11 May Getting a Deal on a new Luxury Condo in Miami
By Ross Milroy | May 11, 2016
If the pre-construction condo sale boom that took place over the past 3-5 years passed you by, it doesn’t necessarily mean you missed out on getting a bargain on a luxury condo in South Florida. Here is how to get a deal on a new luxury condo in Miami.
If a potential buyer is willing to do a bit of creative research there are a few little tricks which should help you have the upper hand when looking to strike a deal at pre-construction pricing, or even below.
The gist of it falls on the fact that a vast majority of the buyers of luxury condos during the pre-construction phase were foreign investors. Many investors have been renting these units out waiting for changes in the market while others are sitting on empty shells of units – leaving the buyer the opportunity to still customize their unit for a new construction feel in a building that is already up and running; all at price levels from 2013 or later.
So how does a potential buyer take these new luxury condos off the hands of foreign investors for a bargain? Since the time of pre-construction, the fluctuation of foreign currencies for almost all major countries of which the investors call home have taken such a swing in the past years that if a seller is looking to repatriate their money (meaning to take the US Dollars from the sale and convert it back to their homeland currency) they will make enough on the exchange rate to enjoy a such a hefty profit that they don’t need to up charge their sale.
A savvy buyer can research the county public record documents to see which units for sale are owned by LLCs as opposed to an individuals name. These companies can then be traced back to their origin, giving the perspective buyer the information to recognize that this seller is likely not concerned about lowering their asking price if it’s likely they will repatriate the funds and are motivated to sell.
And of course, if you’re not the type to put on your research hat to do the sleuthing, we’re happy to do it for you and find you that perfect home at a great price. Remember, using the services of a Real Estate Broker costs you nothing, the seller pays the agency fees!