This post is for all those individuals frustrated at the fact that it seems almost impossible to purchase a condo in Brickell now that the prices are affordable.
One of the biggest let-downs has been buyers finding a great condo getting all excited about putting in an offer only to find out that their bank will not finance their purchase due to the defaults in the building. It is almost impossible to find a building in Brickell that does not have defaults, foreclosures or short-sales. This leaves many individuals that have good credit, that have a good down payment out in the cold and only gives the opportunity to those that have cash!!! Unfortunate I think.
500 Brickell has been approved for financing and many are taking advantage, after all the price may not be as low as a foreclosure but they are lower than they originally were during pre-construction. However keep in mind that even though it is FHA approved the developer is still requiring 20 percent down.
Prices for 1/1 starting at 194,500 and 2/2 at $245,900.
I think they are worth looking at ....at least if you have your heart set on a brand new unit with the Brickell address.