Next year will be a better year for condo's, have faith. If you build it they will come.
Have to agree. That is very true.Unfortunately the bank doesn't see it that way. In order for a developer to get funding for a building from a bank they must sell a certain percentage of the units. This is the number 1 spot where projects fail. Especially the coolest ones like really tall buildings. If they had just started with MET3 first, they would have easily sold out all the units. Back then flippers were sleeping outside the sales office all night to get the chance to overpay for a foreclosure waiting to happen.
I don't see how the status of the owner is any concern of MDM's. Seems to me that a sold unit is a sold unit.And here's another question for you all. What percentage of that 40% that bought are planning on actually paying for the condo they bought, and what percentage are just planning on walking away from their initial deposit? Thats another problem some condo developers have been having lately in Miami. I wanna see this thing get built as much as the rest of you, I'm just a bit skeptical myself with the current market conditions. It's one thing for developers to continue finishing tall condo buildings that they have sunk multi-millions into construction already. It's another to start on one they haven't yet put a significant amount into.
Where are you ascertaining this information? There are several hundred other much taller hotel/office/residence buildings in the world.I think Four Seasons is already the tallest building in the world that has a certain percent of the space as a hotel.
FS Miami is still around the top 150 tallest buildings in the World. It is close to the tallest if not the tallest completed residential building in the U.S. outside of Manhattan. I believe it may be the tallest building containing a hotel in the U.S. However the Burj Al Arab is in the top 25 tallest worldwide and the building is specifically used as a hotel; it also has the tallest atrium in the world. The Grand Hyatt at the top of the Jin Mao Building is the "highest" (as in above ground level) hotel in the world. The Jin has a large section of offices in the 5th tallest building in the world, but it has many more hotel rooms than FS Miami. JM also has one of the tallest atriums behind the Burj. It also has the world's longest laundry shoot. This will be surpassed when the new tallest in H.K. opens with a Ritz Carlton at the top. Oh, the hotel at FS Miami goes to the 36th floor (about as high as the top floor of the Espirito Santo), floors 40 through 70 are residential.Coruna
Where are you ascertaining this information? There are several hundred other much taller hotel/office/residence buildings in the world.