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July, 7 2014

Miami Herald: An explanation of Miami's current condo boom Buyer's commitment with big deposits make the difference this time around
Source: MiamiHerald.com Read complete story at: http://www.miamiherald.com/2014/07/06/4221206/miamis-condo-boom-redux.html This condo construction cycle in Miami is distinguished from the last in several ways. The biggest difference is the unit buyers are putting up big deposits, typically 50 percent of the purchase price, in stages during construction, funding most of the hard construction costs for developers. (Florida law allows developers to spend deposits for direct construction expenses, except for 10 percent, which must be placed in escrow unless a bond is posted.) That level of commitment from buyers (which contrasts with the 20 percent down payments that were typical the last time) dramatically increases the likelihood that buyers will close on contracts when their buildings are complete, developers say. Whatever triggers the end to this condo cycle, it won’t be a repeat of the last boom when buyers skipped out on their contracts — not as long as the big deposits are required — developers predict. Source: MiamiHerald.com Read complete story at: http://www.miamiherald.com/2014/07/06/4221206/miamis-condo-boom-redux.html
 
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