Craving sun, sea, and a smoother tax picture without giving up your NYC base? If you are eyeing a second home in Miami, you are not alone. Many New Yorkers are drawn to Miami-Dade’s lifestyle, modern condos, and flexible purchase paths. In this guide, you will learn the real costs, timelines, building types, association rules, and a remote-friendly workflow that lets you shop smart from Manhattan. Let’s dive in.
Miami second-home basics
Buying in Miami is straightforward if you understand local rules. Florida has no state personal income tax, but federal taxes still apply. Property taxes are county based and second homes do not qualify for the Florida homestead exemption. Lenders, title companies, and associations play major roles, so plan for documents and timelines that differ from NYC norms.
Demand often rises in the Northern winter months, so timing your search can help. A prepared plan helps you act quickly when a great unit hits the market.
Ownership costs to map early
Taxes and closing charges
Florida has no state personal income tax. Miami-Dade property taxes are assessed using taxable value and local millage rates that update each year. Expect documentary stamp taxes and recording fees on deeds and mortgages at closing. If you finance, Florida also applies an intangible tax on the mortgage instrument. If a party is a foreign person, federal withholding or filing rules can apply.
Insurance realities in coastal Miami
Hurricanes and windstorm risk shape the insurance market. Premiums and hurricane deductibles are common, and recent years brought tighter underwriting and higher costs. If a property lies in a Special Flood Hazard Area, a lender may require flood insurance. Elevation and flood zone can move premiums up or down.
Condo buyers should confirm the building’s master policy and buy an HO-6 policy for interiors and personal property. Ask about loss assessment coverage in case the association levies a special assessment after a covered event. In single-family or waterfront settings, check elevation, flood requirements, and seawall condition.
HOAs, reserves, and assessments
Most Miami Beach and urban bayfront homes are in condo associations. Association health can be the single biggest variable in your cost structure. Review the budget, reserve study, insurance certificates, meeting minutes, and any history of special assessments. Post-2021, many coastal buildings faced new structural inspection and reserve requirements, which can affect fees and assessments.
Where to buy: submarket snapshots
Miami Beach
Miami Beach blends oceanfront luxury towers with boutique Art Deco buildings. It attracts strong second-home and seasonal demand. Short-term rental rules are strict in many zones, so verify both city regulations and building policies. Older buildings may face higher insurance costs or capital projects, so lean on recent reserve and inspection reports.
Edgewater
Edgewater sits along Biscayne Bay with newer high-rise product. You get modern amenities, bay views, and quick access to Wynwood, Midtown, and Downtown. The area is primarily residential with less tourist traffic than Miami Beach. Newer towers and active development create a strong option for buyers who want turnkey living.
Comparable pockets to consider
North Bay Village and portions of the islands offer waterfront living with varying condo ages and policies. Coconut Grove and Coral Gables provide single-family and townhouse options with a different maintenance and insurance profile. Brickell offers urban towers with high-service amenities and business district access.
Condo vs. single-family
- Condos: Full-service living, valet, pools, gyms, and concierge in many buildings. Expect HOA fees that reflect services, plus rules on pets, leasing, and renovations.
- Single-family: More privacy and control, but you carry full maintenance, windstorm, and flood responsibilities. Waterfront homes add seawall and permitting considerations.
Short-term rentals and leasing rules
If rental income is part of your plan, verify early. Miami Beach and other municipalities have specific zoning and licensing requirements for short-term rentals, and enforcement has tightened in some areas. Buildings also set leasing policies that can limit short-term stays, seasonal rentals, or the number of leases per year. Confirm the condo documents, municipal requirements, and any transient occupancy taxes before you underwrite potential income.
Timelines and how closings work from NYC
Typical timelines
A resale condo or single-family purchase with financing often takes 30 to 45 days. Cash deals can close faster, sometimes in 7 to 21 days depending on parties. New development timelines vary with construction schedules and certificate of occupancy dates, and delays are possible.
Title, insurance, and remote notarization
Florida closings commonly run through a title company that handles title search, insurance, recording, and escrow. Owner’s title insurance is common and recommended. Florida supports remote online notarization, and many title companies can accommodate e-signatures and remote closings, subject to lender policies.
A remote-first workflow
- Stage 1: Define goals and must-haves. Get pre-approved if financing, or prepare proof of funds for cash.
- Stage 2: Review a curated short list with recorded walkthroughs, floor plans, and HOA budgets and rules.
