Miami Condo Developers Full Speed Ahead

by Isaac Benmergui, Esq on March 29, 2012

Even with a remaining 4200 Miami condominium units unsold from the real estate crash, developers are moving at lightning speed to get their plans from the proposal stage to the ribbon cutting stage. Peter Zalewski of the Florida real estate data and investment firm labels it “an arms race.”

5200 New Luxury Condo Units for Miami

Twenty-five new towers are in the proposal stage, which will add roughly 5200 new condominium units to Miami’s luxury real estate. Developers are relying heavily on buyers to plunk down as much as 50 percent cash in order to get the developments up and running.

Developers Finding Creative Financing in Tight Credit Times

With banks not looking to take on significant risk, developers have had to look for creative financing. One, Martin Margulies, with his Bellini tower currently under development, took out a personal loan on his vast art collection. He isn’t worried about having the money to pay back the loan. He’s asking buyers for 30 percent upfront on condo units ranging from one to four million dollars.

If you’re looking to buy a new home or condo unit in the Miami area, contact the law offices of Isaac Benmergui who 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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