June 4, 2007

We are entering an interesting era in the Miami city and skyline development. Record numbers of residential condominiums a rising with completions occurring in signifant numbers for early 2008 delivery.

All range of answers have been given to the question of whether the market will be able to absorb the full delivery and what will be the impact upon those who contemplate walking away from deposits of $50,000 and up to $250,000.

After closing, mortgage payments, real estate taxes, and insurance all begin to accru from day 1. However, substantial modifications may be needed to make a space livable. Therefore, the rent begins well before the buyer will ever be able to occupy the space for their own use.