Many consumers have not yet been convinced that there is a turn around in the market of preconstruction in Sunny Isles and Miami Beach. If one is basing their ideas on past articles, new reports, headlines and business reports they will not know what is actually happening. But if these people would take a closer look they would change their mind completely about the issue. Developer Gil Dezer has begun a new project, Porsche Design Residences, which will be located in Sunny Isles. There is much interest surround this soon to be new residence with more than 15 of the over $3.0 million homes being reserved. The project is only to be completed in the year 2016, averaging $1,000 per square foot.
While Porsche Design Residences may not be within budget for all home buyers there is much more to see in Sunny Isles and Miami's condo market. The Related Group is now managing the MyBrickell facility in the downtown region. The neighborhood that was once referred to as the "no go" area for buying properties is now booming with bargain shoppers from all over the world. Due to this the $350 square foot price has led to the units nearly selling out. In the beginning of 2012 90% of these homes were already reserved. The reality is that many international buyers are jumping at the chance of owning a real estate in Miami, especially with prices as low as they are now. Sellers however are not boosting these prices because these prices are what keep the market going.
Other proof that the preconstruction market is improving is that the condos designed by Gil Dezer come with a mandatory escrow deposit of $100k. A total of 27 interested buyers have put the cash down just to discuss the options. In addition to the escrow buyers are to put down 10% of the purchase price also, an additional 10% for the contract and an extra 10% when the construction of the homes begin. As for the Related Group they also require commitment such as the Porsche homes. They require 8% of the purchase price to be put down until closing and at this time they require the final 20%.
There has clearly been a major change in the area of preconstruction, making it possible to find a home in Miami that is newly built or yet to be built and available at a low price. This new approach is working to the benefit of buyers because it allows them to take advantage of pricing and have payment terms that work well with most budgets. 10% to reserve a condo and then also having the option to spread payments within a couple of years also benefits them. This is the reason so many buyers are rushing at the chance for a Miami property before these low prices and homes become unavailable.
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