The Real Deal Miami

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
By Katherine Kallergis | April 11, 2018 01:34PM

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.