Spurred by tight inventory and plenty of interest from foreign buyers, real-estate developers in cities such as New York and Miami are reviving the boom-era practice of pitching new buildings months—and even years—ahead of completion. Miami's Faena House, a planned 18-story tower, is still pouring concrete at the condo's basement level. Yet the project, part of a newly developed strip that will include a five-star hotel and an arts center by Rem Koolhaas's OMA design firm, already has 50% of its 47 units under contract, according to Alicia Goldstein of Faena Group. Buyers are required to put down a 50% cash deposit on the apartments, which range from $2.5 million for a one-bedroom to $50 million for the full-floor duplex penthouse.
Buyers are returning to the market, finding historically low levels of inventories. So once again
presales offerings are increasing,and fixing prices for bidders.
Buyers are returning to the market, finding historically low levels of inventories. So once again
presales offerings are increasing,and fixing prices for bidders.
