# Move Up Miami | Real Estate Guidance with Giovanni Altamiranda > Giovanni Altamiranda helps move-up buyers and relocating families find homes across Miami-Dade suburbs Public Ghost content for AI and LLM tooling. This file includes a bounded export of public pages first, then recent public posts. Append `.md` to any post or page URL to get the content in Markdown (for example, `/example-post.md`). ## Pages ### Schedule call URL: https://www.moveupmiami.com/schedule/ Last updated: 2024-01-24T04:33:31.000Z _No content available._ ### About Me URL: https://www.moveupmiami.com/about-me/ Last updated: 2026-07-21T21:06:24.000Z ![](https://storage.ghost.io/c/8a/e2/8ae29a37-f40a-4560-a4f2-f0d62d10dafb/content/images/2026/07/hf_20260721_210030_0bedf454-d1e3-40f9-a474-d3f472860f48-1.png) ## Born in Miami. Never left. Never wanted to. Giovanni Altamiranda is a Miami-native REALTOR® with LUXE Properties and a licensed loan officer (NMLS# LO52044, Columbus Capital). He works with move-up buyers and relocating families across Coral Gables, Coconut Grove, Pinecrest, South Miami, Palmetto Bay, Key Biscayne, Glenvar Heights, Ponce Davis, and High Pines. He grew up in the neighborhoods he now serves, which gives him a perspective that only comes from living in Miami, not just selling it. His job isn't to convince clients to buy. It's to help them make the right decision, even if that means waiting, walking away from a house they love, or choosing a different neighborhood altogether. **Quick facts:** - REALTOR®, LUXE Properties - Licensed Loan Officer, NMLS# LO52044, Columbus Capital - SRS, ABR, RENE designations - 11+ years in real estate - Part of a team closing over $1 billion in annual sales volume - Recognized as a top-performing agent on Zillow - Bilingual: English and Spanish - Serves: Coral Gables, Coconut Grove, Pinecrest, South Miami, Palmetto Bay, Key Biscayne, Glenvar Heights, Ponce Davis, High Pines ## FAQ **Who is Giovanni Altamiranda?** Giovanni "Gio" Altamiranda is a Miami-native REALTOR® with LUXE Properties and a licensed loan officer (NMLS# LO52044, Columbus Capital), specializing in move-up buyers and relocating families. **What areas does Gio serve?** Coral Gables, Coconut Grove, Pinecrest, South Miami, Palmetto Bay, Kendall, Miami, Glenvar Heights, Ponce Davis, and High Pines. **Is Gio both a real estate agent and a lender?** Yes. Gio is a REALTOR® and a licensed loan officer, so clients get one point of contact for both the home search and the financing behind it. ## Let's talk Whether you're moving up within Miami or relocating here, Gio is happy to talk through your options. No pitch, just a straightforward conversation about what makes sense for your family. **Call or text:** 305-965-5890 **Email:** [giovanni@luxeknows.com](mailto:giovanni@luxeknows.com) **Book a call:** https://www.moveupmiami.com/schedule/ ## Posts ### Open Permits When Buying a Home in Miami-Dade URL: https://www.moveupmiami.com/open-permits-when-buying-a-home-in-miami-dade/ Last updated: 2026-07-30T21:59:33.000Z ## What happens if a Miami-Dade home has an open permit? An open permit means work was permitted but never passed final inspection, so it stays on the property record indefinitely. In Miami-Dade it surfaces during the municipal lien search, and most lenders will not fund until it is closed, insured over by the title underwriter, or covered by an escrow holdback. Title insurance does not cover permit issues. As of 2026, Miami-Dade carries roughly 7,883 expired building permits and 31,110 open code violations across 19,071 properties, so this is a routine check, not an edge case. *By Giovanni Altamiranda | July 30, 2026* --- You found the house. It shows beautifully. The kitchen was redone, the back patio was enclosed to add a family room, the electrical panel looks new. Everything about it says recently updated. Then, two weeks before closing, the title company's municipal lien search comes back with an open electrical permit from 2019 and no record of the enclosure at all. Your lender pauses. Your closing date becomes a question mark. This is one of the most common ways a clean Miami-Dade deal goes sideways, and it is almost entirely preventable. As of 2026, Miami-Dade County has roughly 31,110 open code violations spread across 19,071 properties, plus 7,883 expired building permits where work was started and never received a final inspection. That works out to about one in fifteen residential properties carrying some kind of open issue. Industry estimates put open, expired, or inactive permit problems in roughly one out of every five transactions. If you're buying in Coral Gables, Pinecrest, Coconut Grove, South Miami, Palmetto Bay, or Key Biscayne, where a large share of the inventory is older housing stock that has been renovated at least once, your odds aren't better than average. They're probably worse. Here's what I tell every buyer who asks me about this. ### Open permit or unpermitted work? They're different problems An **open or expired permit** means someone pulled a permit, did the work, and never called for the final inspection. Under Florida Building Code Section 105.4.1, a permit becomes invalid if work is suspended or abandoned for six months. In Miami-Dade, permits generally expire if work doesn't start within 180 days of issuance or stops for more than 180 days. The permit doesn't disappear. It sits on the property record with an unresolved status until someone closes it out. **Unpermitted work** means no permit was ever pulled. The garage conversion, the enclosed terrace, the added bathroom, the reroofed section. There's no paper trail at all, which is worse in some ways, because the county has no record that the work meets code and you have no record of who did it. Both show up in the municipal lien search. Both can stop a financed closing. ## How to check a property's permit history before you write an offer You don't need to wait for the title company. Most of this is public and free. 1. **Pull the permit history by folio or address.** Miami-Dade's permit portal lets you search by address or folio number and see every permit ever pulled on the property, its current status, and the inspection history. Look for anything marked open, expired, abandoned, or missing a final inspection. 2. **Compare the permit record to what you're actually looking at.** This is the step most buyers skip. Walk the house with the permit list in hand. If there's a 600 square foot addition on the property and no permit for an addition, you've found the problem before it found you. 3. **Check the Property Appraiser's building record.** Miami-Dade's Property Appraiser maintains square footage, bedroom, and bathroom counts. If the listing says four bedrooms and 3,400 square feet, and the county record says three bedrooms and 2,800 square feet, that difference is almost always unpermitted. 4. **Confirm which jurisdiction you're in.** Coral Gables, South Miami, Pinecrest, Palmetto Bay, and Key Biscayne each run their own building department. Unincorporated Miami-Dade is handled by the county's Department of Regulatory and Economic Resources. The permit may live in the city's system, not the county's. 5. **Order the municipal lien search early.** In Miami-Dade, the buyer customarily pays for it, typically a flat fee around $110 plus the individual city's search cost, and roughly $200 for properties inside the City of Miami. Customary isn't mandatory, and it's negotiable, like most of [what you'll actually pay at closing](https://www.moveupmiami.com/closing-costs-miami-buyer/). The more useful move is ordering it in the first days of your inspection period rather than two weeks before closing. One thing worth knowing: **permits are not covered by title insurance.** Your owner's policy will not protect you from an open permit or unpermitted work discovered after closing. That isn't what title insurance does. The diligence here is genuinely on you. A standard home inspection is also not a permit search. A good Miami inspector will flag amateur electrical, a suspicious enclosure, or a roof that doesn't match its stated age, but an inspector is evaluating visible condition, not county records. You need both. And a handful of Miami-Dade municipalities run re-occupancy inspection programs that catch this automatically at sale, including North Miami, Miami Springs, Biscayne Park, El Portal, Miami Gardens, and Hialeah. The neighborhoods most of my clients buy in are not on that list. There's no automatic safety net in Coral Gables or Pinecrest. Nobody checks unless you check. If you're looking at a condo rather than a single-family home, the permit question stacks on top of the building-level items in my [condo buyer's checklist](https://www.moveupmiami.com/condo-milestone-inspection-checklist-miami-dade/). Unit-level renovations and association-level structural compliance are two separate diligence tracks. ## What it costs to fix, and who ends up paying The range is wide, and it depends almost entirely on whether walls have to come open. - An expired electrical permit on a panel upgrade: roughly $2,000 to resolve - A full kitchen remodel or an addition permitted after the fact: roughly $15,000 to $40,000, once you account for opening walls for inspection, bringing wiring and plumbing to current code, and paying penalty fees - After-the-fact permits in Miami-Dade carry doubled permit fees, and most jurisdictions add a penalty or investigative fee on top of that Timeline matters as much as cost. Straightforward residential after-the-fact cases in Miami-Dade and Broward commonly resolve in roughly 8 to 16 weeks. That's longer than most contracts. Outcomes generally break three ways. Roughly 70 percent of unpermitted work is fully legalizable with as-built drawings, a retroactive permit, and a passing inspection. About 20 percent is legalizable with modification, meaning something has to change to meet code first. About 10 percent can't meet code and has to come out. Three costs people consistently underestimate: **The appraisal.** An appraiser will not count unpermitted square footage. A home marketed at 3,400 square feet that's 2,800 permitted square feet appraises as a 2,800 square foot home. If you're financing, that gap becomes your down payment problem, not the seller's. The same logic applies to bedroom count. An unpermitted fourth bedroom gets compared against three-bedroom comps. **Insurance.** Florida carriers check permit records during four-point inspections and at renewal. Unpermitted roof or electrical work can be grounds for a denied claim later, on the theory that the loss came from faulty workmanship rather than a covered peril. This is the cost that shows up years after closing, which is exactly why it gets ignored at closing. It's also a real line item on top of [what you're already budgeting for coverage](https://www.moveupmiami.com/home-insurance-cost-miami-buyers/). **Code liens.** Under Florida Statute 162.09, code enforcement liens run with the land. They stay attached to the property through the transfer. Fines commonly run $250 to $500 per day, per violation, until resolved. If a lien has been recorded, the title company will require payoff at closing. If a violation is open but not yet liened, you inherit the clock. Properties carrying open code violations generally transact 5 to 15 percent below comparable clean properties, depending on severity. That discount is real, and sometimes taking it is the right call. But you want to be the one pricing it, not the one discovering it. ## How to handle it inside a FAR/BAR contract Timing is the whole game. The FAR/BAR AS IS contract gives you an inspection period, 15 days by default, though it's negotiable and frequently written at 10 or 12\. Within that window you can cancel for any reason and get your deposit back. Once it expires, that right is gone. The January 2026 form updates refined the inspection period language and expanded disclosure requirements, but the core structure is unchanged. Every deadline runs to 5:00 PM local time on the applicable day, and missing it by an hour is the same as missing it by a week. So the permit search belongs in the first few days of your inspection period, not the last few. Run it alongside the home inspection, not after it. If something turns up, you have four realistic paths: 1. **Seller closes the permit before closing.** Cleanest outcome, and the one to ask for first. It also requires the most runway, which is why finding it early matters so much. 2. **Escrow holdback.** The title company holds back a portion of the seller's proceeds after closing and releases them only on proof the permit is closed. If the seller doesn't perform, you use the funds to do it yourself. Get the release conditions in writing and be specific about them. 3. **Price credit.** You take the problem, the seller funds the fix. Reasonable when the scope is known and the work is clearly legalizable. 4. **Cancel.** When the scope is unknown, the seller won't cooperate, or the work looks like it falls in the 10 percent that has to be removed. On the seller's side, Florida's disclosure standard from Johnson v. Davis requires sellers to disclose known facts that materially affect value and aren't readily observable. Unpermitted work sits squarely inside that. An AS IS contract does not erase the duty to disclose. That said, a seller who genuinely didn't know a previous contractor left a permit open is common, and treating it as a fraud question instead of a logistics question tends to blow up deals that could have closed. If you're paying cash, and a meaningful share of buyers in the $1M and above single-family market here are, you have more flexibility. No lender is forcing the issue. That flexibility cuts both ways, though. Nobody is forcing the issue on your behalf either. Cash buyers are the ones most likely to inherit a problem quietly, because the one party whose job it is to be paranoid about this isn't in the room. Market conditions factor in too. As of June 2026, Miami-Dade single-family months of supply sat at roughly 4.9 months, which is still tight. As of late April 2026, homes in Coral Gables were going pending in about 68 days, and Pinecrest in about 91 days. In a market where well-priced single-family homes still move, you don't always have unlimited time to negotiate a permit issue, which changes [how you approach the offer itself](https://www.moveupmiami.com/buyers-market-leverage-miami-dade/). It's another argument for running the search on day two instead of day twelve. Your specific situation depends on the property, the jurisdiction, the scope of the work, and how you're financing it. This is exactly the kind of question I walk clients through before we write an offer, not after. ## Frequently Asked Questions **Can I get a mortgage on a Miami-Dade home with an open permit?