Win-win situation, or risky business? Thinking about buying preconstruction in South Florida? Investing in something not yet built? Waiting to sell what you currently own, until the market improves?
Buying preconstruction allows you to lock-in the price on property that won’t close for another couple of years. Unsold units tend to increase in price at groundbreaking, and again at completion. Buying prior to groundbreaking can be enticing, offering a wide array of choices with regard to floorplans, location, view, finishes, potential upgrades, and custom alterations. With a 10% downpayment (interest-bearing), and another 10% at groundbreaking, the balance of your financing is deferred to somewhere down the road.
Many who invest in preconstruction now are crossing their fingers, hoping the Miami real estate market pendulum will soon swing upward, rendering a greater market value on they what they currently reside in. How long before we see an upswing ? Real estate historically has been cyclical… and since history tends to repeat itself, we are apt to see a similar pattern. Reserving something yet to be built… and postponing the sale of your current residence (until the market strengthens) could land you a nice profit on what you currently own (and have you living in brand new, cheaply acquired construction, to boot!)
For information on pre-construction opportunities or for any of your real estate needs, contact the Restivo Team at EWM Realtors. restivo.v@ewm.com or 305 793-1365
