2026 Edition · Updated October 2026

A Guide to
Miami Real Estate

Whether you're buying, selling, or renting — in me you have not only a Realtor®, but an ally and a friend. I hand-crafted this guide to give you real value and real insight into an imperfect, complex industry — including working calculators you can use whether you ever work with me or not. Welcome to my world.

Paula Barrera ScheerRealtor® · Berkshire Hathaway HomeServices EWM Realty
786.663.4382paula@greatmiamihomes.com
greatmiamihomes.com@paulathehelpfulrealtor

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Contents

What's inside

01 · Meet Paula

Almost born here.
Definitely raised here.

Paula Barrera Scheer, Miami Realtor with Berkshire Hathaway HomeServices EWM Realty
PAULA BARRERA SCHEER · REALTOR® · FL LICENSE #3071146

Miami isn't a market I studied — it's home. I grew up here, and I got into real estate at nineteen years old. Twenty-four years later, I'm still doing the same thing I set out to do: treating every client the way I'd want my own family treated.

I earned my degree in psychology from Florida International University, graduating Cum Laude — and honestly, it's the most useful training a Realtor® can have. Real estate is numbers and contracts, but it's really about people: what they need, what they're afraid of, and what "home" means to them. I built my business under the mentorship of Jena and Richard Congdon, and I still run it on the philosophy they taught me: do unto others. Client satisfaction — not location, not price point — is the most important part of any transaction.

Today I'm with Berkshire Hathaway HomeServices EWM Realty, and I've helped buyers and sellers from Miami-Dade to Broward, from Pinecrest to Homestead and everywhere in between — in English, Spanish, and French.

"I'm not here to sell you a house. I'm here to keep you from making the wrong investment."
24 years in real estate In the business since age 19 FIU · Psychology, Cum Laude English · Spanish · French Berkshire Hathaway EWM Realty

02 · Meet Miami

Thirty-two neighborhoods,
one hometown

Miami-Dade is really dozens of distinct communities stitched together. Where you land shapes your commute, your schools, your weekends — and your budget. Here are the areas I work across, and where Miami-Dade stands right now.

Miami-Dade market snapshot — September 2026

$692,000Median single-family sale price, Miami-Dade — up 4.06% year over year
$417,090Median condo sale price, Miami-Dade
+300.7%Single-family median price growth since 2011 ($172,700 → $692,000)
+267%Condo median price growth since 2011 ($113,800 → $417,090)
$4.3MCoconut Grove average sale price, Q3 2026 — $1,319/sq ft, 94% of list, 88 days on market
~$1.27MPalmetto Bay median sale price (3 months ending Aug 2026)
~$1.4MCoral Gables median sale price (3 months ending Aug 2026)
~38%Share of Miami-area sales that are all-cash — and roughly 50% of condo sales

Sources: MIAMI Association of Realtors®, September 2026; Redfin neighborhood data, August 2026. Medians move monthly — ask me for the numbers in your specific neighborhood before you write an offer.

The neighborhoods

1
Coconut GroveMiami's oldest village — canopy trees, bayfront parks
2
Miami BeachBarrier-island living, Art Deco to modern towers
3
DowntownHigh-rise living at the center of it all
4
BrickellThe financial district — vertical, walkable, young
5
Coral GablesMediterranean architecture, golf, top schools
6
KendallSuburban value, big lots, family-friendly
7
DoralNewer construction, golf communities, strong schools
8
HomesteadSpace, acreage, and South Dade's most attainable prices
9
PinecrestEstate lots, lush canopy, elite public schools
10
Palmetto BayThe Village of Parks — water access, family feel
11
Cutler BayAffordable waterfront and near-water living
12
North Miami BeachDiverse, central, and full of mid-century gems
13
SurfsideSmall-town beach living next to Bal Harbour
14
AventuraLuxury towers, the mall, top-rated schools
15
South BeachIconic — nightlife, beach, historic Deco district
16
Key BiscayneIsland village life, minutes from Brickell
17
EdgewaterBayfront towers and Margaret Pace Park
18
Design DistrictLuxury retail, galleries, modern architecture
19
WynwoodThe arts district — lofts, energy, murals
20
Little HavanaCalle Ocho — culture, history, cafecitos
21
Little RiverUp-and-coming creatives and warehouses
22
Little HaitiVibrant culture and some of Miami's best food
23
Biscayne ParkQuiet village streets just off Biscayne Blvd
24
Miami ShoresBanyan trees, village governance, bay access
25
El PortalA tiny, tree-covered bird-sanctuary village
26
Buena VistaHistoric 1920s homes near the Design District
27
WestchesterClassic Miami suburbia, great value per foot
28
West KendallNewer communities and room to grow
29
South MiamiWalkable downtown, UM next door
30
DadelandMetrorail hub, condos and convenience
31
CountrywalkGated community living in the southwest
32
South DadeAgriculture, space, and Miami's frontier

03 · A Buyer's Real Estate Journey

From first coffee
to keys in hand

Every purchase follows the same road. Here's the map — including the two moments (inspections and appraisal) where deals are most likely to be renegotiated or cancelled, so you can walk in with your eyes open.

