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Florida Condos Bet On Americans Making 50% Down Payments

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http://www.bloomberg.com/news/2014-10-29/florida-condos-bet-on-americans-making-50-down-payments.html

Jorge Perez crashed along with the real estate market, then regained his crown as Florida’s “Condo King” by building new projects with 50 percent deposits from foreign buyers. Now, for his next development, he’s looking to wealthy Americans.

In December, he’ll begin marketing the Auberge Beach Residences and Spa Fort Lauderdale, a $500 million oceanfront project 35 miles (56 kilometers) north of Miami. He expects as many as two-thirds of the buyers to come from the U.S. or Canada. All future owners must pay hefty deposits to finance construction by Perez’s Related Group, Fortune International Group and Fairwinds Group in a partnership that the companies plan to announce tomorrow.

“The U.S. buyers have made up an increasing share of luxury beachfront condominiums and, like our foreign buyers, they have shown little resistance to larger deposits,” Perez said in an e-mail. “Most feel that if they can’t put a 50 percent down payment, they probably should not be buying.”

Wow 50% down on a building that's not been built. If they can't afford to lose a 50% deposit they shouldn't be buying!

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"All future owners must pay hefty deposits to finance construction by Perez’s Related Group"

So what if he doesn't sell as many as he needs to fund construction and you put down a deposit? Jesus folk are stupid.

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