By Sunny Isles Real Estate Expert on January 7th, 2013
A site slated for the development of a 556 unit residential tower has closed for $18.5 million, according to reports. In addition to the residential tower, which will be located on a 1.29-acre lot, there will also be a 15,049 square-foot area dedicated to retail space and nearly 40,000 square feet dedicated to office space.
The property is located at 1300 S. Miami Avenue and was sold by South Miami Ave, LLC. The deal was close by Related Group.
Increasing Interest With Preconstruction Miami Condos
According to several reports, the Miami real estate market is well on its way to recovering and developments are moving along nicely. Several large condominium properties are slated for completion in the upcoming years, some of them quite luxurious, with starting prices set at over $1 million for some of the condominium units.
Developments have been popping up around the area, with a new one, combining two different sites for a total of 4.53 acres on Biscayne Bay on the market, as well. This particular development will include a 36-story tower. Condominium towers, of course, are characteristic parts of the Miami skyline and interest in them remains high.
Getting in on New Miami Developments
With the assistance of the right realtor, it’s entirely possible to get in on upcoming developments and to get a property lined up before the ground is even broken. This involves, in most cases, a specific procedure that requires a 50 percent down payment on the total value of the property in question and the other 50 percent being put up for the purchase after the property is available.
Working with a realtor avails people interested in purchasing such a condominium property of all of the information they need about where and why they may want to consider buying. There is quite a lot that can go into this and, with property values improving around the Miami Dade area consistently, it’s more important than ever to make certain that you invest your money wisely.
Contacting a Miami Realtor
Whenever an area of the city is slated for development and you have an interest in it, it’s a good idea to contact a realtor right away. Even though the properties may not be on the market officially yet, it’s quite likely that there will be quite a bit of interest in them and that delaying too long in trying to get a unit could mean that you lose your chance altogether.
Contacting a realtor about upcoming developments allows you to get the best possible insight into what is becoming available in the very near future and beyond. Many of these developments begin selling units years before they are completed, and with demand increasing as steadily as it has been, it’s important to get your deposit on your property as soon as possible, if you found the right place to live. Most of these arrangements allow you a period to change your mind, and there’s certainly no risk in contacting a realtor and asking them what’s likely to be available soon.