Miami New Proposed Rentals to Become Condos?

by Isaac Benmergui, Esq on July 9, 2012

During the last real estate boom, many of the proposed rental properties were converted to condominium units as incomes rose and people were more interested in buying than renting. Miami’s rental market is poised to do it again.

In Miami-Dade, Broward and Palm Beach counties, real estate sales are up along with rent prices, and developers have been busy trying to get their projects from the planning stage to the breaking ground stage for 3,000 new rental units. Rent prices are rising at two and a half times the rate of inflation, making the market one of the priciest in the nation. Rising rents are in direct contrast with the decrease in condo association fees due to foreclosures. Developers of rental properties can also offer less amenities and save thousands of dollars on properties that can be later converted to condominium projects.

Getting Legal Help

If your building is converted to condominiums, you’ll need an experienced attorney to look over the purchase agreement and make certain that your rights are protected! The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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