During the boom it was normal to see buyers in South Florida camping out to get the first pick of available condo's or villas that were planned for construction. It is starting to happen again. Villas by the Sea condo's is opening up there second phase of units, that were put off for years because of the turn down in demand and financial slow down. This past Saturday four couples were in front of the sales office 24-48 hours prior to opening...camping out...ready to be the first ones to see which unit would be best for them.
Prices of the villas start at 500k and climb to over 1 million depending on the location and view. There are 51 available units with 15 of them directly located on the beach, the other 36 will be across the road.
What does this mean for the market? Is the demand for units this big again? Whats the difference from 2006 and sooner?
Many of the new condo's that are being built require on average a 20% - 50% deposit on the home, and most can't get financing on them, as they are either bought out before anyone with financing can snag up a home or the builders aren't allowing it, as there isn't a need. If financing is available, you are looking at already having 50% equity in the condo because of the builders deposit requirements. So is this a good thing? It certainly makes more sense then allowing buyers to finance 100% of a condo.
With all of the developments being built around Fort Lauderdale and Miami it is a bit of a suprise to see people camping out, but each of these buildings offer something different. With a price point that isn't into the multi-millions of dollars this is also a great catch for future buyers. Most of the condo's that are being built around town start at 1 million and quickly climb, as the luxury market in South Florida is booming. If you are looking at Condo's for Sale in Fort Lauderdale or the surrounding areas don't hesitate to give us a call.
I suppose its time to rumble. The day of new buildings being under contract years before they are built is here.
