Millionaire Row Residence
A glamorous two-bedroom residence on Miami’s Millionaire's Row
With this recently renovated showstopper as your home away from home, you’ll be seated in the heart of Miami’s Millionaire's Row. Located on 22 acres of oceanfront along the glitzy Collins Avenue, this two-bedroom residence is situated within the Fontainebleau resort, one of the most iconic and architecturally significant hotels on Miami Beach. When you’re here, you’ll enjoy resort amenities like complimentary breakfast at the owners’ lounge and access to the area’s many bars, restaurants, and nightclubs. When you’re not able to visit your new Miami home, you can easily rent out your unused days and make a profit.
What you pay
$342,266 / fraction
The purchase price is 1/8th of the exact price at which we bought the property.
Whole Home Purchase Price:
Closing costs include legal fees, taxes, notary fees, bank fees, and property appraisal fees, amongst others. They are passed through to Kocomo owners on a dollar-for-dollar basis and may vary from property to property, but will typically be between 3-4% of the listing price.
Upgrade Costs include paintwork, finishes, furniture, artwork, and other elements of interior design required to deliver a turn-key home. These typically range from 0% to 5% of the home purchase price, and are passed through to owners at cost.
The Kocomo Service Fee is 12.5% of the purchase price of the property. This fee enables us to provide a seamless and delightful co-ownership experience, and covers a variety of value-added services such as: Home search and negotiation and co-owner vetting and aggregation.
Kocomo Service Fee
$1,079 / month
Operating expenses include taxes, insurance, utilities, cleaning services, and preventive maintenance, amongst others. All the co-owners will share these expenses on a proportional basis. These are passed through at cost.
Kocomo charges a monthly platform fee of $100 USD per co-owner. This fee enables us to provide high-touch property administration and management services, ensuring a world-class experience for our owners.
Kocomo Platform Fee
What you get
Every Kocomo home is purchased by a property-specific LLC. This is the % of the LLC that you will be an owner of.
The % of the home that you will be an owner ofWeeks/Year: Total weeks of use you get per year at the owner of 12.5% of the home
Use Time / Year
This is the ADR (Average Daily Rate) that this property is rented for. If you decide to rent your time at the home you won’t use, you can expect to get this rate per night. The exact rate will be determined by the market and will vary depending on season and occupancy. Also, be mindful of the fact that you will have to pay income tax and a commission to the rental agency partner.