Are you ready to buy a new luxury condo in Miami? If you are then you better do your homework like your life depends on it. These high rise condos would be really neat to live in with all that Miami has to offer. However, here are some things that you may want to check into before you get caught up in all the hype.
Currently there are thousands of new vacant condos in the downtown Miami area with ocean, bay or city views, roof top pools and valet services. These units are just waiting for you to move into but you might want to ask yourself why are all these "luxury" condos still vacant?
Well it's not that hard to figure out if you know the market.
Starting in 2004 thousands of new condos in Miami went under construction. Investors flocked to these units in order to sign pre-construction contracts in the hopes that they would be able to flip them for huge profits. With closing dates set for mid to late 2005 they thought they were going to cash in big. But the market came to a screeching halt at the end of 2005. The investors that couldn't flip them or move into them walked away from their deposits and contracts.
This one fact left hundreds or thousands of units vacant. Builders scrambled to sell them by offering incentives like, one year of free maintenance, no closing costs or appliance upgrades. Well after six months this didn't work so they started reducing prices to the point where I don't think they were making any profit. These builders just wanted to get out of the projects and get the units sold.
Per the multiple listing service as of June 23, 2008 there were 4,591 vacant units and 14,742 active listings in the Miami downtown area.
So isn't it time to buy these units?
Here's some of the reasons why you may want to wait before you buy;
1. Values are still on the decline.
2. Condo projects like these may be hard to obtain financing in.
3. Due to the number of vacant units the monthly/yearly maintenance fees may go up substantially.
4. There may be substantial special assessments in the condo budgets due to the vacancies.
5. The number of rentals in the project may be too high to obtain financing.
6. The number of foreclosures in the project may affect or prohibit financing.
Well I hope this information has helped you realize some of the obstacles you may face. As always "Buyer Beware".
For more property information in Miami go to www.miamidade.gov and click on the property search link.
Buy A New Condo
Who would not like to live in the sunny state of Florida? Florida real estate is the most desired in the USA, probably because of the climate that is beautiful the entire year. For investors, purchasing a house in Florida is a profitable business, for the same reasons. If you have always dreamed of living in Florida, this is your chance. Buy a preconstruction condo or other real estate and relax on the beautiful Florida beach, right next to your luxurious new home.
If you are looking for fun and relaxation, Fort Lauderdale is certainly the place for you. Situated in the Broward County, in Southeast Florida on the Atlantic coast, North of the popular and fancy Miami Beach, this beautiful town is a favorite destination for many tourists.
Popular for its leisure activities, such as yachting and fishing, this city makes the frequent choice of college students or foreigners as their holiday spot. Due to these facts, there is great demand for Fort Lauderdale preconstruction condos. Today, you have the great opportunity to buy a Fort Lauderdale new condo at an affordable price and save $1,000's.
Our company is a real estate brokerage company with many agents throughout Florida. We want to give our clients the chance to save some money, by returning them a part of the cash the developer pays us when you purchase a Fort Lauderdale new condo. It works like this: we, as a real estate agent, act as an intermediary between the buyer and the homebuilder or developer. The builder pays us a commission of typically 3% of the purchase price as a commission for our services.
We want to offer our clients the best deals, we guarantee we will share this commission with you ? you will get up to 2% of the commission (money) back into your pockets! Just by using our services, you are able to save a large amount of cash. You can see now why buying a Fort Lauderdale preconstruction condo is a bargain.
On our website, you will find a detailed list of the offers available, including important information such as the price, region, bedrooms and more. You can browse by cities and neighborhoods and find the Fort Lauderdale new condo of your dreams. You can never be too careful when buying a new home; that is why it is better to let the experts help you make the best decision. If you are looking for a Fort Lauderdale preconstruction condo, we can help you find the best value.
You can be among the lucky ones who get to buy a Fort Lauderdale new condo at the best prices, and get part of the commission back. You will find here a beautiful city, warm weather and many ways to have fun. Discover Southeast Florida and you will never forget it. Buy a Fort Lauderdale preconstruction condo now and you will have all the reasons to praise your decision.
Fort Lauderdale is a beautiful city in the Southeast Florida, where the weather is always warm and nice. It is a perfect destination for the tourists. Why should it not be your ideal location for your home? The sunny Atlantic coast is waiting for you to explore it.
Both Frank Kasper & Kenwilson are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Frank Kasper has sinced written about articles on various topics from Finances. About the author: Frank Kasper has retired after 21 years as an appraiser/real estate agent and now is an investor. To receive a free report and see what Frank uses to make money go to. Frank Kasper's top article generates over 480 views. Bookmark Frank Kasper to your Favourites.
Kenwilson has sinced written about articles on various topics from Computers and The Internet, Acne Treatment and Wedding Bells. Buy a Fort Lauderdale new condo now and you will benefit from an important discount. As a real estate agent for Florida, we are able to come up with the. Kenwilson's top article generates over 201000 views. Bookmark Kenwilson to your Favourites.
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