For condo buyers, there is little transparency

Miami /
Sep.September 29, 2014 02:15 PM

Buyers beware: the process of buying a preconstruction condo from a developer can be far from transparent or smooth.

Price lists for preconstruction condo units frequently change, the result being that buyers often end up paying significantly different prices for similar units in a building, according to the Miami Herald.

Fledgling projects are often reconfigured as they go along, with the number of apartments and floor plans changing. When these changes happen, buyers holding reservations can either accept the changes and pay more, or they can settle for a deposit refund with no interest.

“A reservation agreement is a means by which people can express interest in buying a unit. It’s not enforceable,” said Steven Wallace, a Miami attorney who often deals with condo sales. “Either side can cancel.”

“There is no transparency,” added Mauricio Rojas, a Miami real estate agent. [Miami Herald]Christopher Cameron


Related Articles

arrow_forward_ios
Location Ventures launches sales of co-living project in Miami Beach
Location Ventures launches sales of co-living project in Miami Beach
Location Ventures launches sales of co-living project in Miami Beach
A rendering of Alina Residences Boca Raton and El-Ad National Properties' Noam Ziv 
El-Ad launches sales of second phase of Alina Residences Boca Raton
El-Ad launches sales of second phase of Alina Residences Boca Raton
Selling out post-Surfside collapse
Selling out post-Surfside collapse
Selling out post-Surfside collapse
Eichner launches sales of waterfront Bay Harbor Islands condo project
Eichner launches sales of waterfront Bay Harbor Islands condo project
Eichner launches sales of waterfront Bay Harbor Islands condo project
Tara West joins Compass to manage new developments in Florida
Tara West joins Compass to manage new developments in Florida
Tara West joins Compass to manage new developments in Florida
From top to bottom: Edgardo Defortuna, Marcelo Kingston and Jose Isaac Peres with 57 Ocean (DBOX)
Brazilian billionaire developer completes 57 Ocean in Miami Beach with sellout of over $330M
Brazilian billionaire developer completes 57 Ocean in Miami Beach with sellout of over $330M
Eighty Seven Park and the lot where the Champlain Towers South once stood (Douglas Elliman)
Italian investor sells Eighty Seven Park unit to hedge funder in first closing since deadly condo collapse next door
Italian investor sells Eighty Seven Park unit to hedge funder in first closing since deadly condo collapse next door
Jorge Perez and Jon Paul Perez with a rendering of Solemar (Related)
Related scores $91M construction loan for luxury condo tower in Pompano Beach
Related scores $91M construction loan for luxury condo tower in Pompano Beach
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...