The expectation is that the Sunny Isles Beach condos are going to lead the way in the next housing boom in southern Florida. One of the reasons for this is the fact that the new condominium buildings are in a great location in Miami-Dade County. The most interesting attractions are within close proximity but being at home is even better. New residents of the condos for sale in Sunny Isles will be entreated to partake in some of the most amazing amenities that can be found in the entire area.
Southern Florida’s condominium market has caught the eye of people all over the world, but Latin American investors are purchasing in Sunny Isles Beach in the greatest numbers. However, there are a limited number of pre-construction condos in Sunny Isles Beach for sale, and developers are working hard to make sure that supply can meet the demand. As a matter of fact, six condominium buildings are in the pre-construction phase right now, and people are purchasing these units at this very moment. Fortunately, developers don’t have any intention of slowing down, and they are currently in the process of proposing new projects for the area sunny isles condos.
Miami Beach
Miami Beach has been under a major transformation recently. About 70 years ago, developers constructed hotels on this barrier island. In the past 20 years, the hotels have given way to luxury condominium buildings that can be purchased at this very moment. This phenomenon has allowed investors in countries with strong currencies the chance to invest their cash in the highly coveted beachfront property that now exists.
A New Housing Boom
Miami Beach is the place where a new housing boom has begun, and this cannot be said of most of the rest of the country. The housing crisis began in 2007, and the American economy has been recovering slowly ever since. This means that lenders are still wary of financing luxury condominium construction projects. However, developers have started to use their own money for these projects as well as their investors’ funds.
Investors who can take advantage of what is going on in the housing market come from countries where the currencies are strong, and they have the necessary cash to invest in Miami’s economy.
The Deposits
Developers are taking high risks by financing their own projects. For this reason, anyone interested in purchasing one of these properties must be prepared to offer as much as an 80 percent deposit. However, they don’t have to pay the entire price at once; developers are collecting a portion of the required deposit at pre-determined intervals as the buildings are being constructed.
Investors could purchase a condominium unit in an older building, but the pre-construction condominium buildings have luxuries these older buildings do not have. Among these are the fact that the buildings are low-density and have luxuries that don’t exist in older constructions, such as car elevators.
With such a high demand for the limited supply that is available, developers are expecting the current inventory to sell quickly.