01

First thing's first

We meet over coffee to talk about your goals and dreams. We pinpoint neighborhoods, must-haves, and a price point — then I build your personalized search portal so the right homes come to you.

02

Homework

Your legwork: get pre-approved for a mortgage, and drive by the neighborhoods and properties we're considering. I'll explain what a Loan Estimate is, why PITI(A) matters, and answer every process question you have.

03

The search begins

We preview properties and learn the types of sales that exist — regular sales, estate sales, foreclosures, short sales. Most clients buy a regular sale, but you'll understand all of them.

04

Making an offer

We price it from real data — comparable sales analysis cross-checked against valuation tools — and I call the listing agent for the story behind the sale. Your offer is built with safety nets: inspection contingency, financing contingency, condo document review, and more.

05

Under contract

Once your offer is accepted, three things happen first: the initial deposit, the inspections, and the loan application. After inspections pass (typically 10–15 days in), the second deposit goes in — by then the appraisal has usually been done. Inspections and appraisal are the two steps most likely to trigger a renegotiation or cancellation; title or survey issues can delay things too, though that's rare.

The contract period is typically 30–45 days, and your lender will ask for extensive financial documentation. Two rules that protect your loan: get everything your lender asks for to them ASAP, and do not make unusual deposits or withdrawals — or take on any new debt (car, credit card, co-signing) — during this time. Lenders scrutinize every movement, and surprises can delay or even deny your loan.

06

Congratulations — you own your home!

Right before closing, I'll walk you through any closing-cost or Closing Disclosure questions. We do a final walk-through to confirm the property is in the same condition as when you signed. Bring two forms of ID to closing and plan on about an hour of signing. Afterward, I stay in touch — and I'll remind you to file for your homestead exemption.

The under-contract checklist, at a glance

Right away: loan application · inspections · condo questionnaire (if applicable). Right after inspections: association application · title work. Right before closing: association approval · final walk-through.

04 · Your Customized MLS Portal

The real MLS,
in your hands

Zillow shows you what it wants you to see. Your portal shows you the actual Multiple Listing Service — the same live data I use — set up around your search.

How it works

When we start your search, I create a private portal connected directly to the MLS and synchronized in real time. Every listing I send you lands there, along with the automatic searches I set up for you — so you never miss a new listing or a price change in the neighborhoods you care about.

Inside the portal you can run your own searches, view full listing details and photos, watch virtual tours, and track status and price changes the moment they happen. It works from any phone, tablet, or computer.

How we work together in it

  • Favorite it — tap the heart on homes you want to see, and I'll know exactly where to focus.
  • Pass on it — mark the ones you dislike so we stop wasting time on the wrong style or street.
  • Talk in the listing — leave notes and questions on any property; I see them and respond in context.
  • See everything — click any MLS number for the complete listing record, not a teaser.
  • Map your life — see matching homes plotted against the places that matter to you.
Paula Recommends

Check your portal before the big listing sites. Portal data is live MLS data — no stale "for sale" listings that sold three weeks ago.

05 · Real Estate FAQs

The questions
every buyer asks

Tap any question to open the answer. These are the ones I get most — answered the way I'd answer them across the table from you.

Why should I buy a home instead of renting?

Beyond the satisfaction of owning your space — painting it, changing it, making it truly yours — there are real financial reasons. You can deduct mortgage interest on a loan of up to $750,000 for a first or second home, and under the 2025 federal tax law the deduction cap for state and local taxes (including property taxes) is $40,000 for tax year 2025. Your home can also appreciate over time, building equity with every payment.

A renter writes a check every month and it's gone forever. At the end of the lease you own nothing — and your rent can go up at renewal. An owner is building an asset. (See Financial Benefits of Home Ownership for the net-worth numbers.)

How much money will I need to buy a home?

It depends on the price and the loan type, but plan to cover five things: earnest money (escrow deposit), the down payment, the home inspection, the first year's insurance premium, and closing costs/prepaids. When financing, closing costs and prepaids generally run about 3–5% of the purchase price — and the percentage tends to shrink as the price rises. Run your own numbers in this guide's closing cost calculator.

Paula Recommends

Put 20% down to avoid PMI if you possibly can — and keep a six-month emergency fund untouched while you do it.

What is earnest money (an escrow deposit)?

It's a good-faith deposit you make when your offer is submitted or within about 3 days of acceptance. It tells the seller you're serious. The funds sit in an escrow account and are applied to your down payment and closing costs at closing. If your offer isn't accepted — or you cancel within your contract deadlines, as the contract allows — the money comes back to you. Amounts vary widely, from about $5,000 up to 20% of the purchase price on competitive or high-value deals.

