With South Florida condominium sales on the decline, developers of luxury condos are offering incentives to buyers, and we can help provide you with non-warrantable condo financing.
Here is a sample of some of the deals:
- Reach and Rise at Brickell City Centre (150 of 800 units are available) are offering a 10% cash rebate and two years of zero maintenance fees. For a typical $1 million unit, that can amount to $130,000 back over two years ($100,000 cash rebate plus $15,000 per year in condo fees).
- W Residences Fort Lauderdale (64 of 171 units are available) is offering a three-year leaseback and three years of zero maintenance fees. For a typical $1 million two-bedroom unit, that can amount to $264,000 back over three years. (Specifically, the W Residences will pay the buyer 7% per year for three years. For a $1 million two-bedroom unit, that equates to $70,000 per year or $210,000 over three years. Plus, the condo fees average $18,000 a year on the same two-bedroom unit, or $54,000 for three years).
Click here for more information on the specific incentives being offered by these South Florida condo developers.
Do you need non-warrantable condo financing?
To the extent these condos are non-warrantable condos (i.e., not approved by Fannie Mae, Freddie Mac, the FHA or the VA), you will need special non-warrantable condo financing. Click here to learn how we can help with that.
David A. Krebs is a licensed mortgage broker offering commercial and residential loan programs beyond your regular bank. Call us at 321-239-2781, click here to submit a message, or click here to book a free consultation.