** Usually not without resolving it first. Most lenders won't fund while an open permit is flagged unless it's closed before closing, the title underwriter agrees to insure over it (uncommon and at underwriter discretion), or funds are escrowed for completion. Cash purchases aren't subject to that constraint, which is both the advantage and the risk. **Does title insurance cover open permits or unpermitted work?** No. Permit and code compliance issues fall outside what an owner's title policy covers in Florida. If an open permit is found, the title company may also list it as an exception on the policy, which most lenders won't accept. Verifying permit history is the buyer's responsibility. **How do I look up permits on a Miami-Dade property myself?** Search by address or folio number through Miami-Dade County's permit portal to see permit history, inspection history, and current status. If the property sits inside Coral Gables, South Miami, Pinecrest, Palmetto Bay, or Key Biscayne, check that city's building department as well, since the permit may live in the municipal system rather than the county's. **How long does an after-the-fact permit take in Miami-Dade?** Straightforward residential cases commonly run about 8 to 16 weeks from application to final inspection, assuming as-built drawings and any required engineering are in order. Complex work, or work that has to be partially opened up for inspection, takes longer. Plan for it to outlast your contract timeline. **Am I responsible for a previous owner's code violation after I buy?** In most cases, yes. Code enforcement liens run with the land under Florida Statute 162.09 and transfer with the property. Recorded liens are typically paid off at closing, but an open violation that hasn't been liened yet becomes the new owner's problem, along with any daily fines that keep accruing. --- An open permit isn't a reason to walk away from a house you want. It's a reason to find out early, price it accurately, and decide on purpose instead of under pressure. The buyers who handle this well are the ones who ran the search in week one, before they were emotionally committed and before the closing calendar started applying pressure. If you're thinking through this for your own situation, I'm happy to walk you through it. No pitch, just a straight conversation. Schedule a free consultation at [moveupmiami.com](https://www.moveupmiami.com/). --- **About Giovanni Altamiranda** Giovanni Altamiranda is a Miami-native real estate advisor at LUXE Properties, a team that closes over $1 billion in annual sales volume, and a licensed loan officer with Columbus Capital. With 11 years of experience and designations including SRS, ABR, and RENE, Gio specializes in Coral Gables, Coconut Grove, Pinecrest, South Miami, Palmetto Bay, Key Biscayne, and the surrounding Miami-Dade neighborhoods. He works exclusively with move-up buyers and relocating families in the $1M–$5M range, and is recognized as a top agent on Zillow. Rather than pushing a transaction, Gio's approach is advisory, helping buyers and families work through the real tradeoffs so they can make the decision that's right for them, not just right now. Born and raised in Miami, he brings firsthand knowledge of the neighborhoods, commutes, and market dynamics that out-of-town agents can't replicate. His dual license as both advisor and loan officer means clients get a cleaner, faster transaction with no surprises at the closing table. Giovanni Altamiranda, NMLS# LO52044, Licensed Mortgage Loan Officer, Columbus Capital. This is not a commitment to lend. Loans are subject to borrower and property qualifications. Rates and program guidelines subject to change without notice. This content is for informational purposes only and does not constitute legal or financial advice. Consult a licensed professional for guidance specific to your situation. ### Capital Gains Tax When Selling Your Miami Home: What You'll Owe URL: https://www.moveupmiami.com/capital-gains-tax-when-selling-your-miami-home-what-youll-owe/ Last updated: 2026-07-30T22:02:10.000Z ## How much capital gains tax will you pay when selling a home in Miami? Florida charges no state capital gains tax, so the only tax on your home sale profit is federal. If the home was your primary residence for at least 2 of the last 5 years, you can exclude up to $250,000 of gain if single or $500,000 if married filing jointly. Gain above the exclusion is taxed at federal long-term rates of 0%, 15%, or 20% depending on your income, plus a possible 3.8% net investment income tax. Many long-time owners in Coral Gables, Pinecrest, and Coconut Grove have gains well past $500,000, so the real work is calculating your cost basis correctly before you assume you owe nothing. *By Giovanni Altamiranda | July 17, 2026* Here's the conversation I have with almost every long-time owner who's thinking about selling. They bought their Pinecrest or Coral Gables home somewhere between 2010 and 2015, they've watched the value double or triple, and somewhere between excitement and listing paperwork a quieter question shows up: what is the IRS going to take? The good news is real. Florida has no state income tax and no state capital gains tax, which is one reason sellers here keep more than sellers in New York or California. The federal side is the only side, and the rules are more favorable than most people expect. The catch is also real. With Coral Gables closed single-family sales running at a median around $2.0 million for the year through March 2026, and Pinecrest around $2.5 million over the same period, gains in these neighborhoods routinely blow past the exclusion limits. The sellers who get surprised aren't the ones who owe tax. They're the ones who never ran the math. Let's run it. ## Your taxable gain is not your profit at the closing table The tax isn't charged on your sale price, and it isn't charged on the check you walk away with. It's charged on your gain, and gain has a specific formula: **Gain = sale price − selling costs − adjusted cost basis** Each piece works in your favor if you track it: - **Selling costs** include real estate commission, documentary stamp taxes, title-related charges you pay, and most other closing costs on the sale. On a $2.5M sale, these can easily total $150,000 or more, and every dollar reduces your gain. - **Adjusted cost basis** starts with what you paid for the home, plus certain closing costs from your original purchase. - **Capital improvements** get added to your basis. The new roof, the impact windows, the kitchen renovation, the pool, the addition, the seawall work. Repairs don't count, but improvements that added value or extended the property's life do. Here's what that looks like for a married couple selling a Pinecrest home: | Line item | Amount | | ----------------------------------------------- | -------------- | | Sale price | $2,600,000 | | Selling costs (commission, doc stamps, closing) | − $170,000 | | Original purchase price (2012) | − $900,000 | | Documented capital improvements over 14 years | − $350,000 | | **Capital gain** | **$1,180,000** | | Married filing jointly exclusion | − $500,000 | | **Taxable gain** | **$680,000** | That taxable $680,000 is taxed at long-term capital gains rates, which top out at 20% federally, plus the 3.8% net investment income tax that applies to higher-income households. Worst case here is roughly $162,000\. Painful, but far less than the $500,000-plus some sellers fear when they mentally tax the whole gain. Now notice what the improvements line did. That $350,000 of documented renovation work saved this couple up to $83,000 in tax. If they'd kept no records and claimed no improvements, the IRS math gets worse for no reason. If you're even a few years away from selling, start a folder today with every invoice, permit, and contract from significant work on the house. It's the cheapest tax planning you'll ever do. ## The $250K/$500K exclusion: who qualifies and how it works The Section 121 exclusion is the reason most American home sellers owe nothing. The rules: - **Ownership and use test.** You must have owned the home and used it as your primary residence for at least 2 of the 5 years before the sale. The two years don't need to be consecutive. - **$250,000 excluded if you file single, $500,000 if married filing jointly.** - **Reusable.** This isn't once in a lifetime. You can take it again on a future primary residence, as long as you haven't used it within the prior 2 years. - **Partial exclusions exist.** If you sell before hitting two years because of a job relocation, a health issue, or certain unforeseen circumstances, you may qualify for a prorated exclusion rather than losing it entirely. Two situations trip up sellers in this market specifically. First, second homes and condos don't qualify. If you bought a Key Biscayne condo as a weekend place, the exclusion doesn't apply to it, because it was never your primary residence. Some owners move into a second property for two years before selling to qualify, but the rules for converted properties prorate the benefit, so talk to a CPA before counting on that play. Second, long-time owners with big gains still owe on the overage. The exclusion caps at $500,000 no matter how long you've owned the home. A couple who bought in High Pines in 2005 and never sold has decades of appreciation stacked against a fixed exclusion. That's not a reason to stay put. It's a reason to know your number before you price the house. If a 1031 exchange crossed your mind: those apply to investment property, not your primary residence. Different tool, different situation. ## What this means when you're planning the sale When I sit down with sellers, the tax math feeds directly into three decisions. **Your real net.** The number that matters isn't the sale price, and it isn't even the proceeds after closing costs. It's proceeds after closing costs and taxes. I've broken down the closing cost side in [what sellers pay at closing in Miami-Dade](https://www.moveupmiami.com/what-sellers-pay-closing-miami-dade), and the capital gains layer sits on top of that. Together they tell you what you'll actually have available for the next purchase. **Your move-up budget.** Most of my sellers are buying their next home in the same market. If the tax bill is $150,000, that's $150,000 not going into the down payment on the next house in Coral Gables or Palmetto Bay. Knowing it early keeps the [buy-before-you-sell plan](https://www.moveupmiami.com/buy-before-selling-miami-dade) honest. **Your property tax picture.** Capital gains tax and property tax are separate systems, and sellers sometimes conflate them. The capital gains bill goes to the IRS once. Your property taxes on the next home reset to its purchase price, softened by Save Our Homes portability if you use it. I've covered that whole system in [Save Our Homes portability for Miami move-up buyers](https://www.moveupmiami.com/save-our-homes-portability-miami), and it belongs in the same planning conversation. One timing note. There's no special Florida window or seasonal trick that changes the federal tax. What changes your bill is your income in the year you sell, whether you've documented your basis, and whether you meet the exclusion tests. A seller who retires in January and sells in March may land in a lower bracket than one who sells during a peak earning year. That's a conversation for your CPA, but it's worth having before you list, not after you close. ## Frequently Asked Questions **Does Florida have a capital gains tax on home sales?** No. Florida has no state income tax and no state capital gains tax. The only tax on profit from selling your Miami home is federal capital gains tax, and it applies only to gain above your exclusion amount after your cost basis and selling costs are subtracted. **How do I avoid capital gains tax when selling my house in Miami?** Most sellers reduce or eliminate the tax three ways: qualify for the $250,000 single or $500,000 married exclusion by living in the home 2 of the last 5 years, add every documented capital improvement to your cost basis, and subtract selling costs like commission and documentary stamp taxes from the sale price. Gains above the exclusion can't be avoided outright for a primary residence, but income timing in the year of sale can affect your rate. **What counts as a capital improvement to my cost basis?** Work that adds value, extends the property's life, or adapts it to new uses: additions, kitchen and bath renovations, a new roof, impact windows, a pool, HVAC replacement, and similar projects. Routine repairs and maintenance don't count. Keep invoices and permits, because unproven improvements are the first thing to fall out of the math. **Do I pay capital gains tax if I sell my Miami home and buy a more expensive one?** Rolling proceeds into the next home doesn't defer the tax. That rule ended in 1997\. Your gain is calculated on the home you sold regardless of what you buy next, with the $250K/$500K exclusion applied if you qualify. The old "buy up and defer" rule is one of the most persistent myths I hear from sellers. **How much is federal capital gains tax on a home sale?