Paula Recommends

Try to have your "clear to close" in hand by your loan commitment deadline. It removes the biggest source of closing-week stress.

What is title insurance — and do I need it?

There are two kinds. A lender's policy (required when you have a mortgage) protects the lender, and an owner's policy protects you. Both insure against claims on the title — disputes reaching back through every previous owner to the first time the property was owned by anyone. You pay for it once, at closing, and it protects you for as long as you own the home.

Paula Recommends

Even if you're buying cash, buy the owner's title insurance policy. It's one premium for lifetime protection on the biggest asset you'll own.

What is an "as-is" contract?

It means the seller isn't planning to make repairs. You still have the right to inspect, and to walk away if you're not satisfied with the home's condition — and there's always room to negotiate a credit based on what inspections find. Critically, "as-is" does not excuse the seller from disclosing known problems.

Paula Recommends

Always ask the seller for a Seller's Property Disclosure — in writing, before you fall in love with the kitchen.

What is a "warranted" contract?

Mostly, history. Under the old warranted contracts, the seller "warranted" that major systems — appliances, heating/cooling, electrical, plumbing, pool, seawall and similar items — worked as designed, and would repair warranted items up to an agreed amount after inspection. Since 2009, essentially every sale here is written on the Florida Bar / Florida Realtors (FAR/BAR) As-Is contract instead — which is why your inspection period matters so much.

06 · FAQs — Taxes

How Miami-Dade
property taxes work

Florida has no state income tax — but property taxes are real, and the first year of ownership confuses almost everyone. Here's the machinery.

How do property taxes actually work in my first year?

In your first year, you "inherit" the prior owner's tax bill. Florida property taxes are paid in November, in arrears, covering January through December of that same year. Every January, the Miami-Dade County Property Appraiser determines each property's assessed value. Buy mid-year, and your own base year begins the following January. TRIM notices — your estimated tax bill — arrive in August, and taxes can be paid starting in November (with early-payment discounts).

How can I estimate my taxes before I buy?

Use the Miami-Dade County tax estimator at miamidade.gov — enter the market value as 85% of the contract purchase price. Doing it by hand: take 85% of the purchase price and multiply by about 1.75% for a fairly accurate approximation — unless the community has a CDD tax (see below).

Paula Recommends

Use the miamidade.gov tax estimator to calculate both your base-year taxes and your portability amount before you commit to a price.

What is a CDD tax?

Newer communities are often built inside a Community Development District, which finances the neighborhood's infrastructure. It shows up as a "Non Ad Valorem" line on the tax bill — typically $1,000–$4,000 per year depending on the community. First-time buyers especially: a CDD can meaningfully change your tax bill, your monthly payment, and even your mortgage qualification. Always ask.

Ad Valorem vs. Non Ad Valorem — what's the difference?

Ad Valorem taxes are based on the property's assessed value — the main property tax. Non Ad Valorem charges are not value-based: waste management fees and Community Development District charges are the common examples.

How does the Homestead Exemption work?

Florida law lets you exempt up to $50,000 of your primary residence's assessed value. The first $25,000 applies against all taxing authorities. The second $25,000 excludes School Board taxes and applies to homes with assessed values over $50,000. Homestead also caps how fast your assessed value can rise each year — which is where the real long-term savings live. File with the county after closing; don't miss the March 1 deadline.

What is Portability?

If you're moving from one Florida homestead to another, portability lets you transfer your accumulated tax savings — the gap between your old home's market value and its capped assessed value — to the new home. For long-time Florida homeowners, this can be worth tens of thousands of dollars over the years. It's one of the most overlooked benefits in a Florida-to-Florida move.

And the federal side — what changed with the SALT cap?

For years, the deduction for state and local taxes (SALT) — including property taxes — was capped at $10,000. Under the 2025 federal tax law, the cap rose to $40,000 for tax year 2025, is scheduled to rise slightly through 2029, and then reverts to $10,000 in 2030. The mortgage interest deduction cap remains $750,000 of loan principal. Tax law changes often — confirm your situation with your CPA.

07 · Home Inspections

What to expect from
home inspections

Even a brand-new home will have some minor findings — that's normal. As a buyer on an as-is contract, you have the right to inspect and to cancel for any reason during your inspection period; cancel within the period and the seller has no claim on your deposit. For perspective: the best inspection I've seen had about $1,000 of small findings. The worst? About $45,000 of significant items.

Common big-ticket items

  • Roof beyond its expected life — in Florida this also affects insurability, not just repair cost.
  • Failing cast-iron pipes — common in homes built from the 1930s through the 1970s.

Other common findings

  • Termites — drywood termites are very common in South Florida.
  • Illegal additions, improper installations, or bad wiring — unpermitted work is a Miami classic, and it matters for insurance and resale.

