Recession-era building targets middle-income buyers

Terrazas Miami
Terrazas Miami

Terrazas Miami has struggled over the years. Built during the last property boom and bust, the building, located at 1861 NW South River Drive, has changed ownership and was converted into apartments. Now, executives at Terrazas Miami are marketing the units as condos — and targeting middle-income buyers.

“We’re one of a few buildings offering financing,” Michael Sadov, Terrazas’ sales director, told the Daily Business Review. “It’s about the price point. When you look at lower price-point buyers, they’re more likely to want financing. In the luxury market, there’s no financing available. If you’re not buying [in] cash, then you’re not buying.”

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Prices at the building range from $224,000 to $500,000, and onsite financing is offered.

“Properties that stalled during the downturn are now competing with shiny new product,” said Deniece Williams, president of marketing company DW Connect Inc. “They’ve faced an uphill battle because there’s so much happening, but these are unsung opportunities for domestic homeowners. There are real values that have been under the radar.” [DBR]Christopher Cameron