** Long-term rates are 0%, 15%, or 20% depending on your taxable income, and higher-income households may also owe the 3.8% net investment income tax on the taxable portion. Gains qualify as long-term if you owned the home for more than a year, which covers nearly every primary residence sale. ## Know your number before you list The takeaway: Florida sellers keep more than sellers almost anywhere else, but in neighborhoods where a decade of ownership can mean seven figures of appreciation, the federal bill on the amount above your exclusion is real, and it's knowable in advance. Basis records, selling costs, and the exclusion tests decide most of it. This is exactly the kind of math I work through with sellers before we ever talk list price, because your real net drives every other decision in a move-up plan. If you're thinking through this for your own situation, I'm happy to walk you through it. No pitch, just a straight conversation. Schedule a free consultation at [moveupmiami.com](https://www.moveupmiami.com/). **About Giovanni Altamiranda** Giovanni Altamiranda is a Miami-native real estate advisor at LUXE Properties, a team that closes over $1 billion in annual sales volume, and a licensed loan officer with Columbus Capital. With 11 years of experience and designations including SRS, ABR, and RENE, Gio specializes in the southern Miami suburbs: Coral Gables, Coconut Grove, Pinecrest, South Miami, Palmetto Bay, Key Biscayne, and surrounding neighborhoods. He works exclusively with move-up buyers and relocating families in the $1M–$5M range, and is recognized as a top agent on Zillow. Rather than pushing a transaction, Gio's approach is advisory, helping buyers and families work through the real tradeoffs so they can make the decision that's right for them, not just right now. Born and raised in Miami, he brings firsthand knowledge of the neighborhoods, commutes, and market dynamics that out-of-town agents can't replicate. His dual license as both advisor and loan officer means clients get a cleaner, faster transaction with no surprises at the closing table. *This content is for informational purposes only and does not constitute legal or financial advice. Consult a licensed professional for guidance specific to your situation.* ### Save Our Homes Portability for Miami Move-Up Buyers URL: https://www.moveupmiami.com/save-our-homes-portability-for-miami-move-up-buyers/ Last updated: 2026-07-30T22:04:06.000Z ## How does Save Our Homes portability work when you move up in Miami-Dade? Florida's Save Our Homes portability lets you transfer up to $500,000 of accumulated property tax savings from your current homesteaded home to your next one. If you're buying a more expensive home in Miami-Dade, you can move your full benefit, which directly lowers the assessed value of the new property. You must establish your new homestead by January 1 of the third tax year after leaving the old one, and file with the Miami-Dade Property Appraiser between January 1 and March 1\. Miss the window and the savings are gone. *By Giovanni Altamiranda | July 24, 2026* Here's a number that stops people cold. Reporting on Miami property taxes this year highlighted a new owner paying $10,024 a year while a longtime neighbor pays $3,166 for a comparable house on the same block. That's not an error. That's how Florida property tax works, and if you're planning a move-up purchase in Coral Gables, Pinecrest, Coconut Grove, Palmetto Bay, or Key Biscayne, it's the single most misunderstood line item in your future budget. The good news: if you already own a homesteaded home in Florida, you've been quietly building a tax benefit for years, and you can take a large piece of it with you. Most of my move-up clients have never run this math before we sit down. Let's run it now. ## Why your tax bill won't look like the seller's tax bill When you buy a home in Florida, the county resets the assessed value to market value, essentially your purchase price, on the January 1 after you close. The seller's tax bill tells you almost nothing about yours. That seller may have owned the home for 15 years. Florida's Save Our Homes rule caps how fast a homesteaded property's assessed value can rise each year, at 3% or the rate of inflation, whichever is lower. For 2026, that cap is 2.7%. After a decade of Miami appreciation, the gap between what a home is worth and what it's assessed at can be enormous. So the seller was paying taxes on a number far below what you're about to pay for the house. The day the assessment resets, that gap closes, and you're the one standing on the other side of it. This is also where the year-two escrow surprise comes from. If you're financing, your lender sets your initial escrow using the seller's current tax bill. Then the county reassesses at your purchase price, the real bill arrives in November, and your lender sends a shortage notice and raises your monthly payment. National reporting in May 2026 flagged rising escrow shortages across the country, and Florida buyers are heavily represented in that story. If you're one of the many cash buyers in this market, you skip the escrow machinery, but the tax bill itself lands just the same. Budget for it directly. If you'd like the fuller picture of everything owed at the closing table, I've broken that down in my guide to [closing costs for Miami buyers](https://www.moveupmiami.com/closing-costs-miami-buyers). ## How portability works, with real numbers Save Our Homes portability is the move-up buyer's counterweight. It lets you transfer the accumulated difference between your current home's market value and its capped assessed value, up to $500,000, onto your next homestead. Because you're buying up, the rule is friendly: when the new home's market value is equal to or higher than the old home's, you transfer the full benefit, capped at $500,000. Here's what that looks like for a typical move-up scenario in the neighborhoods I work in: - **Your current home:** a Coral Gables house you bought years ago, now worth $1.6M on the market, assessed at $900K thanks to the cap. Your Save Our Homes benefit is $700K, but portability caps it at **$500,000**. - **Your next home:** a $2.8M house in Pinecrest. - **Without portability:** you're assessed at roughly $2.8M. At Miami-Dade's combined millage rates, which run roughly 18 to 21 mills depending on the municipality as of 2026, call it 19 mills, that's about **$53,200 a year** before exemptions. - **With portability:** your assessed value starts at $2.3M instead. Same 19 mills puts you near **$43,700 a year** before exemptions. That's roughly $9,500 a year, every year, and the benefit compounds. Once you're homesteaded, the 2026 cap of 2.7% applies to your new, lower assessed base while the market does whatever Miami's market does. Stack the homestead exemption on top. For 2026, Miami-Dade's homestead exemption totals $51,411 off assessed value, with a portion not applying to school taxes. It's smaller than the portability benefit for buyers at this price point, but you file for both on the same timeline, so there's no reason to leave it on the table. One more wrinkle worth knowing: your portability amount is based on the Property Appraiser's market value for your current home, not your sale price. I've seen owners discover their county market value was understated, which quietly shrinks the benefit they can port. It's worth reviewing your current assessment before you list, and this is one of the first things I check when a client starts planning a move. Exact millage depends on which municipality you land in. Effective rates run from around 1.6% in Key Biscayne to over 2.5% in some Miami-Dade municipalities as of 2026, so the same $2.8M purchase carries a meaningfully different bill in different neighborhoods. Local customs and local rates both matter here, and this is exactly the kind of math I walk clients through before we start touring homes. ## The deadlines that decide whether you keep the savings Portability is generous, but it's unforgiving about timing. Three dates control everything: 1. **January 1, ownership and residency.** You must own and occupy the new home as your permanent residence on January 1 to qualify for that tax year. Close on December 28 and you qualify for the coming year. Close on January 3 and you wait a full extra year for the exemption and the reassessment timing that comes with it. One week can carry a five-figure cost at move-up price points. 2. **March 1, filing deadline.** You file your homestead exemption and the portability transfer (form DR-501T) with the Miami-Dade Property Appraiser between January 1 and March 1\. This isn't automatic. Nobody files it for you. 3. **The three-year window.** You must establish your new homestead by January 1 of the third tax year after abandoning the old one. Sell in 2026 and you have until January 1, 2029\. If you sold within the last three years and never claimed portability, you may still be able to apply retroactively. That three-year window matters for buy-before-you-sell moves too, which many of my clients are weighing in this market. If that's your situation, my guide to [buying in Miami-Dade before selling your current home](https://www.moveupmiami.com/buy-before-selling-miami-dade) covers the financing side, and the portability clock runs alongside it. And keep this on your radar: Florida's proposed 2026 property tax amendment could reshape parts of this system going forward. I covered what's actually on the ballot, and the timing traps inside it, in [what Florida's 2026 property tax amendment means for Miami buyers](https://www.moveupmiami.com/florida-2026-property-tax-amendment-miami-buyers). ## Frequently Asked Questions **How much of my Save Our Homes benefit can I transfer in Miami-Dade?** Up to $500,000\. If your new home's market value is equal to or higher than your old home's, you transfer your full accumulated benefit up to that cap. If you downsize to a less expensive home, you transfer a proportional share instead. **How long do I have to use portability after I sell?** You must establish your new Florida homestead by January 1 of the third tax year after abandoning the previous one. Sell in 2026 and your deadline is January 1, 2029\. Claims can be made retroactively within that window if you missed filing. **Why did my property taxes jump so much after buying in Miami?** Florida resets a property's assessed value to market value on the January 1 after a sale. The previous owner's bill reflected years of capped assessments under Save Our Homes, and that cap doesn't transfer with the deed. Your bill is based on what you paid, minus any exemptions and portability you file for. **Does portability apply if I'm relocating to Miami from another state?** No. Portability only transfers between Florida homesteads. If you're moving from New York, New Jersey, or California, plan your budget on the full purchase price assessment, then file for the homestead exemption by March 1 so the 2026 cap of 2.7% starts protecting you going forward. **Can I keep my Save Our Homes cap if I buy my next home before selling my current one?** Yes, with planning. Your cap stays with your current homestead until you abandon it, and you can port the benefit once you make the new home your permanent residence. The sequencing affects which tax year the transfer lands in, so map the January 1 dates before you close. ## The bottom line Your property tax bill on a move-up purchase in Miami-Dade is knowable in advance. It's your purchase price, minus your ported Save Our Homes benefit, minus the homestead exemption, times your municipality's millage. Buyers who run that math before making an offer negotiate with a real monthly number. Buyers who don't find out in November. I'm both a Miami-native advisor and a licensed loan officer, so when my clients model a move-up purchase, the tax line and the financing line get built together, before we ever tour a home. If you're thinking through this for your own situation, I'm happy to walk you through it. No pitch, just a straight conversation. Schedule a free consultation at [moveupmiami.com](https://www.moveupmiami.com/). --- **About Giovanni Altamiranda** Giovanni Altamiranda is a Miami-native real estate advisor at LUXE Properties, a team that closes over $1 billion in annual sales volume, and a licensed loan officer with Columbus Capital. With 11 years of experience and designations including SRS, ABR, and RENE, Gio specializes in the southern Miami suburbs: Coral Gables, Coconut Grove, Pinecrest, South Miami, Palmetto Bay, Key Biscayne, and surrounding neighborhoods. He works exclusively with move-up buyers and relocating families in the $1M–$5M range, and is recognized as a top agent on Zillow. Rather than pushing a transaction, Gio's approach is advisory, helping buyers and families work through the real tradeoffs so they can make the decision that's right for them, not just right now. Born and raised in Miami, he brings firsthand knowledge of the neighborhoods, commutes, and market dynamics that out-of-town agents can't replicate. His dual license as both advisor and loan officer means clients get a cleaner, faster transaction with no surprises at the closing table. Giovanni Altamiranda, NMLS# LO52044, Licensed Mortgage Loan Officer, Columbus Capital. This is not a commitment to lend. Loans are subject to borrower and property qualifications. Rates and program guidelines subject to change without notice. This content is for informational purposes only and does not constitute legal or financial advice. Consult a licensed professional for guidance specific to your situation. ### Can you buy a house in Miami-Dade before selling your current one? URL: https://www.moveupmiami.com/can-you-buy-a-house-in-miami-dade-before-selling-your-current-one/ Last updated: 2026-08-01T18:43:45.000Z Yes. Move-up buyers around Miami typically use one of three paths: a short-term bridge loan, a HELOC against their current home's equity, or a contingent offer built around a rent-back agreement. As of Q1 to Q2 2026, single-family inventory in Miami-Dade sits around 5.2 months of supply, and well-priced homes are moving in 31 to 48 days, which means a contingent offer often loses to a buyer who doesn't need one. The right path depends on how much equity you have, how fast you need to move, and how competitive the specific listing is. *By Giovanni Altamiranda | July 22, 2026* If you found the house before your current one sold, you're not stuck. You have options. But not every option fits every situation, and picking the wrong one can cost you the house, the money, or both. ## Why This Decision Is Harder in Today's Market Here's the tension. As of Q1 to Q2 2026, single-family homes over $1M in Miami-Dade saw a 12% year-over-year increase in sales, and well-priced homes in the best locations are still moving in 31 to 48 days, well ahead of the county's broader 96 to 113 day average. That's good news if you're selling. It's a real obstacle if you're trying to buy with a contingency attached. Sellers in this segment don't need to accept a contingent offer. When a listing gets real interest, and in Coral Gables or Pinecrest, it