Move in now, pay later? Coral Gables developer gives you a year to pay for your luxury home

Prices at MG Developer's residential projects range from $1.1M to $5M

Miami /
Apr.April 11, 2018 01:34 PM

Rendering of Biltmore Parc, Alirio Torrealba and Daniel Guerra

MG Developer is offering luxury buyers at its Coral Gables projects a new incentive.

The program lets buyers move in to their units with only 10 percent down, and the remaining 90 percent would be due within 12 months, said Daniel Guerra, vice president of development sales at Fortune International Realty.

The 10 percent down offer applies to Biltmore Parc, a five-story, 32-unit condo development at 718 Valencia Avenue; Beatrice Row, a group of nine, three-story townhomes; the five-unit Althea Row; the four-unit Villa Blanca and four-unit 3400 Ponce; and some single-family spec homes, Guerra said. They’re all near downtown Coral Gables.

Some projects are beginning sales now, while others are already built. Biltmore Parc was completed in December and Beatrice Row will open this summer. Both launched in 2015 and are about 50 percent sold, Guerra said.

Prices of MG Developer’s Coral Gables projects range from $1.1 million to $5 million.

The development firm, led by CEO Alirio Torrealba, will also sell buyers’ current homes and credit the listing commission to the purchase price of an MG Developer unit. The offerings are part of MG Developer’s concierge-style real estate services, which also include design and decor coordination.

“It’s giving that ability to continue investing in other things, and acquire what I want to acquire today,” Guerra said, later adding that “If you need to sell your home, you have time.”

In this real estate cycle, some developers like the Related Group, Related Companies, Dezer Development and Plaza Equity Partners have offered leaseback programs, increased broker commissions and other incentives for larger condo projects.


Related Articles

arrow_forward_ios
Miracle Mile double play: Terranova pays $8M for two Coral Gables retail sites
Miracle Mile double play: Terranova pays $8M for two Coral Gables retail sites
Miracle Mile double play: Terranova pays $8M for two Coral Gables retail sites
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
Boca Raton firm completes bulk purchase of 39 condos near Coral Gables
Boca Raton firm completes bulk purchase of 39 condos near Coral Gables
Boca Raton firm completes bulk purchase of 39 condos near Coral Gables
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
arrow_forward_ios

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

Loading...