Miami Living Magazine

Leann Rimes

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ML40 17-32_Layout 1 9/28/13 6:48 PM Page 30 LIVING rental market. The commercial market is gaining traction as well. Currently, investors see rentals, condominiums and commercial properties as having good potential return in the short term. Despite a relatively low employment rate, if current trends continue, home ownership will become a more appealing investment. In a few short years homeowners could see a significant value increase in their property. The good news for potential homeowners is that mortgage rates have dropped as low as 3.26% in the Miami market, making additional financing for a new home an easy option that offsets the recent increases pricing. Current & Upcoming Projects Over the past 20 months, lenders have financed about $900 million for new South Florida condo projects, which are forecasted to be east of Interstate 95 in the tri-county region of Miami-Dade, Broward and Palm Beach. According to the Miami-Dade County records, Alabama Regions Bank has been one of the biggest financers with $250 million allocated, along with New York City NorthStar Realty Finance Group providing more than $125 million for upcoming condo projects. According to the Clerk of the Court records in the Miami-Dade, Broward, and Palms Beach, New York City's Deutsche Bank Trust Company America, National Bank of Florida, and Bank of the Ozarks have also been large contributors, allocating $20- 50 million. And where are developers looking to construct condos? According to the Southeast Florida MLXchange, developers are looking to purchase development sites where less than 19,000 units are currently on the resale market. We should be seeing over 150 new condo towers with more than 20,200 units arise in the area. So far, there are 35 new South Florida condo projects that have 30 MIAMI LIVING begun construction. Among those are the Mansions at Acqualina tower in Sunny Isles Beach ($160 million), the Echo Aventura project with two towers in Northeast Miami-Dade ($105 million). Finally, $50 million is proposed for BeachWalk condo-hotel tower in Hallandale Beach. Also, 70 towers are already being offered for pre-construction sale. In addition to the heavy financing, developers of rental apartments are receiving loans in South Florida, which are encouraging new projects to begin. Loans for condo

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