usually does, a seller can simply wait for a buyer who doesn't need their own home to sell first. Add in that over 70% of $1M+ condo purchases in Miami-Dade closed all-cash in 2025, and you're often competing against buyers who have zero timing problems at all. This is exactly why I walk clients through their financing options before we ever start touring properties. Once you know which path is realistic for your situation, you can move the moment the right listing shows up instead of watching it go to someone else while you're still waiting on your own sale. ## Your Three Real Options ### 1\. A Bridge Loan A bridge loan lets you borrow against the equity in your current home to fund the down payment and purchase of your next one, before your current home closes. Terms typically run 6 to 12 months, with interest rates commonly in the 8% to 12% range plus 1% to 3% in fees, higher than a standard mortgage because the lender is taking on short-term risk. Most lenders want to see meaningful equity in your current home (often 20% or more), a credit score around 680 or higher, and your home listed for sale. The tradeoff is straightforward: you pay a premium for the ability to make a clean, non-contingent offer and move only once. ### 2\. A HELOC Against Your Current Home A home equity line of credit is usually the cheaper option if you have time to set it up before you need the cash. Rates tend to run lower than a bridge loan, though a bridge loan's higher short-term rate can still cost less overall if you only need the funds for a few months. The real question is timing: a HELOC takes longer to establish, so it works best if you're planning ahead rather than reacting to a home you just found. ### 3\. A Contingent Offer With a Rent-Back Agreement If you'd rather not take on additional financing, you can make an offer contingent on selling your current home. The catch is that sellers in a market like this one will often only accept a contingent offer with a kick-out clause attached, which lets them keep marketing their home and gives you a short window (typically 24 to 72 hours) to remove your contingency or step aside if a better offer comes in. On the other side of the transaction, once your own home is under contract, a rent-back or post-occupancy agreement lets you stay in it for an agreed period after closing, in exchange for a daily or weekly fee. That buys you time to close on your next home without needing to move twice or find temporary housing in between. If you're deciding [how much to offer in today's market](https://www.moveupmiami.com/), understanding how sellers are pricing and negotiating right now matters just as much as your financing plan. ## Which Option Actually Fits Your Situation Run through these questions before you decide: - **How much equity do you have, and how fast do you need it?** A bridge loan makes sense if you need funds in weeks, not months. A HELOC makes sense if you have a longer runway. - **Is your current home likely to sell quickly?** If your home is well-priced and in a neighborhood where inventory is moving fast, a bridge loan or HELOC carries less risk because you won't be holding two payments for long. - **Can you tolerate paying two mortgages for a few months?** If not, a contingent offer with a rent-back agreement might be worth the risk of losing a listing to a non-contingent buyer. - **Are you a cash buyer?** If you're purchasing without financing, which is common in this market, your leverage changes entirely. You may be able to skip financing options altogether and simply negotiate directly on timing with the seller. Every one of these answers depends on your specific numbers, your specific home, and the specific listing you're chasing. That's the part a generic calculator can't tell you, and it's the conversation I have with every client before we start touring homes seriously. ## Frequently Asked Questions **Is a bridge loan a good idea in Miami-Dade right now?** It can be, especially if your current home is likely to sell within a few months and you need to move fast on a competitive listing. The cost only makes sense if you're confident your home will sell quickly enough to pay off the loan before the fees outweigh the benefit of a non-contingent offer. **What is a kick-out clause?** A kick-out clause allows a seller to keep marketing their home after accepting your contingent offer. If a better offer comes in, you typically get 24 to 72 hours to remove your contingency and proceed, or step aside. It protects the seller while still giving you a real shot at the home. **How long can I stay in my house after closing with a rent-back agreement?** Terms vary by negotiation, but Florida allows sellers and buyers to agree on a post-occupancy period along with a daily or weekly fee. It's a common tool for sellers who need extra time to close on their next home without moving twice. **Do I need a bridge loan if I'm a cash buyer?** Not necessarily. Many buyers in the $1M+ Miami-Dade market purchase without financing, which changes your negotiating position significantly. You may be able to bridge the timing gap directly with the seller instead of taking on a loan. **What happens if my current home doesn't sell before my bridge loan term ends?** Most bridge loans run 6 to 12 months, and if your home hasn't sold by then, you'll need to refinance the loan, extend it if your lender allows, or explore other options. This is why an honest read on your home's likely time on market matters before you take one on. ## The Bottom Line Buying before you sell isn't a single decision, it's a set of tradeoffs between speed, cost, and risk. A bridge loan, a HELOC, and a contingent offer with a rent-back agreement can each get you into your next home, but the right one depends on your equity, your timeline, and how competitive the listing actually is. This is exactly the kind of question I walk my clients through before we even start looking at properties, because getting the financing plan right is what lets you move the moment the right home in Coral Gables, Pinecrest, or Coconut Grove shows up. If you're thinking through this for your own situation, I'm happy to walk you through it. No pitch, just a straight conversation. Schedule a free consultation at [moveupmiami.com](https://www.moveupmiami.com/). --- **About Giovanni Altamiranda** Giovanni Altamiranda is a Miami-native real estate advisor at LUXE Properties, a team that closes over $1 billion in annual sales volume, and a licensed loan officer with Columbus Capital. With 11 years of experience and designations including SRS, ABR, and RENE, Gio specializes in the southern Miami suburbs: Coral Gables, Coconut Grove, Pinecrest, South Miami, Palmetto Bay, Key Biscayne, and surrounding neighborhoods. He works exclusively with move-up buyers and relocating families in the $1M–$5M range, and is recognized as a top agent on Zillow. Rather than pushing a transaction, Gio's approach is advisory, helping buyers and families work through the real tradeoffs so they can make the decision that's right for them, not just right now. Born and raised in Miami, he brings firsthand knowledge of the neighborhoods, commutes, and market dynamics that out-of-town agents can't replicate. His dual license as both advisor and loan officer means clients get a cleaner, faster transaction with no surprises at the closing table. *Giovanni Altamiranda, NMLS# LO52044, Licensed Mortgage Loan Officer, Columbus Capital. This is not a commitment to lend. Loans are subject to borrower and property qualifications. Rates and program guidelines subject to change without notice.* *This content is for informational purposes only and does not constitute legal or financial advice. Consult a licensed professional for guidance specific to your situation.* ### What should you check before buying a condo in Miami-Dade right now? URL: https://www.moveupmiami.com/what-should-you-check-before-buying-a-condo-in-miami-dade-right-now/ Last updated: 2026-08-01T18:46:06.000Z Before you write an offer on a Miami-Dade condo, ask for the building's milestone inspection report, its Structural Integrity Reserve Study (SIRS), the last 12 months of board meeting minutes, and confirmation that the building isn't on Fannie Mae's unavailable list. Three Miami-Dade buildings have hit owners with special assessments between $134,000 and $400,000 per unit since 2024, and in each case, the warning signs were sitting in documents most buyers never ask to see. If a building can't produce a current inspection report or reserve study, or if it shows up on Fannie Mae's list, financing and resale can both be at risk. *By Giovanni Altamiranda | July 16, 2026* A condo in Coconut Grove, Key Biscayne, Brickell, or Aventura can look finished and move-in ready online while still carrying structural or financial issues that never appear in the listing photos. That's not a scare tactic. It's the actual situation a growing number of Miami-Dade condo buyers have walked into over the past two years, especially in older buildings where years of deferred maintenance are now coming due, and the documents that would have warned them were available the whole time. They just weren't part of a typical home search. I work mostly with families buying single-family homes in Coral Gables, Pinecrest, South Miami, and Palmetto Bay, but a fair number of my clients also look at condos, usually as a second home or a more lock-and-leave option near the water. The single-family side of this market and the condo side are behaving very differently right now, and condos carry a risk that doesn't show up in the listing photos: structural compliance and the financing it touches. Here's what's actually going on, and the six things I tell every client to check before they make an offer. ## The deadline most people have backward If you've read anything about Florida condo law in the last few years, you've probably seen December 31, 2026 mentioned as "the deadline." It isn't, at least not for the part that affects you as a buyer. Florida's milestone inspection law (created by SB 4-D in 2022 and amended since) set two real inspection deadlines: December 31, 2024, for buildings that hit 30 years old before July 2022, and December 31, 2025, for buildings that crossed that threshold a bit later. As of mid-2026, most of the roughly 900,000 Florida condo units subject to this law should already have a completed inspection on file. December 31, 2026 is actually the outer limit for a related but separate requirement, the building's Structural Integrity Reserve Study, when it's done alongside a milestone inspection. What that means for you: you're not buying into a building that's waiting on an inspection someday. You're buying into a building that, in most cases, already has results. Good or bad, those results exist right now, and you're entitled to ask for them. There's a second piece that changed on January 1, 2026\. Florida no longer lets condo boards vote to waive reserve funding for eight specific structural components: the roof, load-bearing walls and primary structural systems, fire protection, plumbing, electrical, waterproofing, windows and exterior doors, and anything else with a repair or replacement cost over $10,000\. For years, boards kept monthly fees artificially low by skipping these reserves. That option is gone for the items most likely to cause a six-figure surprise. ## What a failed inspection actually costs This isn't theoretical. Here's what's happened at three Miami-Dade-area buildings since 2024: - **The Cricket Club, North Miami,** a 1975 bay-front building. Total assessment: $30 million, roughly $134,000 per unit. - **Palm Bay Yacht Club, Miami,** 235 units across 27 stories. Total assessment: $46 million, $140,000 to $175,000 per unit. - **Mediterranean Village, Aventura,** assessments reported as high as $400,000 per unit. None of these were sudden. Each came out of years of deferred maintenance that a milestone inspection and reserve study were specifically designed to surface. Owners who'd held their units for decades, expecting a comfortable retirement or a clean sale, found themselves facing assessments larger than what they'd paid for the unit in the first place. If you're buying into an older building, this is the risk you're actually pricing, not just the HOA fee on the listing sheet. ## Why financing can fall through even when your offer is solid Here's the part most buyers don't see coming, and it's the one I spend the most time on with clients who are financing rather than paying cash. Fannie Mae keeps an internal, non-public list of condo buildings it won't lend on, often called the unavailable list. Buildings land on it mostly for two reasons: inadequate master insurance, or unresolved critical repair and inspection issues. As of March 2025, roughly 696 buildings across Miami-Dade, Broward, and Palm Beach counties were on it, out of about 5,000 nationally. Because the list isn't public, most buyers and even some owners don't find out their building is on it until a lender runs the check and the loan gets denied. Fannie Mae also retired its shortened "Limited Review" option for condo loans. Every condo purchase now goes through Full Review, which means your lender needs the HOA's budget, financial statements, reserve study, delinquency data, and insurance documentation before your loan can close. More documents means more chances for an underwriter to flag something, which is exactly why this needs to happen early, not during your financing contingency window. If you're paying cash, you skip the Fannie Mae problem, but you don't skip the assessment risk. A building that can't get financed is also a building future buyers won't be able to finance, which affects your resale pool down the road. This is the kind of thing I check for clients before we even schedule a showing, partly because I'm their advisor and partly because I'm a licensed loan officer who sees exactly where these deals stall. It's one advantage of working with someone who does both. ## The six things to ask for before you make an offer Whether you're financing or paying cash, request these before you write a contract, not after: 1. **The most recent milestone inspection report.** Confirm it's been completed and ask whether it triggered a Phase 2 (a deeper structural review). 2. **The current Structural Integrity Reserve Study (SIRS).