Right now, rents are strong, which is good for apartment and condo investors as well, but as more condo's come on line, the concern is that rents will weaken. Banks are more willing to finance rental apartments, but once complete, these too will likely become condo conversions. In addition, there are 10,000 rental units in development on former condo sites. One tower has been completed, 16 more are under construction, and six towers have filed the paperwork to get started with construction, according to CondoVultures. South Florida's coastal markets have 103 towers proposed with nearly 15,000 units. They want people with experience, they want people with hard deposits," Fairman noted. "There's a lot more scrutiny, they're going to scrutinize the buyers a great deal, they're going to scrutinize the developer's track record. Fairman said he already has financing proposed from both banks and private hedge funds. Half the units in the first tower sold in just the past two months. The project will include a full-service, 112-slip marina. The Plaza Group, along with the DevStar group, are getting ready to put up two 25-story towers with a combined 468 units, starting in the $600,000s. We actually didn't think the demand would be as strong as it is today," said Neil Fairman, of Miami-based The Plaza Group, the project's developer. Home Lenders Ease Rules)Īt Marina Palms Yacht Club and Residences in North Miami's Aventura, broken-down boat slips frame two new condo sites, one of which has the concrete beginnings of a first floor that has been standing idle for six years, since the developers went bankrupt. "The prices are going to come up faster, so today is a great time to buy." "I believe in the future," said Argentinean Antonio Aguirre at the Echo party. The rest he hopes to entice with flash and fantasy, which is exactly what Miami is all about.
Maloney has sold 100 of the 190 units he plans to build in his "Echo" development and that is without even breaking ground. "It's much smaller inventory, which is holding the price point, and further, the deposit structure is much more beneficial to the developer at this point, so we're back," said PMG's Maloney. These cash-heavy buyers are allowing developers to require anywhere from 20 to 80 percent down, which appeases bank and private lenders alike. If they use it or they don't use it, who cares, at least it's stable." "The foreign buyer is deciding to take some chips off the table and park it up here and sort of put it away into a condo in Miami. He has been qualifying and quantifying the South Florida real estate market for over a decade, and said this time around there is less short term risk because the buyers have a real purpose. ( Read More: Recovery Builds as Housing Numbers Pick Up Steam) I'm perplexed as to how all this can go forward this quickly," said Peter Zalewski of CondoVultures. Whatever the reason, they came, they saw, they bought. They were either looking for a safe-haven to park their money or were taking advantage of a weak dollar. How did it happen? Foreign, all-cash buyers like Venezuelans, Russians, Chinese, Canadians, and Brazilians. Prices are up nearly 25 percent from a year ago, according to the Miami Area Association of Realtors. Most thought it was all over for a good long time.īut somehow there are just 2,400 unsold units left, barely a year's worth at the current sales pace.
Tall buildings stood dark at night, as banks took back properties and projects. When it all came crashing down, the lights went out in Miami, literally. ( Read More: Map: Tracking the US Real Estate Recovery)ĭuring the boom, 49,000 units were built, as investor-flippers used easy mortgage money to swap properties and push prices. Cranes swing above the city from every angle, just as they did during the housing bubble in 2006. Personal Loans for 670 Credit Score or LowerĬondominium development in greater Miami seems to defy not just gravity but reason. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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