Environmental findings

  • Mold — if the inspector suspects it, a dedicated mold inspection identifies the type and extent. Remediation ranges from replacing a piece of drywall to a major project.
  • Lead-based paint — federal law requires disclosure for homes built before 1978. It's hazardous to young children if chips or dust are ingested: contain work areas during remodeling, never dry-sand, and clean with a HEPA vacuum.
  • Radon — found all over the U.S.; indoor levels vary with wind and ventilation. It should not exceed 4 picocuries per liter; a venting system can be installed if it does.
  • Asbestos — rare, but it happened once on one of my inspections; the remediation was so extensive the buyers walked and bought a different home.

The takeaway

Many small inspection items can be fixed inexpensively. An inspection during your inspection period is how you make sure there are no unacceptable defects hiding where you couldn't see them — and it's your last clean exit if there are.

08 · All About Financing

All about
financing

The best time to look for a mortgage is before you look for a house. A pre-approval weighs your income, debts, and credit history to determine what you can borrow — and what you can actually afford.

The loan menu

Conventional Loans

The most common type. Conforming loans follow Fannie Mae/Freddie Mac guidelines — in 2026 the conforming limit is $832,750 for a one-unit home (up to $1,249,125 in high-cost areas). Down payments start as low as 3% for qualified buyers.

FHA Loans

Backed by the Federal Housing Administration. Just 3.5% down, more forgiving credit standards — but mortgage insurance (MIP) applies, and FHA is typically strict about property condition. On a condo, the building itself must be FHA-approved — see Condo Financing in 2026.

VA Loans

Backed by the Department of Veterans Affairs, for eligible veterans and service members. Typically 0% down — one of the strongest benefits in lending. Also strict about property condition.

Jumbo Loans

Non-conforming loans above the $832,750 conforming limit. Expect stronger credit, larger reserves, and fuller documentation — but Miami's luxury market runs on them.

Renovation Loans

Programs like FHA 203(k) roll purchase plus repairs into one loan — made for fixer-uppers. They're complex and slow to close, and usually won't fly in a seller's market.

Bridge Loans

Rare, but useful: they let you buy your next home before selling your current one.

Portfolio Loans

Held by the local bank that makes them, with more flexible guidelines — sometimes a lower down payment, sometimes a solution when a property doesn't fit the standard boxes.

Seller Financing

A private promissory note: the seller acts as the lender. Unusual, but doable — usually at a higher interest rate, reflecting the seller's risk.

What documents do I need for a loan application?

Typically: the fully executed sales contract, two months of bank statements for all accounts, recent pay stubs, prior W-2s, and — depending on your situation — a divorce decree, a copy of your lease, homeowners and flood insurance policies, and anything else the lender needs to approve the loan. Start gathering before you start shopping.

What does the lender actually evaluate?

Three things: (1) You — income, assets, debts, and credit history: your ability to repay. (2) The property — an appraiser compares it with similar nearby sales to confirm the loan amount makes sense. (3) The program — the down payment, terms, and rate structure of the specific loan you chose.

What is PMI — and when does it go away?

Private Mortgage Insurance protects the lender when you put less than 20% down. On a conventional loan, PMI can be removed once you reach 20% equity (your loan at 80% of the home's value or less). On an FHA loan, the mortgage insurance premium generally stays for the life of the loan — most borrowers remove it only by refinancing into a conventional loan.

Loan Estimate vs. Closing Disclosure — what's the difference?

The Loan Estimate (the successor to the old Good Faith Estimate) is your lender's upfront estimate of closing costs, prepaids, payment, and rate. The Closing Disclosure is the final version near closing — and by law, certain fees on it must match your Loan Estimate. Compare the two line by line; that's what I'm here for.

Why is the APR different from my interest rate?

Your interest rate is the cost of the money itself. The APR is the interest rate plus the other fees of getting the mortgage, spread over the loan — so APR is always the higher, more honest number for comparing lenders.

What does my mortgage payment actually cover?

Four parts — PITI: Principal (repayment of what you borrowed), Interest (the monthly fee for borrowing it), Taxes (city/county property taxes, collected monthly into escrow), and Insurance (homeowner's insurance — which does not include flood). Add association dues where they exist and you get PITI(A). The mortgage calculator below breaks your real number apart.

Do I need flood insurance?

Standard homeowner's policies do not cover flood damage. If your home sits in a FEMA Flood Hazard Area, the law requires a separate flood policy — and in Miami, many homes outside the mandatory zones still flood. Price it before you write the offer, not after.

Is getting a mortgage on a condo different from a house?

Yes — the lender underwrites the building as well as you: its budget, reserves, insurance, litigation, delinquencies, and deferred maintenance. This changed significantly in 2026, when the lighter "Limited Review" shortcut was eliminated. It's important enough that it gets its own sections: Florida's New Condo Laws and Condo Financing in 2026.

When do I find out my final "Cash to Close"?

