Monthly Archives: May 2007

The State of Restaurants in Downtown Miami’s Design District

Design District in Downtown MiamiEver been to the Design District?

If you want to know where it’s at, it’s divided by NE 36th Street to the south, NE 41st Street to the north, North Miami Avenue to the west and Biscayne Boulevard (US 1) to the east.

If you want to know what it’s about, well it’s home for almost twenty art galleries and more than forty stores and showrooms.

Add home of dining hotspots to that list.

“We wanted to have a place for people to go,” said Michael Schwartz of Michael’s Genuine Food & Drink, a restaurant that opened its doors last month at 130 NE 40th St. “I felt the area was ready for something like what we did.” Mr. Schwartz and his wife Tamara wanted to create “a great neighborhood restaurant with great food” for “people who live here, work here, want an alternative.”

Mr. Schwartz, the former owner of Nemo on Miami Beach, said that the location of the Design District is perfect for a restaurateur that wants something different from the wildness of South Beach while still retaining its appeal for Miami Beach tourists and residents.

Michael Jacobs, former chef at Tantra and current chef at Grass, says that the proximity of downtown Miami’s Design District to South Beach and the hotels along the Biscayne Corridor means “potential growth for business.” “The Design District has so much to offer right now,” says Mr. Jacobs. “A serious dining and nightlife destination.”

Free Hurricane Wind Inspections are Back for Florida

You remember those free hurricane inspections?

Well, they’re back. Officially.

Florida Chief Financial Officer Alex Sink has stated that the free hurricane inspection program passed through the legislative session and is part of the My Safe Florida Home (MSFH) program.

What is the My Safe Florida Home program?

MSFH. My Safe Florida Home Program for South Florida.

My Safe Florida Home lets homeowners in Florida sign up on their website for a free wind inspection. This inspection focuses on strengthening homes for a hurricane, a process known as mitigation. Every dollar you spend as a homeowner on the items they recommend to improve will be matched by the state of Florida.

There are currently more than 50,000 people on the waiting list for this program. If you want more information on the MSFH program, you can contact them toll-free at (866) 513-6734.

I need a wind inspection now!

If you want a wind inspection before the Florida hurricane season (starting June 1st) you can pay a fee of $150 to the independent inspection firms. Note that you will not be eligible for the matching funds benefit.

How has the My Safe Florida Home program helped?

So far, about $200,000 has been awarded to 88 Florida homeowners in South Florida areas such as Miami, Fort Lauderdale, Miami Beach, and Coconut Grove and various areas in both Central and North Florida.

How To Recognize the Full Value of Your Real Estate Investment

Real estate investing in the Miami Herald and Sun-Sentinel newspapersSometimes things aren’t always what they seem.

In this case, real estate may not be what it seems either.

As a real estate investor, one of the most important qualities you should develop in yourself is the ability to recognize what is the full potential of a property. This can give you a huge edge over your competition that only sees properties in their current state. Many times, this current state is much less profitable than what it could be.

Recognizing the full potential value of a property involves visualizing what a property’s restored value would be and putting aside whatever its current value may be.

How zoning can play a role

Most novice investors completely overlook the possibility of a change of the use of a property. By doing this, you would be ignoring high quality money making real estate investment opportunities. By being a knowledgeable investor and researching zoning requirements not you will not only safeguard the current use of the property but you may also gain clues to what may become surprise profits from another use. For example, you may have a home on a large lot. Have you investigated whether you can convert that into twin home lots?

Examples of thinking outside the real estate box

  • You can subdivide a large lot into smaller multiple lots
  • You can change your monthly rent payment schedule into a weekly one
  • You can take down and demolish what’s currently on the lot and build a more profitable alternative
  • You can convert a single-family home into a duplex or even into office
  • You can convert an apartment building into a condominium (or vice-versa!)

How can you research the potential uses of a property?

First off, you want to get the zoning maps for the areas you want to invest in. Ask yourself questions about the property you want to invest in. What might be a better use of this property that would significantly improve its profit and/or passive income potential? Do the current zoning ordinances allow what would be the preferred use of this property or would these ordinances need to be altered? If these changes would improve the investment potential of the property, what would it cost and how long would it take? Is the time, effort, and cost involved worth the return on investment? Would this property be able to give a positive cash flow while these changes are being made? Would this property give enough of a profit that even a temporary negative cash flow while the changes are being made would be acceptable?

What are some links to South Florida zoning maps ?