** It should include a funding plan that keeps the reserve balance above zero, not just a list of components. 3. **Board meeting minutes from the last 12 months.** Special assessments and major repair discussions show up here before they show up in an official notice. 4. **Written confirmation of any pending or proposed special assessments.** Ask directly. Don't assume "no HOA increases" on a listing means there's nothing coming. 5. **The building's status on Fannie Mae's Condo Status Finder.** Your lender or agent can run this check. If you're paying cash, run it anyway, for resale purposes. 6. **The current master insurance policy, coverage amount, and recent premium history.** Inadequate coverage is the single most common reason buildings land on the unavailable list. None of this should take more than a few days to gather, and a well-run building will produce it without much friction. If a seller or listing agent hesitates on any of these, that's information too. If you're weighing a condo against a single-family home in Coral Gables or South Miami instead, the calculation is simpler. You won't deal with milestone inspections or SIRS reports, but you'll want to understand the full [closing cost picture for Miami buyers](https://www.moveupmiami.com/blog/closing-costs-miami-buyer), since Florida's customs around who pays what at closing surprise a lot of relocating families either way. Every building is different, and the right read on a specific property depends on its age, its location, and what's actually in its reserve study, not just a general rule. That's exactly the kind of review I walk clients through before they fall in love with a unit. ## Frequently Asked Questions **Is December 31, 2026 the deadline for Florida condo milestone inspections?** No. The actual milestone inspection deadlines were December 31, 2024, and December 31, 2025, depending on a building's age. December 31, 2026 is the outer limit for completing a Structural Integrity Reserve Study when it's done alongside a milestone inspection. Most eligible buildings should already have inspection results by now. **How do I find out if a Miami-Dade condo building has a pending special assessment?** Ask the seller or listing agent directly, and request board meeting minutes from at least the past 12 months. Special assessments are usually discussed by the board before they're formally announced, so minutes often reveal what's coming before an official notice does. **What is Fannie Mae's condo unavailable list, and how do I check if a building is on it?** It's a confidential list of condo buildings Fannie Mae won't lend on, usually due to insurance gaps or unresolved structural issues. Your lender can run a building's status through Fannie Mae's Condo Status Finder. If you're buying with cash, it's still worth checking, since a building blocked from financing limits your future resale pool. **Do I need to worry about milestone inspections if I'm paying cash for a Miami condo?** You avoid the financing denial risk, but not the underlying problem. A building with deferred structural maintenance can still hit you with a large special assessment after closing, and it can limit who can buy from you later if the building remains unfinanceable. **What's the difference between a milestone inspection and a Structural Integrity Reserve Study?** A milestone inspection is a one-time, then every-10-years, structural safety check performed by a licensed engineer or architect. A Structural Integrity Reserve Study is a separate, ongoing financial planning document that estimates the remaining life and replacement cost of major building components and sets a funding schedule. Florida requires both for most condo and co-op buildings three stories or taller. Buying a condo in Miami-Dade right now isn't riskier than it used to be, it's just more transparent, if you know which documents to ask for. The buildings that have done the work show it. The ones that haven't usually show that too, once you know where to look. If you're thinking through a condo purchase, or trying to decide between a condo and a single-family home for your situation, I'm happy to walk through it with you. No pitch, just a straight conversation. Schedule a free consultation at [moveupmiami.com](https://www.moveupmiami.com/). --- **About Giovanni Altamiranda** Giovanni Altamiranda is a Miami-native real estate advisor at LUXE Properties, a team that closes over $1 billion in annual sales volume, and a licensed loan officer with Columbus Capital. With 11 years of experience and designations including SRS, ABR, and RENE, Gio specializes in the southern Miami suburbs: Coral Gables, Coconut Grove, Pinecrest, South Miami, Palmetto Bay, Key Biscayne, and surrounding neighborhoods. He works exclusively with move-up buyers and relocating families in the $1M to $5M range, and is recognized as a top agent on Zillow. Rather than pushing a transaction, Gio's approach is advisory, helping buyers and families work through the real tradeoffs so they can make the decision that's right for them, not just right now. Born and raised in Miami, he brings firsthand knowledge of the neighborhoods, commutes, and market dynamics that out-of-town agents can't replicate. His dual license as both advisor and loan officer means clients get a cleaner, faster transaction with no surprises at the closing table. Giovanni Altamiranda, NMLS# LO52044, Licensed Mortgage Loan Officer, Columbus Capital. This is not a commitment to lend. Loans are subject to borrower and property qualifications. Rates and program guidelines subject to change without notice. This content is for informational purposes only and does not constitute legal or financial advice. Consult a licensed professional for guidance specific to your situation. Before you write an offer on a Miami-Dade condo, ask for the building's milestone inspection report, its Structural Integrity Reserve Study (SIRS), the last 12 months of board meeting minutes, and confirmation that the building isn't on Fannie Mae's unavailable list. Three Miami-Dade buildings have hit owners with special assessments between $134,000 and $400,000 per unit since 2024, and in each case, the warning signs were sitting in documents most buyers never ask to see. If a building can't produce a current inspection report or reserve study, or if it shows up on Fannie Mae's list, financing and resale can both be at risk. *By Giovanni Altamiranda | June 22, 2026* A condo listing in Coconut Grove or Key Biscayne can look finished and move-in ready online and still be sitting on top of a financial problem the seller hasn't mentioned. That's not a scare tactic. It's the actual situation a growing number of Miami-Dade condo buyers have walked into over the past two years, and the documents that would have warned them were available the whole time. They just weren't part of a typical home search. I work mostly with families buying single-family homes in Coral Gables, Pinecrest, South Miami, and Palmetto Bay, but a fair number of my clients also look at condos, usually as a second home or a more lock-and-leave option near the water. The single-family side of this market and the condo side are behaving very differently right now, and condos carry a risk that doesn't show up in the listing photos: structural compliance and the financing it touches. Here's what's actually going on, and the six things I tell every client to check before they make an offer. ## The deadline most people have backward If you've read anything about Florida condo law in the last few years, you've probably seen December 31, 2026 mentioned as "the deadline." It isn't, at least not for the part that affects you as a buyer. Florida's milestone inspection law (created by SB 4-D in 2022 and amended since) set two real inspection deadlines: December 31, 2024, for buildings that hit 30 years old before July 2022, and December 31, 2025, for buildings that crossed that threshold a bit later. As of mid-2026, most of the roughly 900,000 Florida condo units subject to this law should already have a completed inspection on file. December 31, 2026 is actually the outer limit for a related but separate requirement, the building's Structural Integrity Reserve Study, when it's done alongside a milestone inspection. What that means for you: you're not buying into a building that's waiting on an inspection someday. You're buying into a building that, in most cases, already has results. Good or bad, those results exist right now, and you're entitled to ask for them. There's a second piece that changed on January 1, 2026\. Florida no longer lets condo boards vote to waive reserve funding for eight specific structural components: the roof, load-bearing walls and primary structural systems, fire protection, plumbing, electrical, waterproofing, windows and exterior doors, and anything else with a repair or replacement cost over $10,000\. For years, boards kept monthly fees artificially low by skipping these reserves. That option is gone for the items most likely to cause a six-figure surprise. ## What a failed inspection actually costs This isn't theoretical. Here's what's happened at three Miami-Dade-area buildings since 2024: - **The Cricket Club, North Miami,** a 1975 bay-front building. Total assessment: $30 million, roughly $134,000 per unit. - **Palm Bay Yacht Club, Miami,** 235 units across 27 stories. Total assessment: $46 million, $140,000 to $175,000 per unit. - **Mediterranean Village, Aventura,** assessments reported as high as $400,000 per unit. None of these were sudden. Each came out of years of deferred maintenance that a milestone inspection and reserve study were specifically designed to surface. Owners who'd held their units for decades, expecting a comfortable retirement or a clean sale, found themselves facing assessments larger than what they'd paid for the unit in the first place. If you're buying into an older building, this is the risk you're actually pricing, not just the HOA fee on the listing sheet. ## Why financing can fall through even when your offer is solid Here's the part most buyers don't see coming, and it's the one I spend the most time on with clients who are financing rather than paying cash. Fannie Mae keeps an internal, non-public list of condo buildings it won't lend on, often called the unavailable list. Buildings land on it mostly for two reasons: inadequate master insurance, or unresolved critical repair and inspection issues. As of March 2025, roughly 696 buildings across Miami-Dade, Broward, and Palm Beach counties were on it, out of about 5,000 nationally. Because the list isn't public, most buyers and even some owners don't find out their building is on it until a lender runs the check and the loan gets denied. Fannie Mae also retired its shortened "Limited Review" option for condo loans. Every condo purchase now goes through Full Review, which means your lender needs the HOA's budget, financial statements, reserve study, delinquency data, and insurance documentation before your loan can close. More documents means more chances for an underwriter to flag something, which is exactly why this needs to happen early, not during your financing contingency window. If you're paying cash, you skip the Fannie Mae problem, but you don't skip the assessment risk. A building that can't get financed is also a building future buyers won't be able to finance, which affects your resale pool down the road. This is the kind of thing I check for clients before we even schedule a showing, partly because I'm their advisor and partly because I'm a licensed loan officer who sees exactly where these deals stall. It's one advantage of working with someone who does both. ## The six things to ask for before you make an offer Whether you're financing or paying cash, request these before you write a contract, not after: 1. **The most recent milestone inspection report.** Confirm it's been completed and ask whether it triggered a Phase 2 (a deeper structural review). 2. **The current Structural Integrity Reserve Study (SIRS).** It should include a funding plan that keeps the reserve balance above zero, not just a list of components. 3. **Board meeting minutes from the last 12 months.** Special assessments and major repair discussions show up here before they show up in an official notice. 4. **Written confirmation of any pending or proposed special assessments.** Ask directly. Don't assume "no HOA increases" on a listing means there's nothing coming. 5. **The building's status on Fannie Mae's Condo Status Finder.** Your lender or agent can run this check. If you're paying cash, run it anyway, for resale purposes. 6. **The current master insurance policy, coverage amount, and recent premium history.** Inadequate coverage is the single most common reason buildings land on the unavailable list. None of this should take more than a few days to gather, and a seller with nothing to hide will produce it without friction. If a listing agent hedges on any of these, that's information too. If you're weighing a condo against a single-family home in Coral Gables or South Miami instead, the calculation is simpler. You won't deal with milestone inspections or SIRS reports, but you'll want to understand the full [closing cost picture for Miami buyers](https://www.moveupmiami.com/blog/closing-costs-miami-buyer), since Florida's customs around who pays what at closing surprise a lot of relocating families either way. Every building is different, and the right read on a specific property depends on its age, its location, and what's actually in its reserve study, not just a general rule. That's exactly the kind of review I walk clients through before they fall in love with a unit. ## Frequently Asked Questions **Is December 31, 2026 the deadline for Florida condo milestone inspections?** No. The actual milestone inspection deadlines were December 31, 2024, and December 31, 2025, depending on a building's age. December 31, 2026 is the outer limit for completing a Structural Integrity Reserve Study when it's done alongside a milestone inspection. Most eligible buildings should already have inspection results by now. **How do I find out if a Miami-Dade condo building has a pending special assessment?