Usually anywhere from two days before closing (rare) to the morning of closing (common). The lender must send the title company the closing package; the title company prepares the final Closing Disclosure, which goes back to the lender for approval before you're given final figures. When you wire funds, verbally re-confirm the wiring instructions with the title company using a phone number you already trust — wire fraud targets closings.

How do I know if a "townhouse" is really a condo?

Read the legal description. If it contains a Lot and Block number, it's a fee-simple townhouse — financed much like a single-family home. If it contains the words "condo" or "undivided interest," it's legally a condominium, and the more rigorous condo financing process applies no matter what it looks like from the street.

Paula Recommends

Set your mortgage payment to bi-weekly, and/or make one extra payment to principal each year. On a typical 30-year loan, that can cut roughly seven years off your mortgage.

Paula Recommends

The most financially sound way to buy: 20% down on a conventional mortgage, while keeping six months of living expenses in your emergency fund.

09 · Financial Benefits of Home Ownership

Why owning still
builds wealth

Beyond the personal and emotional reasons, the financial case for owning remains powerful — even with mortgage rates in the low-to-mid 7% range, where Fannie Mae's October 2026 forecast expects them to stay (averaging roughly 7.4% in late 2026 and about 7.5% through 2027). Waiting for 5% is not a strategy. Buying right is.

$396,200Median net worth of a homeowner (Federal Reserve, 2022 Survey of Consumer Finances)
$10,400Median net worth of a renter / non-homeowner in the same survey
≈38×The homeowner wealth advantage — the single biggest driver of household net worth
~$1.68MWhat a $692,000 home becomes in 30 years at a modest 3% annual appreciation

A big tax deduction

One of the largest deductions available to most families is the interest paid on a mortgage — deductible on up to $750,000 of loan principal — alongside the property tax deduction under the SALT cap ($40,000 for tax year 2025). See the Taxes section.

Long-term appreciation

Despite market ups and downs, real estate historically appreciates. Miami's own numbers tell the story: the median single-family price has risen 300.7% since 2011. Even a conservative 3% a year turns today's median-priced home into roughly $1.68 million over 30 years — while your fixed-rate payment stays the same as rents climb around you.

10 · Interactive Tool

Mortgage calculator —
the real monthly payment

Most online calculators show you principal and interest and call it a payment. In Florida, taxes and insurance are a huge part of the true number. This one includes them — plus HOA dues and PMI — so what you see is what you'd actually pay. Change any number; everything updates live.

$
%
%
%
$
$
Total monthly payment $0 / month
Principal & interest Taxes Insurance HOA PMI
Principal & interest$0
Property taxes$0
Homeowner's insurance$0
HOA / condo dues$0
Total monthly$0
Loan amount$0
Down payment$0
Total interest over the term$0

PMI appears automatically when your down payment is under 20% — on a conventional loan it can be removed once you reach 20% equity. Estimates for education only; your lender's Loan Estimate governs.

11 · Interactive Tool

Florida closing cost
calculator

This is my printed closing-cost worksheet, rebuilt as a working tool — with Florida's actual tax rates and promulgated title insurance rates. It ends where every buyer ends: the exact estimated cash to close.

$
%
%
$
%
$
$

Fee assumptions (tap to adjust)

$
$
$
$
$
$
$
Estimated cash to close $0
Closing costs
Doc stamps on the note ($0.35 / $100 of loan)$0
Intangible tax on mortgage ($0.20 / $100 of loan)$0
Owner's title insurance (FL promulgated rate)$0
Lender's policy + endorsements (simultaneous issue)$0
Settlement / closing fee$0
Survey$0
Appraisal$0
Lender fees$0
Lien search$0
Recording fees$0
Other (courier / archiving)$0
Total closing costs$0
Prepaids & escrows
Insurance — 12 months prepaid$0
Insurance escrow — 3 months$0
Property tax escrow — 3 months$0
Prepaid interest (~15 days, closing mid-month)$0
Total prepaids$0
The wire
Down payment$0
Closing costs + prepaids$0
Less: escrow deposit paid$0
Less: seller credits$0
Cash to close$0

How to check it by hand: Total due = price + closing costs + prepaids. Then subtract what's already covered — your loan, your deposit, any seller credits and seller tax prorations. The remainder is your wire. All figures are estimates for education only — rely on your Loan Estimate and final Closing Disclosure for exact amounts.

Selling? Your side of the ledger

Seller costs are dominated by commission and Florida's deed taxes. Here's the deed-tax math on this same purchase price, live from the calculator above:

Seller itemRateOn $692,000
Documentary stamps on the deed$0.60 / $100 (Miami-Dade)$0
Deed surtax$0.45 / $100Applies to commercial & multi-family conveyances
Real estate commissionNegotiatedPer your listing agreement
Title search, lien search, settlement fee, recording, e-recording ($4 / instrument), courierActualsTypically a few hundred to ~$1,500 combined
Brokerage transaction fee—Ask for the current amount

12 · New Section · Updated October 2026

Florida's new condo laws,
in plain English

After the Surfside collapse in 2021, Florida rewrote the rules for condominium buildings — how they must be inspected, and how they must save for repairs. If you buy or sell a condo in Florida now, these laws shape the price, the monthly dues, and the deal itself. Here's what they actually say.

