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Canada Business News and Press Releases
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(I-Canada-News.Com, April 01, 2013 ) Alberta, Canada -- In the midst of the housing boom, many likened the flipping game in the Miami condominium market as something of a circus. The monicker 'circus' is now back, and more high-flying financial maneuvers are back and bigger than ever, according to some.
A recent party to launch a new project from the New York-based developer PMG, had wide-eyed investors watching their wheeling-and-dealing acrobatics like it was the heyday of the roaring 20s.
"It's exactly what we want. We wanted a little bit of show and a lot of flash," said Kevin Maloney, president of PMG, who re-entered the Miami market in 2010 to purchase some of the remaining beachfront and bayside construction sites.
The condominum development in the Miami area simply seems to defy both gravity and reason, as cranes swing above the city at almost every conceivable angle, just as they did during the housing bubble in 2006.
During the boom, 49,000 units were built while investor-flippers utilized simple mortgage money to swap properties and push the prices forward. When the impending crash did come, the lights went out in Miami, quite literally. Tall building sat in their foundation, dark as the night that surrounded them, as the banks took back properties and projects left and right. Most belived it was all over for the good times of Miami property flipping.
However, there are remain only 2,400 unsold units left, which is barely a year's worth at the pace of sales of late. Prices are up over a quarter of the totals from a year prior, according to the Miami Area Association of Realtor.
"It's mind boggling. I'm perplexed as to how all this can go forward this quickly," said Peter Zalewski of CondoVultures.
Zalewski had been qualifying and quantifying the South Florida real estate market for just over a decade, and he believes there is less short-term risk involved as n times in the past. "The foreign buyer is deciding to take some chips off the table and park it up here and sort of put it away into a condo in Miami. If they use it or they don't use it, who cares, at least it's stable."
The cash-heavy buyers are allowing developers to make requirements of anywhere from 20% to 80% down, which allows for private lending as well as bank lending. "It's much smaller inventory, which is holding the price point, and further, the deposit structure is much more beneficial to the developer at this point, so we're back," said PMG's Maloney.
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