Local Buyers Hot For Condos, Too
The international influx of residential property buyers into Miami is no secret, but local buyers are no slouches. (Now that wrestling isn't an Olympic sport, we have to flex our muscles somehow.) Gold Krown Financial managing partner Ronald Krongold tells us local buyers are attracted to the citys burgeoning art and cultural scene, just as international buyers are, and they want to get in before values go up.
Gold Krown Financial, owner of Midtown Miami, hassold 70% of the units in the condo tower of 4 Midtown, for sales totaling more than $83M. Of those buyers, more than 70% have Florida addresses. Midtown Miami continues to experience strong traffic from locals migrating from downtown and Miami Beach, he says. The property kicked off its drive to sell the remaining units in late March, with a loan program to offer primary buyers 97% financing.Ronald notes that it's the first major condo since the recession to obtain funding approval of this magnitude.