By: Jenny Juliano
It is safe to say we have all seen the endless display showcases at the malls showing pre-constructed condos and estates adorned with beautiful model-looking sales women and drop-dead gorgeous salesman.
Entering into their un-chartered waters shall leave you with the same questions: How can I be sure that the property is legitimate and my investment will be safe? Are they fly-by-the-night property agents; and can I be one hundred percent certain that my money will not end up being sealed away at a private bank account in the Cayman Islands? It is a fact that no investment is one-hundred percent certain, even in real estate or pre-construction projects. Every investment comes with a risk because if it didn’t, it would not be called an investment. Instead, it would be nothing less than taking candy from a shop. Still, considering pre-construction property sales would not only be beneficial, it could end up in an enormous profit taking.
For starts, take a closer look at one of the fastest growing communities on the planet, Sunshine Miami, Florida! Home of the sun, sand, the Dolphins and the endless amount of Northeast snowbird retirees who come for their flu shots at the supermarket and the early bird special at Denny’s by 4pm. Not to mention the tremendous growth of pre-construction properties that is growing in an alarming rate; well above the national housing boom.
Make no mistake about it, Miami’s housing boom in the past decade was simply on fire that was not from the sun! More than ever before, people are flooding into Miami from all corners of the Earth with families to raise and cash to spend and everything from luxury cars to multi-million dollar homes. With weather like 75 degrees when it is 30 degrees in New York, who could resist purchasing property in Miami?
True, it can be admitted by even the staunchest pre-construction proponents that risk is always involved before the finished product is reached but let’s remember that Miami is a place governed by the rule of law, not warlords and guns. Investing in pre-construction homes in Miami is not exactly like investing in Beirut, Lebanon with its political uncertainties or Sri Lanka which unfortunately is still healing from the devastating 2004 Tsunami.
Although Miami real estate pre-construction market nowadays is slowing down because of numerous supplies of pre-constructed and completed homes and condominiums beyond customers’ demand, realtors remain positive that Miami property has and would always be pivotal within the spectrum of the American housing market. Real property developers engaged in some pre-construction projects might soon be obliged to lower the cost of units due to rigid competitions in the market— an incident that would be favorable to the buyers. The proliferating rate of preconstruction projects in Miami shall lead to some advantageous end results favoring none other than the buyers themselves.