** Ask the seller or listing agent directly, and request board meeting minutes from at least the past 12 months. Special assessments are usually discussed by the board before they're formally announced, so minutes often reveal what's coming before an official notice does. **What is Fannie Mae's condo unavailable list, and how do I check if a building is on it?** It's a confidential list of condo buildings Fannie Mae won't lend on, usually due to insurance gaps or unresolved structural issues. Your lender can run a building's status through Fannie Mae's Condo Status Finder. If you're buying with cash, it's still worth checking, since a building blocked from financing limits your future resale pool. **Do I need to worry about milestone inspections if I'm paying cash for a Miami condo?** You avoid the financing denial risk, but not the underlying problem. A building with deferred structural maintenance can still hit you with a large special assessment after closing, and it can limit who can buy from you later if the building remains unfinanceable. **What's the difference between a milestone inspection and a Structural Integrity Reserve Study?** A milestone inspection is a one-time, then every-10-years, structural safety check performed by a licensed engineer or architect. A Structural Integrity Reserve Study is a separate, ongoing financial planning document that estimates the remaining life and replacement cost of major building components and sets a funding schedule. Florida requires both for most condo and co-op buildings three stories or taller. Buying a condo in Miami-Dade right now isn't riskier than it used to be, it's just more transparent, if you know which documents to ask for. The buildings that have done the work show it. The ones that haven't usually show that too, once you know where to look. If you're thinking through a condo purchase, or trying to decide between a condo and a single-family home for your situation, I'm happy to walk through it with you. No pitch, just a straight conversation. Schedule a free consultation at [moveupmiami.com](https://www.moveupmiami.com/). --- **About Giovanni Altamiranda** Giovanni Altamiranda is a Miami-native real estate advisor at LUXE Properties, a team that closes over $1 billion in annual sales volume, and a licensed loan officer with Columbus Capital. With 11 years of experience and designations including SRS, ABR, and RENE, Gio specializes in the southern Miami suburbs: Coral Gables, Coconut Grove, Pinecrest, South Miami, Palmetto Bay, Key Biscayne, and surrounding neighborhoods. He works exclusively with move-up buyers and relocating families in the $1M to $5M range, and is recognized as a top agent on Zillow. Rather than pushing a transaction, Gio's approach is advisory, helping buyers and families work through the real tradeoffs so they can make the decision that's right for them, not just right now. Born and raised in Miami, he brings firsthand knowledge of the neighborhoods, commutes, and market dynamics that out-of-town agents can't replicate. His dual license as both advisor and loan officer means clients get a cleaner, faster transaction with no surprises at the closing table. Giovanni Altamiranda, NMLS# LO52044, Licensed Mortgage Loan Officer, Columbus Capital. This is not a commitment to lend. Loans are subject to borrower and property qualifications. Rates and program guidelines subject to change without notice. This content is for informational purposes only and does not constitute legal or financial advice. Consult a licensed professional for guidance specific to your situation. ### What Home Insurance Actually Costs in Miami: A Buyer's Budget Guide URL: https://www.moveupmiami.com/what-home-insurance-actually-costs-in-miami-a-buyers-budget-guide/ Last updated: 2026-08-01T18:47:43.000Z ## How much does home insurance cost in Miami for a $1M+ home? Home insurance in Miami for a $1M+ single-family home typically runs $15,000 to $25,000 or more per year when you combine homeowners coverage, flood insurance, and wind coverage, as of 2026\. Florida has the highest home insurance rates in the country for million-dollar properties, averaging approximately $1,476 per month. Most carriers also require a 4-point inspection before they'll write a policy on older homes, and flood insurance is a separate purchase entirely. Buyers relocating from other states consistently underestimate this number, and it needs to be in your budget before you make an offer. **By Giovanni Altamiranda** | July 15, 2026 If you're moving to Miami from New York, California, or Chicago, prepare for the insurance number to land hard. The average homeowner in Miami pays more for property insurance than anywhere else in the country, and for a $1M+ single-family home, your total annual insurance bill, combining homeowners coverage, flood insurance, and wind protection, can run $15,000 to $25,000 or more per year. Mansions in Coconut Grove have been quoted above $50,000 annually. This is not the mortgage. This is the insurance. For buyers who haven't owned in a hurricane zone before, this is one of the most common surprises in the transaction. As of 2026, insurance accounts for roughly 13 percent of housing costs in Miami compared to 7 percent nationally. It belongs in your budget math from day one. ## You're Actually Buying Three Separate Policies The confusion starts here. Most buyers think "home insurance" is one policy. In Florida, it's really three. **Homeowners insurance (HO-3)** covers the structure and contents against fire, theft, vandalism, and wind damage. Unlike some states, wind is included in standard Florida policies. The catch: wind comes with a separate hurricane deductible, typically 2, 5, or 10 percent of your dwelling coverage, not a flat dollar amount. On a $2M home with a 2 percent hurricane deductible, you're absorbing $40,000 out of pocket before insurance pays anything on a storm claim. Cost range for a $1M home in Miami as of 2026: approximately $17,000 to $21,000 per year for the homeowners policy alone, based on Florida average premiums at this coverage tier. Keep in mind that insurers price based on the home's estimated replacement cost, construction type, roof age, and other underwriting factors, not the purchase price. The same purchase price can produce meaningfully different premiums depending on the property. That's roughly $1,400 to $1,750 per month for an illustrative baseline. **Flood insurance** is completely separate. Standard homeowners policies do not cover flooding from storm surge, rising water, or heavy rain. You'll need either an NFIP (National Flood Insurance Program) policy or private flood coverage. Average cost in Miami-Dade County: $590 to $3,000 or more per year, depending on your flood zone designation, elevation certificate, and the coverage limits you choose. Coastal properties in high-risk FEMA zones (Zone AE or VE) can pay $3,000 to $12,000 or more annually. This is also why the flood disclosure law matters. Under Florida Statute 689.302, effective October 2024, sellers are required to disclose a property's flood history, insurance claims, and FEMA assistance. Review that disclosure carefully before you go under contract. **High-value specialty coverage** becomes relevant once you're looking at homes in the $2M to $5M range. Standard carriers often can't provide the coverage levels or the agreed-value terms that make sense at this price point. Specialty carriers including Chubb, PURE Insurance, and AIG Private Client Group are the most commonly used options for high-value properties in Miami. These carriers offer agreed-value coverage (which pays the full insured amount without depreciation deductions), extended replacement cost, and built-in protections for fine art, collections, and other high-value contents. The premium is higher, but the coverage is also meaningfully different from a standard HO-3. If you're working with a broker, ask them to shop specialty carriers alongside standard ones. For $2M+ homes, the specialty market often delivers better terms even when the price looks higher on paper. ## The Two Inspections That Affect What You Pay Before most Florida carriers will write a policy on an older home, they require a **4-point inspection**. This covers four systems: HVAC, electrical wiring and panels, plumbing, and the roof. Cost: $125 to $175\. Carrier requirements on report age vary — Citizens currently requires the inspection to have been completed within the previous 12 months for new applications; private carriers have their own thresholds. What buyers need to understand is that the results of a 4-point inspection can affect insurability, not just price. Older aluminum wiring, Federal Pacific or Zinsco electrical panels, galvanized pipes, and a roof that's approaching end of life are all red flags. If the inspection surfaces one of these, carriers may exclude coverage for that system, charge higher premiums, or decline the policy entirely. For homes built before 1985, ordering a 4-point inspection during due diligence, before you're locked in, is smart protection. **Roof age is a bigger deal than most buyers expect.** In Miami's current insurance market, roofs older than 15 to 20 years (depending on material) can trigger premium spikes, limit your carrier options, and in some cases force a full replacement before coverage can be bound. This is one of the most common deal friction points right now. Before you make an offer on an older home, ask when the roof was last replaced and get insurance quotes that reflect the actual roof age, not an assumed best case. The second inspection is optional but financially worth doing: the **wind mitigation inspection**. This one evaluates how well the home resists wind damage. Inspectors document roof shape, roof-to-wall connections, opening protections (impact windows and doors), and secondary water resistance. A home that scores well can receive discounts of 20 to 45 percent on the wind portion of the premium. That matters because wind risk makes up roughly 70 percent of a Miami homeowners policy's premium. On a $20,000 annual policy, a 30 percent wind discount saves $6,000 per year. The inspection costs $75 to $150 and takes about an hour. The report is valid for five years. If the seller has a current 4-point or wind mitigation report, request it as part of your due diligence package. It gives you a head start on insurance quotes and can reveal property conditions you'd want to know about anyway. This is the kind of thing I walk clients through before we even start submitting offers. The insurance picture on a specific property, including whether inspections have been done and what they show, changes the real cost calculus in ways that aren't obvious from the listing price. [For a full picture of what buyers pay at closing](https://www.moveupmiami.com/closing-costs-miami-buyers), that post covers the one-time costs. Insurance is the ongoing cost that lives with you every year after that. ## What Different Price Points Actually Look Like Here are realistic annual insurance budgets for single-family homes in Miami as of 2026\. These are ranges based on available market data. Your actual premium depends on the specific property, its age, flood zone, construction type, and the coverage terms you choose. **$1M home:** Homeowners coverage approximately $17,000 to $21,000 per year. Flood insurance approximately $590 to $2,500 per year depending on zone. Total range: roughly $18,000 to $25,000 per year, or $1,500 to $2,100 per month. **$2M to $3M home:** Homeowners or specialty coverage can run $30,000 to $50,000 per year. Flood insurance for coastal or near-coastal properties: $1,500 to $5,000 per year. Total: $32,000 to $55,000 per year or more is not unusual for waterfront or high-exposure properties. Newer homes built after 2002 can cost up to 40 percent less to insure than older homes. Florida updated its hurricane building codes substantially after Hurricane Andrew in 1992, and the post-2002 code brought stricter requirements for impact windows, doors, and roof-to-wall connections. A 2010-build in Pinecrest and a 1975-build in Coconut Grove at similar price points can have dramatically different insurance costs, and that difference should factor into your offer price and budget. Neighborhood location also matters. Key Biscayne and coastal sections of Coconut Grove sit in higher FEMA flood zones and coastal wind exposure zones. Homes in Pinecrest, Palmetto Bay, and South Miami that fall outside high-risk flood zones often get more competitive rates on both homeowners and flood coverage. [If you're evaluating condos](https://www.moveupmiami.com/miami-dade-condo-buyers-checklist), note that the insurance dynamics are different. You'll typically need an HO-6 policy for the interior and contents, while the association's master policy covers the building structure. The association's master policy premiums, however, have increased significantly since Surfside, and those costs pass through to owners via assessments and monthly dues. ## The 2026 Insurance Market: Still Expensive, but Stabilizing The Florida insurance market had a rough run between 2019 and 2023\. Premiums surged, several carriers left the state, and Citizens Property Insurance, the state insurer of last resort, swelled to over a million policies. If you talked to anyone buying in Miami during that period, they'll tell you how painful it was to find coverage. As of 2026, the picture is improving. Legislative reforms in 2023 ended assignment-of-benefit abuse and one-way attorney fees, two major drivers of litigation-fueled rate increases. More than 20 new carriers have entered or re-entered the Florida market since those reforms took effect, including three new carriers as recently as spring 2026\. Citizens policy counts have been declining as private carriers re-enter the market — a meaningful signal that competition is returning after years where options had essentially disappeared. That doesn't mean insurance is cheap. But buyers have more options than they did in 2022 or 2023, and the stabilization story is real even if your specific quote may still feel high. The practical takeaway: get insurance quotes before you make an offer, not the week before closing. Know your total monthly cost, including insurance, before you negotiate on price. On a financed purchase, insurance costs are part of the calculation your lender uses to assess your total housing expense, and in Miami, the number is high enough to move your debt-to-income ratio in ways that can affect loan qualification. Every property is different. The combination of flood zone, roof age, building type, construction year, and coverage selection means your actual premium has to be quoted specifically for the home you're buying. That's not a conversation to have after you're already in contract. ## Frequently Asked Questions **Is flood insurance required when buying a home in Miami?