A condo tower in Downtown Miami is nearly sold out after just months of launching sales. Before the pandemic, developers would offer a number of incentives to agents and prospective buyers. However, right now the market is so hot that projects are selling out fast. Because single-family homes and existing condos are selling really fast, developers are taking advantage with new projects constantly popping up.
At the end of 2019, sales for Legacy Hotel & Residences launched. However, when the pandemic reached, buyers cancelled 100 out of the 170 reservations. This was very alarming for the project. However, this condo tower in downtown Miami took a complete turn and recently fully pre-sold. The buyers have provided at least 20% of the deposit.
The developers plan to break ground o the condo tower soon, and expect its completion by the end of 2024. The majority of the buyers came from Latin America. In addition, the units ranged from half a million to over a million dollars.
Besides this, sales are up in a number of other condo projects all over South Florida.
Read more: https://therealdeal.com/miami/2021/06/25/selling-out-south-florida-condo-developers-report-feverish-market/
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