I had many concerned buyers contact me strongly dissatisfied with the limited selection of the remaining developer units and options that they have been recommended.
For those of you who missed the boat (check the original post here), the Flamingo South Beach Condos North Tower is NOT going condo. So what are the current alternatives for these North Tower Contract Holders?
Buy the less than 40 units remaining from the developer. Many of these are 2nd tier units which where originally over looked by buyers and are still over priced since they started selling in May 2005. The only way these units might sell is with a "strong" incentive and / or extremly creative deal.
The good news is Flamingo South Beach developers are offering some incentives. In some cases as high as 6% back or some other fees waived. I still think that at a 10-20% price premium it proves to be a tough sale. Many have minimal views and / or no balconies. Another thing to look out for is with a larger size unit comes increasingly higher maintenance fees. All of which will reduce your bottom line when is time to secure a new tenant.
They have a great hard working staff who is dedicated to help you find the right unit for you. So I wouldn't suggest discounting it right away but unfortunately many will have no choice but to seek other resources if they are not satisfied with the limited inventory they have access to.
Call your local hot shot independent real estate agent who is familiar with Flamingo South Beach Condos. He or She will search for you the best deals available and often already know all the Foreclosures and other non public listings to find the Perfect Apartment Home or Investment for you. With a little patience you will find the equivalent unit you "purchased" at the North Tower for a discount in the South Tower. You may also wish do a little bit or research first. You may View Listings now or Search MLS for other options that might interest you, and when you call you will be more informed.
At the current Flamingo South Beach developer's prices, I predict it will take until the end of this year for them to sell the majority of the south tower, but not before they adjust their prices. The smart buyers now are looking for more choices, flexibility and deals from distressed owners and motivated sellers. Sellers usually are more adapt to negotiate and will work with you instead of a big box developer and their one sided contracts with no financing contingency. For south tower sales information, contact Juan Leal at (305) 975-7472. If you enjoyed this post, please subscribe to my RSS feed!