** Flood insurance is not required statewide in Florida, but lenders require it for homes in FEMA-designated high-risk flood zones (Zone AE or VE) when the purchase is financed. Even for cash buyers or homes outside high-risk zones, flood coverage is worth considering given Miami's elevation and storm history. As of October 2024, Florida sellers are also required to disclose a property's flood history under Florida Statute 689.302. **What is a 4-point inspection and why do I need it to get home insurance in Miami?** A 4-point inspection evaluates four systems: HVAC, electrical wiring and panels, plumbing, and the roof. Most Florida carriers require one for older homes before they'll write a policy. The inspection costs $125 to $175 and takes about an hour. Carrier requirements on report age vary — Citizens currently requires the report to have been completed within the previous 12 months for new applications; private carriers have their own thresholds. If the inspection reveals red flags like aluminum wiring, older electrical panels, or a roof near end of life, carriers may exclude coverage for those systems, charge higher premiums, or decline the policy altogether. **What are the best insurance carriers for luxury homes in Miami?** For $1M+ homes, standard carriers often cannot provide the coverage levels that make sense at this price point. Specialty carriers including Chubb, PURE Insurance, and AIG Private Client Group are the most commonly used options for high-value properties in Miami. They offer agreed-value coverage, extended replacement cost, and broader protection for high-value contents. An independent insurance broker can shop multiple specialty carriers to find competitive rates and terms for your specific property. **How can I lower my home insurance costs in Miami?** The biggest lever is a wind mitigation inspection. A home with impact-resistant windows and doors, a hip roof, and proper roof-to-wall connections can qualify for discounts of 20 to 45 percent on the wind portion of the premium. Since wind risk makes up roughly 70 percent of a Miami policy's premium, these discounts add up to real annual savings. Newer construction built after 2002 also insures significantly cheaper than older homes. Other factors include roof age, deductible selection, and shopping specialty carriers for high-value properties. **Do Miami cash buyers still need homeowners insurance?** Lenders require insurance for financed purchases, so cash buyers have more flexibility. But carrying no insurance on a $1M+ home in a hurricane zone is a significant financial exposure. Some estimates suggest a meaningful share of Miami homeowners are currently uninsured — a risk that makes little sense at this price tier. For cash buyers, a specialty carrier like Chubb or PURE often makes sense because the coverage is comprehensive and the annual premium is a small fraction of the asset value. Insurance is one of those costs that doesn't show up in a mortgage payment calculator, but it's very real on a monthly basis. For a $2M home in Miami, budgeting $2,000 to $4,000 per month for total insurance is not unusual, depending on the property, location, construction year, and coverage level. Knowing that number before you're under contract changes how you think about purchase price, negotiation, and whether a particular property actually fits your budget. This is one of the first conversations I have with buyers before we start looking at properties. If you want to walk through what the insurance picture looks like for a specific home or neighborhood you're considering, I'm happy to do that. No pitch, just a straight conversation. Schedule a free consultation at [moveupmiami.com](https://www.moveupmiami.com/). **About Giovanni Altamiranda** Giovanni Altamiranda is a Miami-native real estate advisor at LUXE Properties, a team that closes over $1 billion in annual sales volume, and a licensed loan officer with Columbus Capital. With 11 years of experience and designations including SRS, ABR, and RENE, Gio specializes in the southern Miami suburbs: Coral Gables, Coconut Grove, Pinecrest, South Miami, Palmetto Bay, Key Biscayne, and surrounding neighborhoods. He works exclusively with move-up buyers and relocating families in the $1M to $5M range, and is recognized as a top agent on Zillow. Rather than pushing a transaction, Gio's approach is advisory, helping buyers and families work through the real tradeoffs so they can make the decision that's right for them, not just right now. Born and raised in Miami, he brings firsthand knowledge of the neighborhoods, commutes, and market dynamics that out-of-town agents can't replicate. His dual license as both advisor and loan officer means clients get a cleaner, faster transaction with no surprises at the closing table. Giovanni Altamiranda, NMLS# LO52044, Licensed Mortgage Loan Officer, Columbus Capital. This is not a commitment to lend. Loans are subject to borrower and property qualifications. Rates and program guidelines subject to change without notice. *This content is for informational purposes only and does not constitute legal or financial advice. Consult a licensed professional for guidance specific to your situation.* ### What Florida's 2026 Property Tax Amendment Means for Miami Buyers URL: https://www.moveupmiami.com/what-floridas-2026-property-tax-amendment-means-for-miami-buyers/ Last updated: 2026-08-01T18:49:32.000Z # ## Will Florida's 2026 Property Tax Amendment Lower My Tax Bill If I Buy in Miami? Not yet, and not automatically. Florida lawmakers placed a constitutional amendment on the November 2026 ballot that would raise the homestead exemption from $50,000 to $150,000 in 2027 and to $250,000 in 2028, but it needs 60% voter approval first and only applies to non-school property taxes. If you're buying in Miami this year, the bigger question isn't whether the amendment passes. It's when you establish Florida residency relative to the deadlines built into the law. *By Giovanni Altamiranda | June 19, 2026* If you've seen headlines about Florida "slashing" property taxes, you've probably got questions. Is this real? Does it apply to you? Should you rush your purchase to catch some kind of deadline? Here's the actual picture, and what it means if you're house hunting in Coral Gables, Pinecrest, South Miami, Coconut Grove, Palmetto Bay, or Key Biscayne right now. ## What the Amendment Actually Does In a special legislative session, Florida lawmakers passed House Joint Resolution 1F by a 75 to 26 vote in the House and 30 to 9 in the Senate. That sends a constitutional amendment to voters on the November 2026 ballot. If approved, here's the schedule: - **January 1, 2027:** The homestead exemption rises from $50,000 to $150,000 - **January 1, 2028:** It rises again, to $250,000 - **School district taxes are excluded.** The exemption only reduces the non-school portion of your bill, which is typically the larger share but not the whole thing This needs 60% approval from voters, a higher bar than a simple majority. It hasn't happened yet. As of today, your property tax bill is calculated under current law, not this proposal. ## The Deadline That Actually Matters for Buyers Here's the detail that gets buried in most of the coverage: the exemption increase isn't just about owning a home in Florida. It's tied to when you establish primary residency here. Reporting on the amendment indicates that residents who establish primary Florida residency on or before December 31, 2026 are positioned to qualify for the expanded exemption on the standard phase-in schedule. Those who establish residency after that point may face a longer wait, reportedly around four years, before they qualify for the full $250,000 exemption. If you're relocating to Miami and weighing whether to close in November versus February, that's not a small detail. It could shift your tax position by years, not months. This is exactly the kind of question I walk relocating families through before they start touring properties. The residency timing rules interact with your closing date, your homestead filing, and your specific household situation in ways that are easy to get wrong if you're working from a headline instead of the actual statute. ## What's Already True, Regardless of the Vote Separate from the ballot measure, Florida's existing homestead exemption already increased for 2026\. Under current law, tied to inflation, the standard exemption now sits at $51,411, up from $50,000. A few things to keep in mind if you're buying this year: - To receive homestead exemption for a tax year, the property must be your permanent Florida residence as of **January 1** of that year, and the application is due by **March 1** of that same year - Homestead protection also caps future increases in your assessed value under Florida's Save Our Homes provision, which matters more the longer you stay - The exemption applies to your primary residence only, not investment properties or second homes None of this depends on the November vote. It's already the law, and it's worth factoring into your numbers regardless of what happens with the amendment. ## What This Means If You're House Hunting Right Now If your move to Miami is already in motion, the amendment shouldn't change your search. But it might change how you think about timing your close and your residency filing. A few scenarios worth thinking through: **You're relocating from another state.** The key date isn't your closing date — it's when you establish Florida residency. Your driver's license, voter registration, homestead filing, and the timing of your actual move all factor into that. A closing in November and a physical move in January could put you on the wrong side of the December 31, 2026 line for this exemption. **You're comparing neighborhoods on price.** Coral Gables, Pinecrest, and South Miami carry different price points and different tax bases. The exemption math will look different depending on your purchase price and the property's assessed value, not just the headline percentage. **You're a cash buyer without a financing timeline driving your close date.** Many buyers in this market are purchasing without a mortgage, which means your closing date is more flexible. That flexibility is worth using strategically here. Your specific number depends on your purchase price, the property's assessed value, your household's residency history, and how the November vote actually goes. That's not something a generic calculator can answer accurately, and it's exactly where talking through your specific situation with someone who tracks this closely actually earns its keep. ## Frequently Asked Questions **Has Florida's property tax amendment already passed?** No. It passed the legislature and will appear on the November 2026 ballot, where it needs 60% voter approval to take effect. If approved, the exemption increases would begin January 1, 2027, with a second increase January 1, 2028. **How much would my homestead exemption increase if the amendment passes?** The homestead exemption would rise from $50,000 to $150,000 in 2027, then to $250,000 in 2028\. It applies only to non-school property taxes, so your school tax bill would stay the same. **Does the December 31 residency deadline apply to me if I'm buying a home this year?** It may. Reporting on the amendment suggests residents who establish primary Florida residency on or before December 31 are positioned to qualify for the expanded exemption on the standard schedule, while those who establish residency later may face a longer wait. If your timing is close to that line, it's worth reviewing your specific closing date and residency plan. **Is the current 2026 homestead exemption different from the amendment being voted on?** Yes. Florida's existing homestead exemption already rose to $51,411 for 2026 under current law, tied to inflation. That's separate from, and unrelated to, the ballot measure that could raise it further starting in 2027. **Do I need to do anything right now if I'm not sure how this affects me?