Miami Real Estate Advantages Prove To Be In Favor Of International Property Buyers
If there is anyone that has been able to take full advantage of the wide range of great opportunities that are being offered on the Miami real estate market, many will agree that foreigners really are the ones who top the list.
As of recent times, the biggest out of all property buyers who have been transacting on the Miami real estate market happen to be those who have come from places that are outside of the United States and one of the mentioned reasons why the situation today is as such is because of the actual sales model that now exists on the property market.
There has been an increase in development projects which involve a particular sales model which Americans are not predominantly used to unlike Latin Americans and Europeans who are familiar with the system of paying in cash for real estate options.
One example of a development project that has been using such a sales model is the Brickell House in Miami which allows people to pay on a quarterly basis during the construction phase in order to make it possible for buyers to have paid for nearly 70 percent of the property by the time that project reaches completion.
Americans, on the other hand, are more inclined to wait until the point of completion before putting any money down on real estate; however, such an approach ends up adding sums of approximately 40 percent more to the buyer’s expense in the long run.
The sales model wherein buyers are given the chance to pay for the property during the construction phase is one that is commonly used in Latin America. In fact, more often than not, people will be able to find residential real estate developments which have floors sold even before the final touches to the project have been set in place.
As far as the Brickell House in Miami is concerned, the developers managed to sell 190 of the 374 units within the first 90 days of their selling 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 being presented on the South Florida Housing market of being able to experience the world-class luxury of living within such an internationally acclaimed tropical paradise setting and that has definitely triggered a wave of new developments projects within South Florida that are set to accommodate to the high demand from the international audience.
Based on a market study conducted in June 2010, less than 1,500 condo units within the Brickell area remain on the property market. Should the current trend in property sales carry on in the upcoming months, the inventory could very well end up fully sold within the year which would essentially create a gap in the condo inventory of Miami.
No one could have predicted that the remaining Miami condo inventory would have been so rapidly absorbed by buyers from all over the world and the momentum still remains strong as the demand for high quality property options within the region, especially since the opportunity for foreigners to indulge in the luxury of owning beachfront property proves to be more affordable for them within Miami than it would be anywhere else in the world.
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