By: Erika Morphy
At face value Miami’s condo sector looks to be the same flourishing market that it has been for the last few years. There are subtle changes, however, in deal structure, development trends and the types of buyers interested in these projects.
To be sure, the changing buyer profile in Miami’s residential community has become almost as significant a market force as the cost and scarcity of land. Once a magnet for foreigners, particularly from Latin America, today Miami’s condo market is more focused on local and US residents. This, too, has ramifications for developers.
Henry Torres, founder, president and CEO of the Astor Cos., told GlobeSt.com, “An important thing to note is that this category of buyers will not be in a position to speculate on a building that is years away from completion. They will focus on projects that are nearing completion so they can close and move into their new residences as soon as possible.”
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