If anyone has been able to take full advantage of the wide range of great opportunities on offer in the Miami real estate market, many will agree that foreigners really are the top of the list.
In recent times, the largest of all property buyers who have been transacting in the Miami real estate market are those who come from places outside of the United States and one of the reasons mentioned why the current situation is So this is due to the actual sales model that now exists in the real estate market.
There has been an increase in development projects that involve a particular sales model that Americans are not predominantly used to unlike Latin Americans and Europeans who are familiar with the cash payment system for real estate options.
An example of a development project that has been using such a sales model is Brickell House in Miami, which allows people to pay quarterly during the construction phase to allow buyers to have paid nearly 70 percent of the cost. . ownership at the time the project is complete.
Americans, on the other hand, are more inclined to wait until the completion point before putting money into real estate; however, this approach ends up adding approximately 40 percent more to the buyer’s long-term expenses.
The sales model in which buyers have the opportunity to pay for the property during the construction phase is one that is commonly used in Latin America. In fact, most of the time, people will be able to find residential real estate developments that have floors sold even before the finishing touches have been put in place on the project.
In regards to Brickell House in Miami, the developers managed to sell 190 of the 374 units within the first 90 days of their sales period and 90 percent of those units were sold to international buyers from Brazil, Venezuela, Mexico, China, Russia and Europe.
Such success can be attributed to the fact that the world has once again come to find more value in the opportunity presented in the Miami real estate market to experience the world-class luxury of living in an internationally acclaimed tropical paradise setting. . And that has definitely triggered a wave of new development projects within South Florida that are poised to accommodate the high demand from the international audience.
According to a market study conducted in June 2010, fewer than 1,500 condo units within the Brickell area remain on the real estate market. Should the current trend in property sales continue in the coming months, the inventory could end up completely selling out during the year, essentially creating a gap in Miami’s condo inventory.
No one could have predicted that the remaining condo inventory in Miami would have been so quickly absorbed by buyers from around the world and the momentum is still strong due to the demand for high-quality property options within the region, especially from opportunity. For foreigners to enjoy the luxury of owning a beachfront property, it is more affordable within Miami than anywhere else in the world.