Renewals may rarely be in the spotlight when it comes to any of our real estate discussions. While writing this post, I actually realized that I am now in my twelfth year in real estate, and this is my first time discussing renewals. No better time than the present to say a few words!
In reality, renewals are actually a notable part of our business. We have done renewals for over a decade and for some of our customers, especially Landlords, it is the service that matters to them the most.
With renewals, the task is simple: provide peace of mind and do our best to ensure that the real estate we once leased does not go vacant again. In most cases, I usually start having conversations with both the Landlord and the Tenant once the lease is about sixty days away from ending. During negotiations, we keep the dialogue as understated and as casual as possible in order to keep stress levels to a minimum. Our main goal, ultimately, is to preserve the existing relationship that already exists between both parties.
Usually, if both sides have the intention to renew, the renewal can easily be accomplished in a short period of time. In other occasions, it could take several days if not longer until a new deal can be reached. Just like when selling real estate, not all deals are the same and renewals are no exception. In some cases, some renewals simply can't be done, no matter what kind of magic we try.
This past week alone, we had the pleasure of finalizing two renewals on two of our past listings from 2022. One of them, a studio at the historic Helen Mar condo in Miami Beach, is only a few minutes away from our main office on 41st Street. The second one, located in Cutler Bay, is a stunning three bedroom home that is part of our roster of properties in southern Miami-Dade County. Each property is owned by two different Landlords and leased to two different Tenants. In the end, patience paid off and both deals were a win-win for everyone.
Let's start with the one on the Beach.
Helen Mar Condo #2C
2421 Lake Pancoast Dr #2C, Miami Beach FL 33140
Designed in 1936 by architect Robert E. Collins, Helen Mar is a renowned Miami Beach Art Deco landmark. Representing such a storied building is always fun for us because it gives us a chance to educate our customers with a little bit of Miami Beach history.
Recently renovated over the past few years, the property exudes with Art Deco heritage with its stucco facade, fluted columns and bold, geometrical design. Improvements were also made to the building's exterior paint, landscaping, and swimming pool. The interior of the unit itself features a gas stove, ten foot ceilings, partial water views and brand new light fixtures. The lobby, with its terrazzo floors and design quirks, is gorgeous.
Although Lake Pancoast Dr is west of Indian Creek, Helen Mar is still a block away from the sand thanks to a pedestrian bridge that's just south of the building's main entrance. In addition, there's an additional pedestrian bridge just south of Flamingo Drive for those looking to head further south towards Collins Park, home to the Bass Museum and the Miami City Ballet.
8540 SW 210th Terrace
8540 SW 210th Terrace, Cutler Bay FL 33189
We have represented this home for close to seven years and had the pleasure of leasing it to its current tenant back in 2022. Prior to being rented, this three bedroom home in Cutler Bay was meticulously renovated by its owner. Some of its renovations include:
- Fully renovated bathrooms
- New kitchen with new appliances and quartz countertops
- Refinished terracotta tile flooring
- Impact windows
- Newly installed light fixtures and recessed lighting
Not shown in the pictures but worth mentioning is the new fencing installed in 2022, which has greatly enhanced the overall aspect of the home's backyard.
We began discussing a renewal with the Tenant since back in April, who at the time, was considering not to renew and move out instead. After some back and forth and some discussion with the Landlord, we eventually reached an agreement a few days ago that I think was fair for both sides. Another win-win in our book and a chance to once again do some work in this community.
Different, but the Same
Both properties are very different from one another in terms of style and location. One is a studio property in Miami Beach and the other is a one story home in one of Miami's suburbs. Nevertheless, both renewals were flawlessly executed with the help of my staff right and finalized just in time for Memorial Day. We're equally grateful to both of our Landlords, who are both long time customers, for entrusting us with their real estate once again.
Thank you for reading our post on Miami real estate! For more information on Miami properties for sale, please contact us today! We can be reached at 305.674.4127 or via-mail at [email protected]