- Stage 3: Join live video tours to see details and ask questions in real time.
- Stage 4: Make a targeted in-person trip, usually 24 to 72 hours, to walk finalists and negotiate.
- Stage 5: Close from NYC using remote notarization or a Florida-compliant power of attorney, if your lender and title company allow it.
Wire security
Wire fraud is a known risk. Verify wiring instructions by phone using a number you know is correct. Use secure portals from the title company and never rely on emailed instructions alone.
Making offers and negotiating from a distance
Prepare before you tour
Have financing or cash documentation ready. Clarify your intended use, rental goals, parking needs, and pet policies. Ask for association documents early, including minutes and special assessment history, to triage risk before you spend time and money.
Smart contingencies for condos
Common contingencies include inspection, financing, and HOA document review. Build in a clear timeline to obtain the estoppel letter and association documents. In competitive moments, cash terms, shorter inspection periods, or flexible closing dates can help, but balance speed with the time needed for due diligence.
What to inspect
For condos, focus on windows, evidence of water intrusion, and interior systems. Confirm what the master policy covers and the hurricane protection in place. For older coastal buildings, request structural or facade reports tied to recent inspection programs. For waterfront homes, review elevation data and seawall condition.
Due diligence checklist
Use this list to reduce surprises:
- Association documents: Declaration, Bylaws, Rules, budget, reserve study, insurance certificates, recent meeting minutes, estoppel letter, and any litigation disclosures.
- Financial health: Reserve levels versus replacement needs, history of special assessments, and whether assessments are pending.
- Building condition: Recent engineering or milestone inspection reports, capital project plans, and elevator or parking system updates.
- Insurance: Master policy scope and deductible, owner HO-6 needs, flood insurance requirements, and loss assessment coverage.
- Rental and use rules: Leasing minimums, number of leases allowed per year, pet and guest policies, and any short-term rental restrictions.
- Flood and coastal risk: FEMA flood zone, elevation, flood insurance requirements, and seawall responsibilities if applicable.
- Community mix: Percentage of rental units that could affect financing availability and operations.
- Logistics: Parking, access to MIA or FLL, and proximity to services that fit your lifestyle.
Budget watchouts to model
Create a full pro forma that goes beyond price per square foot. Include property taxes, HOA dues, special assessment risk, windstorm and flood premiums, title and closing costs, and potential mortgage taxes and fees. Add reserves for future capital work, especially in older buildings or those undergoing new inspection and reserve requirements.
New development and pre-construction
Miami’s pipeline includes pre-construction and newly delivered towers, especially in Edgewater, Midtown, and the beach corridors. Expect phased deposits, construction schedules, and closing dates tied to certificate of occupancy. Review the developer’s track record, warranty provisions, and contract remedies for delays. Plan for a flexible timeline.
A concierge path from NYC to Miami
You want a fast, low-friction process. A coordinated team typically includes a buyer’s agent, local attorney, title company, inspector, insurance broker, and property manager. With a strong process, you can filter virtually, make a focused in-person trip, then close from NYC using remote notarization or a Florida power of attorney if your lender and title company approve it.
Team DeFosset partners with a trusted network in Miami and Miami Beach to streamline every step, from virtual tours to document review and insured closings. If you are ready to compare Miami Beach and Edgewater options or want a curated short list that fits your lifestyle and risk profile, connect with Team DeFosset to get started.
FAQs
What taxes apply to a Miami second home?
- Florida has no state personal income tax, but you will pay Miami-Dade property taxes and standard documentary stamp and recording fees at closing.
Do second homes get Florida’s homestead exemption?
- No, the homestead exemption is for a primary residence only, so second homes do not qualify.
Can I close remotely on a Miami condo from NYC?
- Yes, Florida supports remote online notarization, and many title companies and lenders allow remote closings when set up in advance.
How strict are Miami Beach short-term rental rules?
- Rules vary by zone and are often strict, so verify city requirements and the building’s leasing policy before assuming rental income.
How long does a financed purchase usually take?
- A typical financed resale closes in about 30 to 45 days, while cash deals can complete faster depending on title and HOA timelines.
What insurance do I need for a condo?
- The association’s master policy covers the structure and common areas, and you generally carry an HO-6 policy for interiors, personal property, and loss assessment.
Which association documents should I request?
- Ask for the Declaration, Bylaws, Rules, recent minutes, budget, reserve study, insurance certificates, estoppel letter, and any litigation disclosures.
