The condos for sale in Sunny Isles are so desirable that people from Latin America and beyond are seeking to purchase these properties, and they are receiving the best deals.
Because of the great demand, developers learned that they needed to work at a rapid pace to ensure that supply keeps up. That’s why a total of six new luxury condominium projects are in the works at the same time. Developers have also proposed several new preconstruction condos in Sunny Isles Beach to help augment the dwindling supply.
The Barrier Island
Miami Beach is a barrier island that makes people want to develop it to its fullest potential. About 70 years ago, builders had similar thoughts when they constructed several theme hotels on this property. Two decades ago, a new set of developers began to replace the hotels with luxury condominium buildings, and this is exactly what foreign investors with strong foreign currencies have been seeking recently.
The Latest Boom
The rest of the United States isn’t recovering from the housing bust of 2007 very quickly, but Miami is experiencing a housing boom. This doesn’t mean that lenders want to finance luxury condominium projects like the Regallia, the Mansions at Acqualina and the Porsche Tower Condo. However, developers know that now is the time to build, so they are using their own money to finance these projects.
Luxury condominium buildings are also being financed by foreign investors who are seeking a safe place for their immense wealth, and they found a good place for it in Sunny Isles Beach condos.
The 80 Percent Deposit
Developers require that investors place a large deposit while their buildings are under construction. In some cases, 80 percent of the purchase price will be due as the process reaches pre-determined benchmarks. With demand so high, even the 80 percent deposit isn’t expected to slow sales down.
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