Less than two weeks after announcing plans for another new condominium tower in Brickell and launching a sales effort in Argentina, Related Group has already obtained reservations for 60 of the 382 units in the building, GlobeSt.com reported.
As with its other projects under development, including MyBrickell, Related is requiring buyers to put down payments on units before the building is erected to help finance construction. For this 42-story condo project, called the 1100 Millecento Residences and located at 1100 South Miami Avenue, buyers put down 50 percent.
Unsurprisingly, most of the units are being snapped up by foreign buyers.
“Americans are still not buying,” said Carlos Rosso, president of Related’s condo division. “Latin Americans buyers are accustomed to buying real estate in this fashion in their home countries. They see the value. The prices of apartments are at least twice as expensive as in Miami. Americans are going to recognize that to buy real estate they will have to put down a little bit more of their cash at the beginning and then refinance the purchase at the end.” [GlobeSt]