1. Milestone inspections — the building's physical

Condominium and co-op buildings of three or more habitable stories must now pass a structural "milestone inspection" by a licensed engineer or architect:

2. The SIRS — reserves that can no longer be waived

Every covered association must complete a Structural Integrity Reserve Study (SIRS) at least every 10 years, covering eight critical components: the roof; the structure itself (foundation and load-bearing elements); fireproofing and fire protection; plumbing; electrical systems; waterproofing and exterior painting; windows and exterior doors; and other significant deferred-maintenance items.

The revolutionary part: for those structural items, owners can no longer vote to waive or underfund reserves — the old Florida tradition that kept dues artificially low while roofs and concrete quietly aged. Most associations had to complete their first SIRS and start funding it by December 31, 2025 (under 2025's HB 913 adjustments, associations whose milestone inspection falls due by the end of 2026 can complete the two together, with a hard stop of December 31, 2026). HB 913 also lets an association that just finished a milestone inspection pause or reduce SIRS contributions for up to two budget years to pay for the repairs the inspection found.

!

What this means for your wallet: dues are rising and special assessments are common in older buildings — not because boards are greedy, but because the law now requires the money to actually be there. A cheap monthly due in an aging building is no longer a bargain; it may be a bill that hasn't arrived yet.

3. What sellers must hand over

Buying a resale condo now comes with mandatory transparency. Sellers must provide — and associations must make available — the building's milestone inspection report or summary, its SIRS (or a statement that none exists yet), the current budget, and the reserve schedule. And under HB 913, for resale contracts signed on or after July 1, 2025, buyers get seven business days (up from three) after receiving the required documents to cancel in writing — a window that can't be waived and only ends at closing.

Before you buy any condo: Paula's document checklist

This section is general information about Florida law as of October 2026 — not legal advice. Condo purchases deserve a Florida real estate attorney's review of the actual documents. Sources: Florida Building Safety Act (SB 4-D, 2022), SB 154 (2023), HB 913 (2025), Florida Division of Condominiums (DBPR).

13 · New Section · Updated October 2026

Condo financing
in 2026

Here's the change almost nobody outside the industry has heard about — and it kills condo deals in the final weeks: your lender now has to approve the building, not just you.

The Limited Review shortcut is gone

For years, a well-qualified buyer with a larger down payment could finance a condo through Fannie Mae's "Limited Review" (or Freddie Mac's "Streamlined Review") — a light check that never really opened the association's books. In March 2026, both agencies announced its retirement (Fannie Mae Lender Letter LL-2026-03; Freddie Mac Bulletin 2026-C), and for loan applications dated on or after August 3, 2026, Limited Review no longer exists.

Now, most condos — generally any project of 11 or more units, and smaller ones inside a master association — go through a Full Project Review. The lender examines the association's budget, reserve funding, master insurance, delinquent owners, litigation, special assessments, and the building's physical condition and critical repairs. Only small projects (roughly 2–10 units outside a master association, plus detached condos) can still use a Waiver of Project Review.

The bar keeps rising

One genuine loosening: the old investor-concentration limits were retired, so a rental-heavy building isn't disqualified for that reason alone.

21 of 2,397Condo buildings in Miami-Dade, Broward & Palm Beach that are FHA-approved
0.9%Share of South Florida condo buildings an FHA buyer can actually finance
~50%Share of Miami-area condo sales that close in all cash — financing friction is a big reason why

FHA approval figures: U.S. HUD data via the MIAMI Association of Realtors®. Cash-share figure: MIAMI Realtors® market reporting (about 38% of all Miami sales are cash).

What to do with this

Paula Recommends

On any condo, my first calls are now to the association and my lender — before the offer, not after. In 2026, the building is part of the negotiation.

14 · Common Obstacles

Common obstacles — and how
we overcome them

Most transaction problems have known solutions. These are the six I see, in rough order of frequency.

Inspections reveal more repairs than expected (common)

Buyer and seller agree on repairs, a credit, or a combination — especially where a repair is required for financing. Most deals survive this with honest numbers on the table.

The appraisal comes in low (common)

Your Realtor® can request an appraisal review if improper comparable sales were used. If the value holds, the parties negotiate: match the appraisal, meet in the middle, the buyer covers the gap — or cancel.

City citations are present (common)

A visit to the city, county, or the relevant department (code enforcement, animal control, etc.) reveals how to close the citation out. Sometimes it's as simple as proving the current owner didn't own the home when the violation occurred; other times it's slow and costly. Either way, find out early.

