If there is anyone who has been able to take full advantage of the wide range of opportunities that are offered in the Miami real estate market, many will agree that foreigners really are the ones topping the list.
Recently, the largest of all real estate buyers who were involved in the Miami real estate market turned out to be those who came from places outside the United States, and one of the reasons why today the situation is such as this is due to the actual sales model, which now exists in the real estate market.
The number of development projects that are associated with a specific sales model has increased, which Americans do not use mainly in contrast to Hispanics and Europeans who are familiar with the cash payment system for real estate options.
One example of a development project using this sales model is Brickell House in Miami, which allows people to pay quarterly during the construction phase to allow customers to pay almost 70 percent by the time the project is completed.
On the other hand, Americans are more likely to wait for the moment of completion, before putting money on real estate; However, this approach leads to the fact that in the end, the sum of expenses, amounting to approximately 40%, will be more than the cost of the buyer.
The sales model in which the Buyer is given the opportunity to pay for the property during the construction phase is the one commonly used in Latin America. In fact, most often people will be able to find residential properties that are sold in half even before the final touches to the project have been established.
As for the Brickell home in Miami, developers managed to sell 190 of the 374 units in the first 90 days of their sales period, and 90 percent of these units were sold to international buyers from Brazil, Venezuela, Mexico, China, Russia and Europe.
This success can be explained by the fact that the world has again come to find great value in being able to present the Miami real estate market with the opportunity to experience world-class luxury in such a world-famous tropical setting and this specifically sent a wave of new development projects in South Florida that are intended to meet high demand from international audiences.
Based on market research conducted in June 2010, fewer than 1,500 condominiums in the Brickell area remained in the real estate market. If the current trend of real estate sales continues in the coming months, the inventory may well be fully sold during the year, which would create a gap in the condominium inventory in Miami.
No one could have predicted that the rest of the condominium in Miami would be so quickly absorbed by buyers from all over the world, and the momentum is still strong because the demand for high-quality real estate options in the region, especially because the opportunity for foreigners to indulge in the luxury of owning beach real estate turns out to be more accessible to them in Miami than anywhere else in the world.
