One of the most anticipated upcoming condominium towers, the 60-story Paramount Miami Worldcenter, which will be attached to Miami Worldcenter, is getting closer to completion…slowly but surely. They recently announced that they are starting to convert their reservations to contracts, which should be great news for buyers who can’t wait to get into the new property.
What Does the Building Offer?
The units in the building have been selling quite well, and they’ve already sold about 40% of the 512 units in the building. They are currently mailing out the contracts to buyers. Many of the buyers are actually from other countries, including those in Latin America. A number of Russians have also purchased units in the building. The developer of the building believes that they will have a very good conversion. In addition, a large number of buyers (about 13%) are from China.
In the past couple of years, the number of sales to buyers in Latin America has been dropping because they’ve had dips in the economy in many countries. However, China has stepped up significantly when it comes to buying real estate in the Miami area, including at this building. There’s actually another reason that the sales to Chinese buyers have been so high. The developers have actively been marketing to the wealthy Chinese audience, going as far as to bring in Feng Shui consultants to help ensure the units would appeal to a Chinese buyer.
They had a sales model that was typical for many properties in recent years. They required a 50% deposit to hold the unit for them. The buyers put down about 10% at various stages of the development until they’ve reached 50%. The size of the units in the building varies from around 1,180 square feet to about 2,300 square feet. The price averages to be about $700 per square foot.
How Long Before It Is Finished?
They haven’t actually broken ground at the site, 950 Northeast 2nd Avenue yet, but they are getting nearer now that they have their demolition permits. This was actually what was holding up the building. Work on the site will actually start very soon, and they believe that they will be able to get the entire building finished in about three years, give or take. While three years might seem like a long time, other projects sit in limbo for far longer. Most of the buyers already have homes in the area, while others are still in their native countries. While everyone is excited to get into the building, they know that quality and luxury takes time. They are willing to wait to ensure the property is perfect and meets their expectations.
Since they’ve already sold about 40% of the units in the building, they still have plenty of time to sell other properties at Paramount Miami in the coming years. Given the hype and popularity of this upcoming property, you can be sure that the units will be selling briskly.