The Miami New Construction Show and Its Relevance to You

The Miami New Construction Show ran last month (October 22-25) for its second year and attracted 25,000 visitors and 300 exhibitors. Its presentations were informative in that they highlighted the mass of glorious opportunity that is available in the Miami real estate sector.

The show sparked plenty of interest in the region. In fact, industry news reported that the organization’s website attracted more than 20,000 visitors a day in the month leading up to the event!

The show chose a crucial time for the condo industry in Miami Beach to make its debut. The pace of sales had weakened as foreign currencies in key countries such as Brazil, Venezuela and Russia tottered against the U.S. dollar. That makes purchasing real estate in the U.S. more expensive, but the economic instability in those countries still impels foreign investors to look abroad. Local high-net worth investors remain unfazed.

One of the trends going on in Miami construction is that developers are going into helium luxury buildings.

The city had imposed height restrictions in the 1990s. Trump had famously canvassed against, and barely managed to build his 100-story hotel-casino with residences in the South of Fifth neighborhood. Since then, height regulations came into effect and city developers had to rethink their grandiose plans of building high-rise condos.

Tall towers like the Continuum, the Apogee, and the Setai are yesterday’s news. The Miami New Construction Show showed competitive projects like Norman Foster’s Faena House, Ian Schrager’s Edition, and One Ocean that are hauling in their own double, or triple, digit million deals. Developers and their sales teams are working this magic by laser-targeting high-net worth individuals and creating New York-style co-ops. Many of these developers are New Yorkers, themselves, who regularly produce condo buildings like Manhattan’s 15 Central Park West and One57 dens for the clubby elite.

Michael Stern, for instance, founder of JDS Development Group in New York, is developing a new luxury condo in South Beach with Howard Lorber’s New Valley Realty. Jean Nouvel, the French architect, is designing it. Norman Forster’s Faena House will reportedly sell for a record $60 million. One bedrooms at another luxury condo – Renzo Piano – will start at $1.6 million and four-bedrooms at $10 million. Russell Galbut has managed to succor approval to build his 445 rental apartments with 60,000-square-feet of retail space in five, seven and 10-story buildings. He expects to complete them 2017.

Others, such as, Stern and Lorber are aiming to build elite type of country clubs. And the Miami Show paraded spectacular bay views that many seem to prefer to giddy ocean views.

These prefer to crawl on the sand rather than rear high above it and advertise their wares with lures of peaceful meditation and massive shrubbery or powder sand. Savvy marketers are working all ways to buy homes for demolition and construct grandiose projects in their place.

One result of all this construction is that developers are filling their spreadsheet and databases with new applications. CraneSpotters reported that there are 111 condo towers waiting for approval. 101 condo towers have been towers have been approved, 193 are in presales and another 117 under construction in eastern South Florida. Most of the constructions demand 50 percent deposits, although some developers allow a lower amount when the building is almost sold out.

What does this mean for real estate investors?

Most of these investors who can afford to buy are high net-worth individuals. For the others, forget it. Banks are deeply reluctant to lend because of the recent recession, and paying out of pocket is almost impossible since prices are nauseating.

So, what do savvy investors do? They think out of the box and this is where hard term money loans come in.

What Is Hard Money Loans?

Hard money loans may be one of the best options for people who need to get a loan to either buy or rehab property but are unable to persuade their banks. Hard money lenders give loans that are faster,

more expedient, and smoother than banks and credit unions do, and, best of all, they ignore your credit background. In other words, hard money lenders are more concerned with the property’s value than they are with the borrower’s credit-rating (although lenders still take some certain aspects of credit-reliability into account).

The flip side to all of this is that hard money lenders charge an interest and origination fee that is typically as high, if not higher, than that offered by standard mortgage. But the risk is much higher, too.

Private money lending terms are usually around 12 months, but can be extended to upwards of seven years. Loans require monthly payments of double-digit interest, or interest plus minor principal with a balloon payment at the end of the term.

Interest rates and origination fees vary from lender to lender and from region to region, so shop around. Generally, the rule is that the more money lenders that are saturated in one area, the cheaper you can expect the rates to be – which is one reason why Miami Beach is brilliant. It has loads of money lenders squeezed into one area and each outbids the other to give you excellent performance.

The short of it is…

Here’s the question: Were you carried away by Miami New Construction Show and want to be more than a participant – you would love to invest – but lack the money or are refused a loan? There’s always hard money lenders.

How about giving them a try?

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