Miami is still very popular and one the premier destination worldwide. During the 2017 Miami has set new record in regards to tourism and the number of visitors has once again climbed to the new highs. The international interest to owning property in Miami is still very high, primarily from South American investors. Also, the US dollar started to decline a bit, which helps investors to make a better deal. However, there is a decline in sales for ultra-luxury condo market in Miami. There are a lot of inventory on the market and more and more luxury condos and getting developed. Nevertheless, Miami is still one of the top markets for the buyers who want to live directly on the ocean in a security and luxury therefore there are still a lot of buyers for luxury residential property. Most of the buyers these days come from Brazil, Venezuela, Colombia, and Argentina.
Miami is still waiting to be discovered by Chinese. It is a fact that China these days produces more millionaires than any other country, therefore sooner than later they will start investing in Miami. According to this site sunnyrealty.com it is just the matter of time until the Chinese discover Miami and the real estate boom will start once again. Currently Miami has one of the highest number of individuals with the net worth in millions. The city stands on the 6th spot from the international wealth report. The condominium market in the city is experiencing a boom and there are a lot of investors who are waiting to buy homes in this world’s top destination.
The Types of Ownerships in Miami
When a buyer is selecting any property in Miami then the very first thing that he must consider is that how this property will be used. For example he can use it as a vacation home, an investment property, and as a long-term residence. So it will help the buyer to decide which type of ownership will be the best for him.
Most of the foreign buyers prefer to buy the property in their own name. They can use any corporation as an entity or a partnership and LLC.
The most important form of ownership among the international buyers is LLC also known as Limited Liability Company. The rate of the purchase of condos in Miami has been doubled from 2010 to 2014. The ratio has increased from 6% to 13%
It is very easy to customize the LLC as compared to any corporation. It is also possible to keep the identity of the owner confidential. It is a great benefit when the most important concern is security.
The foreign buyers must consult Sunny Realty attorney because the person will be expert in Miami property market. The company will help you which structure will be the best for you. They can check the title of the property after reviewing the property.
Financing and Buying Preconstruction
Speaking of another real estate boom in Miami, there are a lot of banks which are offering loans to the international buyers and they are targeting towards the buyer’s home country. These banks have different deposit requirements but it depends on the loan program that is being offered by them.
There are a lot of buyers who are interested in buying the condominium before it has been fully constructed. A deposit is required on the residence. The preconstruction deposit is different in different places in Miami as it can be 30% to 60% of the total price of the condominium. Most of the developers in this area require 50% deposit and it can be paid over the period to two years. It is the time period that is required to build the condominium.
The Approval for Preconstruction
When a preconstruction is purchased the approval is automatically granted to the buyer. The approval consists of a process that includes checking the criminal background of the buyer and also the credit check. It also consists of a disclosure just to check who will be living in the resident the owner can also rent their unit for one time during the year. It can be done twice with the interval of six months. If he is interested in frequent renting then he must consider buying condo-hotels.