The Miami Herald recently published a story regarding the lawsuit filed by Bank of America against Everglades on the Bay. This story was extremely informative to us; as a brokerage specializing in luxury rentals we are constantly seeking great deals for tenants while trying to ensure a safe and secure community for the tenants.
Apparently Bank of America filed suit against the developers of Everglades on the Bay; this motion entailed the banks effort to seek dismissal of the communities chapter 11 case. The bank was claiming that the developers rental program would diminish the value of the property which is the collateral for the loan; therefore, endangering the banks position. There were also some accusations regarding the developer’s sub-standard practices in screening the tenants; thereby allowing persons with criminal backgrounds to enter the community. This second accusation (screening practices) was apparently found to be unsubstantiated. The judge also found that the property was not losing value due to the rental the program.
In a nut shell the developer was rewarded the case and will (at least for now) be able to continue it’s chapter 11 bankruptcy which will allow for re-organization and actually pay back a good portion of the debt it has incurred. The developer may also continue to rent unsold units. In addition, the bank may have opened themselves up to some liability; the developer may now seek to recover funds “for any extraordinary damage caused.”
Everglades on the Bay is a 49 story, two building luxury condo community located on northeast second street and Biscayne Blvd. This community is very attractive and with 849 condo units of which only a fraction have sold you can only assume that the develper will be offering attractive incentives to buyers as well as tenants. If you are in the market for a primary home (buying or renting) or perhaps a nice investment property be sure to consider this property as one to place on your roster to view.
When searching for your pet friendly communities and buildings; tenants with pets need to be sure that they let their real estate agent know that they have a pet. Pets are often welcome in communities; however, everyone involved in the transaction, from the agent to the landlord to the tenant need to be aware of the pet policy in the community. As real estate professionals we have seen just about ever single pet restriction in the current market. Some of the more common pet restrictions are as follows:
1. Weight limit – this restriction will usually be for a specific weight limit, for example 20lbs, 30lbs or 40lbs maximum weight. If this is the case in your community of choice be sure to ask if this is combined weight among your pets or if it is per pet.
2. No aggressive breeds. Often a community will define a list of breeds which they consider to be aggressive; typically speaking about dogs in this instance. The breeds on this list will not be permitted. In some cases if the dog resembles too much of a non-desirable breed the community may request veterinarian documentation stating the exact breed.
3. Some communities will have a number of pet restriction; for example, one pet per unit or two pets per unit.
4. Some communities will allow pets for owners but not for tenants.
5. Many communities will require pets to use the service or freight elevator versus the regular passenger elevator. Yet, other communities will require residents with pets to carry their pets in common areas.
6. The majority of communities will have designated areas for walking pets and will provide “poop scoop” stations for resident use. In addition, most will have set fines for those that do not pick up after their pets.
Keep in mind that although these are many of the more popular rules and regulations the do not constitute all of them. we have also seen many combinations of these rules. Also, keep in mind that even if a community allows your pet the owner of the unit may opt not to accept pets in their unit or have their own set of rules. Furthermore, owners may require a pet deposit in addition to the regular security deposit or even go to the extent of having a pet fee which will not be refunded at the end of the lease term. Again, be sure to clarify these issues prior to signing your lease.
If you are looking for a pet friendly community be sure to consult your real estate professional before beginning your search.