The Real Deal Miami

Leasing to own grows

May 04, 2009 03:58PM

Developers looking to wring income out of unsold luxury condos are setting up lease-to-own options in many Miami-area projects that would otherwise sit empty. The Related Group is among the luxury market builders offering lease-to-own options that credit 12 months worth of rent payments toward a down payment or closing costs. Scott Greenwald, developer of the Lexi in North Bay Village, said 26 new tenants signed lease-to-own agreements in the last three months. Tenants can lock in at current prices if they go up but will be able to renegotiate if prices drop, he said.