Open permits are found (common)

The FAR/BAR As-Is contract requires the seller to cooperate in closing out open permits — but not to spend cash doing so. Handled case by case; can be simple, can be complex.

There's a lien on the property (less common)

Anything from an unpaid water bill to proving to a municipality that an old lien was satisfied. A lien is a "cloud on title" and must be cleared before closing — sometimes with an attorney's help, which can delay things.

A serious encroachment shows on the survey (less common)

An attorney and the surveyor sort out the boundary issue. It will likely delay the transaction — but far better than inheriting a boundary dispute.

15 · Closing Timeline

From contract
to closing day

Every client of mine gets a personal closing timeline, so deadlines never sneak up on you. Here's the shape of a typical 30–45 day transaction.

  1. Offer accepted — you're under contract

    The clock starts. All deadlines in your contract run from the effective date.

  2. First deposit

    Your initial escrow deposit is delivered, typically within 3 days of acceptance.

  3. Loan application

    Submitted immediately — your lender's checklist drives the next 30 days.

  4. Inspections

    Completed within your inspection period (typically 10–15 days). Findings can lead to credits or renegotiation.

  5. Second deposit

    Due right after the inspection period passes.

  6. Appraisal

    Ordered by the lender; usually performed around the inspection window.

  7. Condo / association application

    If applicable: application, screening, and association approval — build in the association's timeline.

  8. Title work

    Title search, lien search, and survey run in parallel; any clouds on title get cleared.

  9. Loan commitment, then clear to close

    The lender commits by the loan commitment deadline, then issues the final Closing Disclosure — you need your final cash-to-close figure and a wire ready.

  10. Final walk-through

    Confirm the property is in the condition the contract promised.

  11. Closing day

    Bring two forms of ID, sign, fund — and get your keys. Then: file for homestead exemption.

16 · Typical Expenses

Who pays
for what

The traditional Miami-Dade split of closing expenses. Everything is negotiable in the contract — this is the customary starting point, and the rates behind the calculator.

Typical buyer's expenses

Out of pocket:

  • Appraisal · credit report · courier (FedEx) · digital imaging/archiving fee
  • Documentary stamps on the note: $0.35 per $100 of the note
  • Intangible tax on the mortgage: $0.20 per $100 of the mortgage
  • Title insurance: lender's policy, endorsements, owner's policy
  • Recording fees: $10.00 first page, $8.50 each additional page
  • E-recording fee: $4.00 per instrument
  • Settlement fee · survey · inspection fees · other lender fees · mortgage points (if any)
  • Brokerage transaction fee — ask for the current amount

Prepaids & escrows:

  • Property taxes: 2–13 months depending on when in the year you close
  • Hazard / homeowner's insurance: ~14 months (first year plus escrow cushion)
  • Flood and windstorm insurance: ~14 months each, if required
  • PMI premium, if your loan-to-value is over 80%
  • Prepaid interest, from closing day to the end of the month

Typical seller's expenses

  • Documentary stamps on the deed: $0.60 per $100 of price in Miami-Dade ($0.70 in all other Florida counties)
  • Deed surtax: $0.45 per $100 — commercial properties, and residential conveyances of more than one single-family residence
  • Real estate commission (per your listing agreement)
  • Title search · lien search · settlement fee
  • Recording fees: $10.00 first page, $8.50 each additional page
  • E-recording fee: $4.00 per instrument
  • Courier (FedEx)
  • Brokerage transaction fee — ask for the current amount

A Florida oddity worth knowing

In Miami-Dade, the seller traditionally pays for the owner's title policy. In most other Florida counties, customs differ by county — your contract controls.

17 · On Photography

On photography

If you're buying

Learn to see past other agents' terrible photography. A dark, crooked listing photo hides the layout and potential of a home — and here's the part nobody tells buyers: a home with bad photos gets less interest, which means you may get a better deal precisely because the marketing was lazy. Train your eye on floor plans, dimensions, and light — not on someone's wide-angle snapshots.

If you're selling

Do not settle for mediocre photography. Your buyer meets your home on a screen first, and decides in seconds whether it's worth a showing. I professionally photograph every one of my listings — and provide virtual staging, video, and drone footage when the property calls for it. It's not decoration; it's the difference between a home that's scrolled past and one that's toured, fought over, and sold.

18 · Square Footage in Miami-Dade

Why the same house has
two square footages

Miami-Dade County's "adjusted square footage" and an appraiser's "living area" are calculated differently — so the number on the tax record and the number in the appraisal rarely match. Neither is wrong; they're answering different questions.

