The Real Deal Miami

Miami sales model targets Latin Americans

February 15, 2012 01:30PM

MyBrickell

The pay-as-you-build condo sales model, popular in Latin America, has made its way to Miami, as The Real Deal first reported in September. “Latin Americans and Europeans are used to paying in cash for real estate. Americans are not,” Harvey Hernandez, chairman of the Newgard Development Group, told Forbes. “This is the best way to buy it. Or you can wait for the project to be complete, like Americans do, and pay about 40 percent more.” Earlier this year, Hernandez told The Real Deal about the model that was being employed at BrickellHouse and other condos, like Related’s Apogee Beach in Hollywood. [Forbes]