The Palm Residences South Beach

Common name: The Palm Residences South Beach. The condominium is named Palm Residences South Beach Condominium.

Building type: Low-rise condominium of two small buildings

Floors: 2

Unit sizes: One- and two-bedroom residences of about 750 to 850 square feet

Amenities: Barbecue area, on-site laundry, some parking

Source: The Roebling Research Desk.

The Palm Residences is a 1935 residential complex on Meridian Avenue in South Beach, a few blocks from Lincoln Road. It is two stories, with one- and two-bedroom plans of about 800 square feet.

The complex has 12 residences and sits in flood zone AE. Check the association's reserves and insurance before pricing.

Meridian Avenue runs north to south through the part of South Beach between Lincoln Road and the Flamingo Park area. The blocks are mostly low-rise residential buildings from the 1920s to the 1950s with some newer infill. Lincoln Road, the pedestrian shopping and dining street, is about a block and a half north, and Flamingo Park, with its tennis courts, ballfields and pool, is a few blocks south. The beach is about 15 minutes' walk east. Collins Avenue and Washington Avenue carry the dining and nightlife.

Confirm what parking attaches to each unit.

The buildings date to 1935 and have two stories. The complex consists of two small buildings, with units reached across a shared grounds area that includes a barbecue space.

Unit mix. One- and two-bedroom residences of about 750 to 850 square feet. Recent resales show plans of about 800 square feet.

Condition. Check plumbing, electrical and window condition in each unit.

The building has on-site laundry and limited parking. Ask what the monthly fee covers.

The building has two stories; ask whether it falls under Florida's milestone inspection and structural integrity reserve study rules. Ask first for: the structural integrity reserve study (SIRS) where required, milestone inspection and recertification status, any special assessments past or planned, the current budget and financial statements, the flood and windstorm insurance coverage and deductible, and the elevation certificate. In a small association, one major repair is shared among few owners.

Policies, fees and applications, including pets, leasing, minimum lease terms, short-term rental use, barbecue use and any resale approval, are set by the association and should be confirmed at offer stage. Ask for the rules in writing before pricing a unit as an investment.

A single sale is not a price level. Pricing depends on size, renovation, parking and the association's finances.

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

Establish what you are buying. Confirm the unit's address, the building it sits in and the association's governing documents, since the complex uses more than one street address.

Price the building risk. Reserves, assessments and insurance cost belong in the price discussion.

Confirm use rules before you commit. Short-term rental and leasing rules change the value for an investor.

Lead with the documents. Budget, financials, insurance and inspection status answer a buyer's first questions.

Price against South Beach one- and two-bedroom resales of similar size.

These are larger buildings, listed as wider context, not pricing comparables. For pricing, use South Beach one- and two-bedroom resales of similar size.

• Bentley Bay — a larger South Beach condominium.
• Flamingo South Beach — a larger-format South Beach condominium.
• 1800 Club — a 2007 condominium tower of about 469 residences at 1800 N Bayshore Drive in Edgewater, Miami.