Miami-Dade County adjusted SF

Air-conditioned space100%
Second floor80%
A/C auxiliary structures (guesthouse)100%
Garage — finished / newer66%
Garage — unfinished / older50%
Covered or open patios50%
Covered entries / patios, fair-to-poor quality33%
Non-A/C auxiliary structures (gazebo)50%

Appraiser's living area

Air-conditioned living area100%
Auxiliary structures (guesthouse)Shown separately
Garage / carportCost approach
Porches, patios, entriesContributory value*

*Counted as contributory value rather than square footage. Practical result: a home's second floor counts at 100% to an appraiser but only 80% to the county — when price-per-square-foot comparisons look inconsistent, this is usually why. Always compare homes using the same method.

19 · For Sellers

A sample marketing plan
for sellers

Your property is syndicated everywhere buyers actually look — Realtor.com, Zillow, and the network of national and global portals fed by the MLS — and then I customize the plan to fit not just your property, but the buyer profile most likely to pay the most for it. Creative options include a press release in a local community magazine or newspaper, a pop-up event at the property, or an art-gallery open house.

MonthActivity
Month 1Listing brochure · dedicated mail-out · dedicated email blast · launch social media post · EWM page ad
Month 2Mixed-property email blast · EWM page ad
Month 3Mixed-property mail-out · dedicated email blast · social media post · EWM page ad
Month 4Mixed-property email blast · EWM page ad
Month 5Dedicated email blast · EWM page ad
Month 6Dedicated email blast · EWM page ad

This is a guide for a basic marketing plan, not a rigid script — pricing, condition, and market response shape what we actually do, and when.

20 · For Renters

A renter's journey

I believe it's usually better to buy than to rent — but sometimes renting is the right move: you're new to Miami and want a year to learn the neighborhoods; your target area looks due for a correction; or you know you'll leave in a year or two. I help clients with rentals too. Here's how a Florida lease comes together.

  1. Apply — fast

    Fill out and sign the application to lease as soon as possible. Good rentals move quickly.

  2. Introduce yourself

    Provide 3 personal references and a brief introduction letter — anything that gives the owner a real sense of who you are.

  3. Deposit to present the offer

    Place one month's rent in escrow to present the offer (this can also be done upon acceptance).

  4. Screening

    Complete the brokerage tenant screening — a screening fee applies per applicant over 18, in an amount confirmed at application (a Credit Karma report and background check may be accepted instead).

  5. The lease

    Drawn up by the owner, the owner's attorney, or their designated representative.

  6. Sign — and transfer, don't disconnect

    Once the lease is signed, ask the owner not to cancel utilities (water, electric, gas) but to allow a transfer of service — avoiding reconnection fees and keeping service on for the walk-through.

  7. Association approval

    If there's an HOA or condo association, you'll apply if required — usually a fee, paperwork, and a 2–4 week approval period. Associations require a signed lease first, which is why this time-consuming step is #7.

  8. Pre-occupancy walk-through

    Done preferably at least one day before occupancy.

  9. Document everything

    The walk-through notice protects you from being held liable for existing damage. Check every appliance, note every defect — and photograph everything you note, plus anything else you spot.

  10. Balance of funds

    Presented to the owner or owner's agent as a cashier's check or money order, made out to the owner — arrange it the day before you take possession.

  11. Keys!

    Congratulations — you're home.

21 · Testimonials

What clients
say

★★★★★
"She knows Palmetto Bay, Pinecrest and Coral Gables inside out. I called her for my first house — and years later, I called her again about an investment property."
Lori Planchon Buyer
★★★★★
"After five years of snowbirding, Paula helped us buy in one of the best buildings on Brickell Key. We wouldn't have landed there without her."
Robyn Webb Buyer
★★★★★
"Her attention to detail through showings and inspections made the whole sale feel handled — because it was."
Angela Aninou Seller
★★★★★
"After awful experiences with other South Florida agents, Paula handled the sale of our home efficiently — and then helped us buy, too."
The Alvarez Family Seller & Buyer
★★★★★
"Apartments, a townhouse rental, buying two houses, selling a house — Paula has been our person through all of it."
Dahlia Mohammed Renter, Buyer & Seller
★★★★★
"A friend who'd worked with Paula to find their first home sent us to her. Best referral we've ever gotten."
Kimberly Figueroa Buyer
★★★★★
"She talked us out of a favorite that wasn't in a great neighborhood — and at closing handed us a binder with tabs for every receipt and document. That's who she is."
Alexis Vazquez Buyer
★★★★★
"I've known Paula for five years. She helped me buy my first home — the BEST Realtor® in Miami!"
Catalina Orozco Buyer

22 · Work With Paula

Let's talk about
your move

Use this guide however it helps you — that's what it's for. And when you're ready for an ally in the process, I'm one call (or one DM) away.

Paula Barrera Scheer

Paula Barrera Scheer

Realtor® · Berkshire Hathaway HomeServices EWM Realty

786.663.4382
paula@greatmiamihomes.com
greatmiamihomes.com
Instagram: @paulathehelpfulrealtor
DM me "HOME" on Instagram to start