:
a) Not children friendly
b) Not enough space for a two bedroom (I assum ehe same for 1 and 3 bedrooms)
c) well… little nits and picks.
http://www.pnpmedia.com/3700onemiami