FROM RENTER TO HOMEOWNER

BACKGROUND

Our client was relocating for work, was seeking a long-term housing solution. He approached us with a monthly rental budget of approximately $6,500 and a preference to have a water view, be in a building construction after 2015, and to have ample balcony space to enjoy the outdoors here. 

CHALLENGE

The initial focus was on rentals, however after a number of showings, the client was unhappy with the current quality of homes in this price point due to the views they offered, the natural light, their location within Brickell, or their floor plan. Expanding the search to other locations or finding temporary housing weren't options.

NEGOTIATION & FINANCING

Leveraging our in-depth knowledge of the Brickell market, we successfully negotiated a significant price reduction of 14.3% on a two-bedroom unit at Reach Brickell City Centre. This desirable unit offered a coveted east-facing aspect with a spacious balcony, exceeding the limitations of their previous rental considerations. Furthermore, by collaborating with a trusted local mortgage broker, we secured a jumbo loan with a down payment of only 13% and negotiated a longer closing timeline to continue rate shopping, which further enhanced the financial viability of the purchase.

OUTCOME

This strategic approach resulted in a highly successful outcome for our client. Considering the ever-increasing monthly principal balance pay down starting at around $850/mo, we fit this within the client's budget. Within a two-year period, the property value has not only recovered to the original asking price but has also delivered a compelling cash-on-cash return of 128%.

This case study exemplifies the value of proactive real estate planning and creative thinking. By knowing the market, carefully analyzing market trends and client aspirations, we were able to transform a rental budget into a strategic homeownership solution, delivering exceptional financial value and a significantly improved living environment.