Bayview Townhomes

Condominium: The condominium is named Bayview Townhomes Condo.

Building type: Small low-rise condominium of townhome-style residences

Source: The Roebling Research Desk.

Bayview Townhomes is an 18-residence condominium built in 1950 on Bay Drive in North Beach, Miami Beach. The name describes the product: townhome-style residences.

The parcel sits in flood zone AE, which brings flood insurance, elevation and, for any unit with ground-level space, a question about what has been done to protect it. Florida's milestone inspection and structural integrity reserve study rules apply to condominium buildings of three or more stories. Ask whether the building falls under the rules, and ask for the inspection report, the reserve study and any repair scope or assessments. Those are the first documents to request.

North Beach is the northern part of Miami Beach, above 63rd Street. Its residential streets sit between Collins Avenue and the oceanfront on one side and Biscayne Bay on the other. The area is lower in scale than South Beach, with 1940s and 1950s low-rise buildings, single-family blocks and a handful of newer towers. Normandy Isle and the Normandy Fountain commercial area are nearby, and the North Shore Open Space Park and beach are within a short drive. Bay Drive runs on the bay side of the neighborhood, so the address is closer to the water on the west side than to the ocean.

The neighborhood is close to the beach and to the 71st Street corridor. Miami Beach city services apply, and so do the city's flood and seawall programs.

Do not assume a unit's size or layout from the name. Get the floor plan and the association's size schedule.

Ask for the roof age, the electrical and plumbing status, and whether any original systems remain.

For a specific purchase, ask for:

• the current budget and the last two years of financial statements
• the structural integrity reserve study and milestone inspection report, and the status of any repairs they call for
• reserve balances, any special assessment, and any loan the association carries
• the master insurance policy, including windstorm and flood coverage and the deductible
• the elevation certificate or any flood mitigation work

Pet, rental and minimum-lease rules are set by the association; confirm at offer stage, along with the application process and fees.

A sale in May 2013 closed at $125,000. It is a single old trade and does not indicate today's price.

Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.

Price the insurance first. Get a quote for the unit's contents and the association's master policy cost before you price the unit.

Read the inspection and reserve documents. Ask for them before you price the unit's finishes.

Confirm the structure of the property. Ask what the association owns and what each owner is responsible for, including roofs and exteriors. That split differs between townhome-style and apartment-style condominiums.

Have the documents ready. Budget, reserve study, inspection report and insurance summary come first. Buyers' lenders will ask for them.

Price against small North Beach condominiums. One old trade in the building is not a basis.

• Nobe Parc — a North Beach condominium on 72nd Street.
• Nobe Bay — a North Beach condominium.