The world of realty to buy or rent

Miami real estate is one of the hottest markets in the United States. Favorable conditions of the pre-construction’s deals attract buyers from all over the world. Approximately half of the county's commercial properties selling for less than $1 million are purchased by local residents, not always U.S. citizens. The remaining 50% buying product under $1 million include foreign investors.

Miami pre-construction deals allow people to build equity in a property while not having to pay the normal carrying costs, including taxes, maintenance fees and mortgage. When a customer owns a pre-construction real estate in Miami, 10% of the sales price is according to the time of contract. The second 10% is due within the next six months, or by the time the foundation of the property is finished. The total investment with most developers is 20%.

In some cases developers are offering resale programs to their buyers once the properties have been sold out and construction has begun. It allows buyers to free up their deposit monies to invest in other real estate projects in Miami.

Miami real estate market offers pre-construction units starting from the $300,000 (some projects have select units starting in the mid $200,000 range) price.

"Money is not parked in commercial real estate in Miami and it is parked in high-end residential, such as condominiums. Condominium construction helps not only the construction industry, but also retailing and service industries as well,” Kenneth Thomas, Miami-based banking consultant, said.

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Real estate market: construction boom in Miami