May 07, 2005

"Hot" Miami Pre Construction Condo Information

GotMiami.Com Arguably the hottest areas of Florida real estate are the pre construction and new construction markets. Developers across Florida are building at a fantastic rate. In order to qualify for the various stages of their construction financing, many developers offer discounts to early buyers. These discounted prices often result in better-than-average appreciation for buyers and investors. Savvy buyers know the value of buying preconstruction. Getting in on the ground floor is a fantastic opportunity to save thousands of dollars. One of the greatest benefits of buying in the preconstruction phase is that prices generally are lower than those of existing like-kind re-sales of existing real estate. Developers discount the prices of preconstruction units to give buyers the incentive to buy, something that will help both seller and buyer. Discounts are sometimes the primary difference and provide a win-win situation for all parties involved. Developers sell pre-construction at lower prices because they usually need pre-sales in order to secure a construction loan. Lenders typically require that 50% to 80% of a project be pre-sold prior to the construction commencing. As construction progresses, Developers typically increase the price of preconstruction units. This oftentimes is an additional incentive to buy at the earliest possible phase. Planning and patience pay off when buying preconstruction property. First, you need to plan on having the necessary funds when it comes time to convert. Second, you just need patience waiting for the documents to be delivered and for the condo to be built. If the preconstruction prices compare favorably with existing re-sales, then there is a good probability that you will enjoy substantial appreciation for your investment. Weather you're planning to purchase a preconstruction condo or loft for personal use or for investment Turnberry International Realty is sure to be your key to South Florida real estate. For more information, E-Mail Dean Isenberg or call Bonnie Isenberg at 800-819-5466 Visit us On-Line for the latest pre construction projects. GotMiami.Com

Posted by South Florida Realtor at 04:16 PM