** Not urgently, but it's worth understanding before you set your closing date. If you're weighing the timing of a move to Miami against this deadline, that's a conversation worth having before you're under contract, not after. If you're thinking through how this affects your own timeline, I'm happy to walk you through it. No pitch, just a straight conversation. Schedule a free consultation at [moveupmiami.com](https://www.moveupmiami.com/). For a deeper look at what you'll actually pay at closing on a Miami purchase, including documentary stamp tax and the property tax reassessment that follows a sale, see [Closing Costs in Miami for Buyers: What You'll Actually Pay](https://www.moveupmiami.com/blog/closing-costs-miami-buyer). --- **About Giovanni Altamiranda** Giovanni Altamiranda is a Miami-native real estate advisor at LUXE Properties, a team that closes over $1 billion in annual sales volume, and a licensed loan officer with Columbus Capital. With 11 years of experience and designations including SRS, ABR, and RENE, Gio specializes in the southern Miami suburbs: Coral Gables, Coconut Grove, Pinecrest, South Miami, Palmetto Bay, Key Biscayne, and surrounding neighborhoods. He works exclusively with move-up buyers and relocating families and is recognized as a top agent on Zillow. Rather than pushing a transaction, Gio's approach is advisory, helping buyers and families work through the real tradeoffs so they can make the decision that's right for them, not just right now. Born and raised in Miami, he brings firsthand knowledge of the neighborhoods, commutes, and market dynamics that out-of-town agents can't replicate. His dual license as both advisor and loan officer means clients get a cleaner, faster transaction with no surprises at the closing table. Giovanni Altamiranda, NMLS# LO52044, Licensed Mortgage Loan Officer, Columbus Capital. This is not a commitment to lend. Loans are subject to borrower and property qualifications. Rates and program guidelines subject to change without notice. This content is for informational purposes only and does not constitute legal or financial advice. Consult a licensed professional for guidance specific to your situation. ### Closing Costs in Miami for Buyers: What You'll Actually Pay URL: https://www.moveupmiami.com/closing-costs-in-miami-for-buyers-what-youll-actually-pay/ Last updated: 2026-09-06T01:11:06.000Z ## What Are the Closing Costs for Buyers in Miami? Buyer closing costs in Miami-Dade County typically run between $15,000 and $50,000+ on a $1M to $2M purchase, depending on whether you're paying cash or financing. Miami-Dade has distinct local customs that differ from the rest of Florida. Most notably, buyers here typically pay for owner's title insurance rather than the seller. Cash buyers close with significantly lower costs than financed buyers because they skip the intangible tax, documentary stamp tax on the mortgage, and all lender fees. # Closing Costs in Miami for Buyers: What You'll Actually Pay **By Giovanni Altamiranda** | June 18, 2026 Most buyers walk into the closing table thinking they understand the number. They've accounted for the down payment, maybe factored in a rough percentage for "closing costs," and they feel reasonably prepared. Then they see the final closing disclosure. Miami-Dade has its own set of local customs, and several of them differ from the rest of Florida and from every other state most relocating buyers have purchased in. The result is a closing table that's more expensive than most buyers expect, with line items in unusual places. Here's what you'll actually pay. | Purchase Type | Estimated Buyer Closing Costs (Before Prepaids) | | -------------- | ----------------------------------------------- | | $1.5M cash | $9K–$12K | | $1.5M financed | $28K–$37K | | $2M cash | $12K–$15K | | $2M financed | $36K–$46K | These ranges are explained in full below. ## The Big Variable: Cash vs. Financed Before going line by line, the most important variable to understand is how you're buying. Cash buyers and financed buyers in Miami-Dade don't just pay different amounts. They're paying completely different sets of fees. A cash buyer on a $2M home might close for $12,000 to $18,000 total in closing costs. A financed buyer on the same home could easily pay $35,000 to $55,000\. That's not a rounding error. It's a structural difference built into Florida's tax code. Here's why. ## The Line Items, Explained ### Title-Related Costs (Owner's Insurance, Title Search, Endorsements) This is the line item that surprises buyers who've purchased elsewhere in Florida or in other states. In most of Florida, it's customary for the seller to pay for owner's title insurance. In Miami-Dade County, and also in Broward, Collier, and Sarasota, that custom typically flips. Contracts in those counties are generally negotiated with the buyer covering the owner's policy. Check your contract, because this is custom and not statute, and terms can vary. Florida's promulgated title insurance premium rate starts at $5.75 per $1,000 for the first $100,000, then drops to $5.00 per $1,000 through $1M, and lower tiers above that. On a $1.5M purchase, the regulated premium alone runs approximately $6,300\. Total title-related costs (which also include the title search, any endorsements, and wire or courier fees) typically run $7,500 to $9,000 at that price point. On a $2M purchase, expect $8,500 to $10,500. If you're financing, your lender also requires their own lender's title policy on top of the owner's policy. That typically adds $1,500 to $2,000. ### Documentary Stamp Tax on the Deed Florida charges a documentary stamp tax on every deed transfer. In Miami-Dade, the rate is **$0.60 per $100** of purchase price, slightly lower than the $0.70 rate in the rest of the state. By local custom, the seller typically pays this from their proceeds. On a $2M sale, it runs about $12,000, so you'll generally see it on the seller's side of the closing disclosure rather than yours. That said, everything in real estate is negotiable. Allocation can shift depending on how the contract is written. ### Documentary Stamp Tax on the Mortgage Note This applies only to financed buyers. Florida charges documentary stamp tax on the mortgage note itself at **$0.35 per $100** of the loan amount. On a $1.5M mortgage, that's $5,250, paid by you at closing. ### Intangible Tax on the Mortgage Another financing-only cost. Florida charges an intangible tax on new mortgages at **$0.002 per dollar** of the loan amount. On a $1.5M loan, that's $3,000. Together, the documentary stamp tax on the note and the intangible tax add roughly $8,250 in state taxes on a $1.5M loan. Cash buyers don't pay either. This is part of why all-cash offers carry a real economic advantage in this market beyond deal certainty. ### Lender Fees If you're financing, budget $10,000 to $25,000 for lender-related costs. This includes origination fees, processing, underwriting, and sometimes points if you're buying down the rate. The spread is wide because it depends on the lender, the loan structure, and your specific file. At $1M+ loan sizes, lender fees are more negotiable than buyers often realize. ### Appraisal Lenders require an appraisal before funding. In the $1M+ range in Miami, expect $1,500 to $2,500\. It's ordered and paid for by you, managed through the lender. For cash buyers, an appraisal is optional. Some commission one anyway to confirm they're not overpaying, particularly on properties with unusual features or limited comparables. ### Recording Fees Typically $200 to $500 total to record the deed and mortgage (if any) with Miami-Dade County. ### Closing / Settlement Fee The title company charges a settlement fee for handling the closing. Expect $500 to $1,000, sometimes higher on more complex transactions. ### Prepaid Items Your closing disclosure will also include prepaid items: homeowners insurance premium (often a full year upfront), prepaid interest from closing date to end of the month, and initial escrow deposits for taxes and insurance if your lender requires it. These aren't traditional closing costs, but they add to the total cash you'll bring to the table. On a $2M financed purchase, prepaids can add another $15,000 to $25,000 on top of the closing costs above. ## What You're Actually Looking At **$1.5M, Cash Purchase** - Title-related costs (owner's premium, search, endorsements): \~$8,000 - Recording fees + closing fee: \~$1,000 - **Total: approximately $9,000 to $12,000** **$1.5M, Financed (75% LTV, $1.125M loan)** - Title-related costs (owner's premium, search, endorsements): \~$8,000 - Lender's title insurance: \~$1,500 - Doc stamp on note: \~$3,938 - Intangible tax: \~$2,250 - Lender fees: $10,000 to $18,000 - Appraisal: \~$1,800 - Recording + closing fee: \~$1,000 - **Total: approximately $28,000 to $37,000 (before prepaids)** **$2M, Cash Purchase** - Title-related costs (owner's premium, search, endorsements): \~$9,500 - Recording fees + closing fee: \~$1,000 - **Total: approximately $12,000 to $15,000** **$2M, Financed (80% LTV, $1.6M loan)** - Title-related costs (owner's premium, search, endorsements): \~$9,500 - Lender's title insurance: \~$2,000 - Doc stamp on note: \~$5,600 - Intangible tax: \~$3,200 - Lender fees: $12,000 to $22,000 - Appraisal: \~$2,000 - Recording + closing fee: \~$1,000 - **Total: approximately $36,000 to $46,000 (before prepaids)** *Have a title company verify the numbers for your specific transaction before closing. These are estimates based on typical fees and the Florida promulgated rate schedule; actual costs depend on your contract terms and lender.* ## The Property Tax Disclosure You'll Sign Florida law (Statute 689.261) requires sellers to disclose in writing that property taxes may increase after you purchase, and in Miami-Dade, they typically do. If the prior owner had Florida homestead exemption and the Save Our Homes cap, their assessed value has likely been held well below current market value, sometimes for years. When you close, the property reassesses to market value. The previous owner's annual tax bill may look nothing like what you'll actually owe. Before closing, ask what the current taxes are, then verify what the property will likely reassess to in your name. Your agent or title company can walk you through this before you sign. Once you take ownership and apply for homestead exemption by March 1 of the following tax year, the Save Our Homes cap begins protecting your assessed value from future increases. But in year one or two after purchase, expect a significant adjustment. ## The Part That Catches Out-of-State Buyers If you're relocating from New York or another high-tax state, you may be comparing these costs against what you paid at your last closing. The good news: Florida has no mansion tax. In New York City, purchases over $1M trigger a mansion tax ranging from 1% to 3.9%. On a $2M purchase in NYC, that's $40,000 to $78,000 in mansion tax alone. Florida doesn't have that. The adjustment: Florida's title insurance customs in Miami-Dade typically put the owner's policy on the buyer's side, which adds a line item you may not have carried before. If you're financing, the doc stamp and intangible tax on the mortgage are also costs that don't exist in the same form in most other states. Net those differences and closing costs in Miami are generally lower than in New York, but higher than many buyers from the Midwest or Southeast anticipate. ## How I Build the Full Picture Before We Start Touring Because I look at the purchase and financing side together, I like to build the full cash-to-close picture before clients start seriously touring. That means running down payment, closing costs, estimated lender fees, property tax projection, and insurance before we make an offer, not after. By the time we're under contract, the closing table number shouldn't be a surprise. That's the goal. If you're thinking through a purchase in Coral Gables, Pinecrest, Coconut Grove, Palmetto Bay, or Key Biscayne, I'm happy to work through the numbers for your specific situation. No pitch, just a straight conversation. [Schedule a free consultation at moveupmiami.com.](https://www.moveupmiami.com/) ## Frequently Asked Questions **Who pays closing costs in Miami, the buyer or the seller?** Both parties pay closing costs, but different ones. In Miami-Dade, it's customary for the buyer to pay for owner's title insurance, the opposite of most Florida counties. The seller typically pays the documentary stamp tax on the deed. If you're financing, you'll also pay lender-related taxes and fees that don't apply to cash buyers. These are local customs, not statutory requirements, so contract terms can vary. **How much are closing costs for a buyer in Miami on a $1.5 million home?** For a cash purchase at $1.5M, expect approximately $9,000 to $12,000 in closing costs. For a financed purchase at 75% LTV, expect approximately $28,000 to $37,000 before prepaids, which can add another $10,000 to $20,000\. The largest variable is lender fees, which depend on loan size and structure. **Do cash buyers pay closing costs in Miami?** Yes, but significantly less. Cash buyers in Miami-Dade still pay title-related costs, recording fees, and settlement fees, but they avoid the documentary stamp tax on the mortgage note, the intangible tax, lender fees, and the appraisal. On a $2M purchase, a cash buyer might pay $12,000 to $15,000 at closing versus $36,000 to $46,000 for a financed buyer before prepaids. **What is the intangible tax in Florida?** Florida's intangible tax is charged on new mortgage loans at a rate of $0.002 per dollar of the loan amount, or $0.20 per $100\. On a $1M mortgage, the intangible tax is $2,000\. It's paid by the buyer at closing and applies only to financed transactions. Cash buyers don't pay it. **Will my property taxes change after I buy a home in Miami?** Almost certainly yes, if the prior owner had a long-standing homestead exemption. Florida's Save Our Homes cap limits annual increases in assessed value for homesteaded properties, which means a longtime owner's taxes may be much lower than what the home is actually worth. When you purchase, the property reassesses to market value. Once you apply for your own homestead exemption by March 1 after you move in, the Save Our Homes cap begins protecting your assessed value going forward. Understanding your full cost of purchase in Miami takes more than a rough percentage estimate. The mix of Miami-Dade customs, Florida's tax structure, and whether you're financing or paying cash creates a real spread, and knowing that spread before you make an offer changes how you negotiate. If you're planning a purchase in Coral Gables, Pinecrest, Coconut Grove, Palmetto Bay, Key Biscayne, or anywhere in Miami-Dade, I'm happy to run the actual numbers for your situation. Reach out at [moveupmiami.com.](https://www.moveupmiami.com/) **About Giovanni Altamiranda** Giovanni Altamiranda is a Miami-native real estate advisor at LUXE Properties, a team that closes over $1 billion in annual sales volume, and a licensed loan officer with Columbus Capital. With 11 years of experience and designations including SRS, ABR, and RENE, Gio specializes in the southern Miami suburbs: Coral Gables, Coconut Grove, Pinecrest, South Miami, Palmetto Bay, Key Biscayne, and surrounding neighborhoods. He works exclusively with move-up buyers and relocating families in the $1M to $5M range, and is recognized as a top agent on Zillow. Rather than pushing a transaction, Gio's approach is advisory, helping buyers and families work through the real tradeoffs so they can make the decision that's right for them, not just right now. Born and raised in Miami, he brings firsthand knowledge of the neighborhoods, commutes, and market dynamics that out-of-town agents can't replicate. His dual license as both advisor and loan officer means clients get a cleaner, faster transaction with no surprises at the closing table. *Giovanni Altamiranda, NMLS# LO52044, Licensed Mortgage Loan Officer, Columbus Capital. This is not a commitment to lend. Loans are subject to borrower and property qualifications. Rates and program guidelines subject to change without notice.* *This content is for informational purposes only and does not constitute legal or financial advice. Consult a licensed professional for guidance specific to your situation.*