The Related Group, a prominent Miami-based developer, plans to break ground on six new high rise condominiums in the next year, according to a recent article in the Miami Herald.
The development group recently created a new partnership with Miami-based marketing firm International Sales Group.
The partnership, now called Related ISG, plans to market the six new condominiums to international buyers, particularly those living in Latin America.
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According to the article in The Miami Herald, Related ISG’s strategy is to focus on those buyers who invest with nothing but cash. The company hopes such investments will help pay for much of the construction costs upfront.
Although most of the details about the projects are unknown, the developer did provide locations of the proposed six condos:
- Two will be built in the Brickell neighborhood of Miami
- One will be a waterfront condominium community in North Miami
- Two will be waterfront condominium communities in the Hallandale and Hollywood area.
Although the South Florida real estate market has struggled with a number of homes underwater as well as a large inventory of unsold condominiums, Related ISG said that the high demand for South Florida real estate by Latin American investors as well as recent strong condo sales justify the company’s plans.
And according to one estimate, buyers will pay as much as 80 percent of the purchase price before the building has ever been completed. This minimizes the risk that these new condominiums will go into foreclosure, said spokespeople from Related ISG.
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