Thousands of Condo Units Sold During Miami’s Latest Boom

Since the beginning of the 2011 pre-construction boom, thousands of proposed South Florida coastal region condo units have been sold. Some of the regions that experienced more sales included Miami-Dade, Broward and Palm Beach counties.

Currently, condo developers have marked a number of pre-construction units that will undergo sale in the coastal South Florida area. Only a few proposed pre-construction condo units stand without launching pre-sales, but these are expected to follow the trend in the near future.

CraneSpotters is behind an intensive research project aimed at collecting pre-sale figures as a part of a “Developers Price Survey” initiative. The research has specifically listed the brokerage companies that are exclusively engaged in marketing the pre-construction South Florida condo projects.

Today, for a unit to be considered “sold” in the South Florida pre-construction market, all the condo units must be placed under pre-sale purchase contracts.  Better still, they should be already sold to the buying party in a closed transaction. The purchase process requires the buyers to commit to a series of deposits that will all add up to approximately 50% of the unit’s contracted purchase price.

 Pre-Construction Deposit

The placement of higher deposit requirement ensures that only the capable and heavy capital buyers can take part in the purchases of the current South Florida condo boom. The strategy is working fairly well since the high deposits do not seem to impede buyers from purchasing these condos at a steady pace.

The pre-sale statistics  are showing that most of the projects announced to be taking part in the marketing of the pre-sale units are already experiencing success. It is reported that at the moment, more than 90% of the new condo unit towers in South Florida have sold using the 50% condo unit pre-sale strategy.

One major question that is lurking is whether there are enough pre-construction condo buyers left, who have the 50% deposit to buy the several remaining units of condos in the South Florida coastal region.

 

For More Information on putting a deposit on a pre-construction condo unit Please Click Here.

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