Miami Real Estate Agents Are Loving The New Boom

Miami Real Estate Agents are loving the new Boom

by

Andres Leiser

As the condo bubble burst and Miami became was left holding the bag as speculation and overbuilding ran wild, many pre-construction Miami real estate agents had to scrap to survive. Prices dropped, unit buyers backed out of pre-construction condo contracts and wanted to get back their 20 percent down payments. Developers were saturated unsold units and wanted advances on commissions repaid as people decided to walk out on these ultra luxury real estate Miami condos.

Buyers asked us to protect their deposits and brokers asked us to protect their commissions. We weren\’t able to do either,\” said one Miami real estate agent. After exhaustive negotiations, some Miami real estate agencies were able to mitigate\” these situations and work out most of the problems.

Most ultra luxury real estate Miami agents are confident Miami real estate is on firmer ground. The main reason is Miami real estate developers have been financing projects for the most part with big deposits from unit buyers. This deters most speculators and keeps the pace of construction in tune with demand. It is a mantra that is repeated often by Miami real estate developers and brokers in South Florida these days, as one new project after another is offered up.

So far, as the latest condo cycle has started to hum, many ultra luxury real estate Miami agents are doing quite well.

Apogee Beach, a 22-story, 49-unit ultra luxury real estate Miami condominium in Hollywood Beach, and MyBrickell, a 28-story, 192-unit condo tower in downtown Miami were the first two condominiums Related launched after the bust. they were early examples of the new buyer-deposit model that has been driving the current boom.

During this boom, ultra luxury real estate Miami condo buyers, many of whom are cash-rich foreigners looking for an investment or a second home, put up big deposits on pre-construction units. These deposits are typically more than of 50 percent of the purchase price and for Apogee Beach and MyBrickell, buyers agreed to pay a staggering 80 percent of the purchase price in a series of payments before closing. Developers generally can use the buyers\’ deposits to finance construction, except for 10 percent that is in escrow.

The buyer-financed model has shown to be surprisingly popular because considering the unit buyers become mere unsecured creditors should something go wrong with a Miami real estate project.

Selling pre-construction ultra luxury real estate Miami condos that are nothing more than a patch of dirt, utilizing a fancy website and a brochure when sales are launched takes special skills. Developers invest heavily into sales offices to provide a real space for buyers to visualize their future condos. Technology is playing a larger role in sales efforts.

These ultra luxury real estate Miami buildings have to be built on the computer so possible buyers can see what they are getting in virtual reality.

For example, an app for Echo Brickell lets Miami real estate agents show customers 3-D visuals of not just the building but individual units, custom decorated to order. Ultra luxury real estate Miami buyers can see how their unit would look like with specific flooring and different paint colors.

Andres Leiser is a local contributor for Constec Realty\’s

Miami Real Estate

website. He has been involved in

Miami Ultra Luxury Real Estate

for over a decade. For more information please visit www.constecrealty.com

Article Source:

ArticleRich.com