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Friday, March 03, 2006

Open House February 28

This week I concentrated on South Beach and the condo conversion projects going on. There really isn't much land left to build any brand new construction and this is a feasible alternative for Developers because they can take older buildings, perform a complete gut and then re-build. They are sold as pre-construction utilizing a developer contract which typically asks for a 10% deposit and then the other 10% anywhere from after the 15 day recission period to groundbreaking. The balance is paid at closing. Usually the buyer takes out a mortgage for this amount. Trio South Beach is located in the 1500 block of Pennsylvania Ave, just steps away from Lincoln Road. Price range: studios from $235K - $250K, one bedrooms from $325k - $355K. Studios with a private garden from $250K, one bedrooms with a private garden $350K. Maintenance fees: Studios $200/month+/- One bedrooms $300/month +/- Square footage: Studios from 418 - 440 sq. ft. One bedrooms from 593 - 664 sq. ft. Condo Rental Restrictions: None. Condo Pet Restrictions: Maximium of two pets, no weight limits



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