One of the hottest real estate investments in South Florida in recent years is investing in new condo construction. Developers from around the world are flocking to South Florida to invest in new condo projects that take advantage of the views of South Florida's golden beaches and turquoise colored water. These developments are being planned and built, in many parts of South Florida, each offering an array of amenities and services for it's owners and guests. Interestingly, a number of these projects have sold-out in a matter of days, and not months or years.
The reason that many real estate investors and second home purchasers are investing in new condo construction versus purchasing an existing condo is that the required deposits can be spread-out over the construction period and, the cost of financing does not commence until the end of construction period. From initial deposit to project completion could take as must as 3 years and during this time period you are required only minimal deposits totaling no more than 25% to 30% of the purchase price. Please keep in mind this varies greatly among the different projects. An additional benefit is that during the construction period you are gaining market appreciation on your new condo. And, over the past 5 years Miami-Dade and Broward counties have experienced consistent 12% to 16% annual real estate appreciation.
If are considering investing in new construction, always remember that the past does not always predict the future, and that there is no guarantee that the past appreciation rates will continue. Click on the area below to find out what new condo and/or loft projects are being planned or built, in the area. |
