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  1. #1
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    Default Pre-Construction project in the South of Fifth area?

    My wife and I are thinking of moving into the South of Fifth area but don't want to live in a high rise. The area seams to be very pedestrian friendly, close to just about everything without being right in the middle of it. The ideal property would be a pre-construction development where we could have a interior custom build out of the unit.We need at least a 2/2 with 1200+ square feet. Is there any new construction South of Fifth at pre-construction prices?

  2. #2
    Full Member MiamiRentsAlot's Avatar
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    What do you consider to be pre-construction prices? It's SoFi nothing there comes cheap.

  3. #3
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    We're looking for a project that hasn't been built yet. Regarding the prices, we've always seen that the prices developers have at the very begining of the project is typically lower than the prices the have once the building gets built.

  4. #4
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    Hi, AlexIslandTime, welcome to MiamiBeach411.

    I'm sure the reason MiamiRentsAlot asked you about your price range is because the South of 5th (SoFi) neighborhood is the most expensive area in the City.

    I'm not aware of any pre-construction taking place South of 5th Street, but I might be wrong about that.

    Given the current state of the real estate market, seems like you might be able to find a better deal, looking for a buyer in distress.

    Where do you live now?

  5. #5
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    There are plenty of foreclosures that are priced very well (below market value) for the most simple, all the way to the high-end buyers. I would be taking extra cautions with pre-constructions. I found this article explain some:

    ""Thousands of new condominiums, which were under contract to buyers have been stalled or had construction canceled. Untold thousands of would-be buyers left deposits of 20% and higher with developers instead of closing on their units. Miami has turned into a multi-billion dollar bust.**

    Some places where the development finalized, the developer liquidated the last 50/100 units for 40/50 cent on the dollar for wholesale buyers. Pre-foreclosure deals can be very risky!

  6. #6
    Full Member MiamiRentsAlot's Avatar
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    Quote Originally Posted by Veloire
    There are plenty of foreclosures that are priced very well (below market value) for the most simple, all the way to the high-end buyers. I would be taking extra cautions with pre-constructions. I found this article explain some:

    ""Thousands of new condominiums, which were under contract to buyers have been stalled or had construction canceled. Untold thousands of would-be buyers left deposits of 20% and higher with developers instead of closing on their units. Miami has turned into a multi-billion dollar bust.**

    Some places where the development finalized, the developer liquidated the last 50/100 units for 40/50 cent on the dollar for wholesale buyers. Pre-foreclosure deals can be very risky!
    Ditto! It's a baaaaaaaaaaaaaaaaad scene out there! ;-)

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