Developer cutting deposits for buyers at Riva condo
The developer of the Riva condominium in Fort Lauderdale is dangling reduced deposits as a perk for new buyers.
Premier Developers is offering the chance to get in for 20 percent down rather than 35 percent down. Premier points out that some condo projects in South Florida require deposits of 40 percent and 50 percent.
A spokeswoman for the developer said in an email that the reduced deposits are an “indicator of sales strength” in this final phase of construction.
More than 60 of the 100 units are under contract. They are a mix of two- and three-bedroom residences from $748,000 to more than $2.25 million. The first closings are due in about three months.
The 15-story Riva is at 1180 N. Federal Highway, near the Galleria Mall and across from George English Park.
Peter Zalewski, principal at the Condo Vultures consulting firm in Miami, said developers nearing completion on a condo slash deposits to attract buyers for the final batch of units.
Still, these last round of buyers tend to pay higher overall prices than those who bought at the pre-construction phase, he said.
“The construction is already paid for,” said Zalewski, who did some consulting work on Riva. “Now you’re just looking to pad your profit.”
Riva is in what Zalewski considers the downtown Fort Lauderdale condo market, which has an 8.3-month supply of units. That’s how long it would take to sell all the available units if no more became available.
A market balanced equally between buyers and sellers has about six months of supply.
“Right now it’s a slight buyer’s advantage, but nothing shocking,” Zalewski said. years. And Miami-based 13th Floor will be building another workforce housing project in Riviera Beach.
The latest success: Palm Beach County approved 13th Floor’s plans for Avalon Trails, a 521-unit development on a former golf course inside the massive Villages of Oriole community in West Delray.
Avalon Trails will have singlefamily homes, apartments and villas. Prices will range from the mid-$200,000s to $500,000. Rents have not yet been set.
13th floor met with the more than 5,000 Oriole residents in a series of meetings to explain the plans. There was plenty of giveand-take, with the builder agreeing to keep Avalon a 55-and-over community, which was strongly favored by the residents, most of them retirees.
“The vast majority of the community is definitely in favor of the new development and we just want to — I just want to — thank personally 13th Floor … for having open, honest dialogue from day one to today,” Jeff Schultz, president of Oriole’s master condo association, said in a statement.
Sales are expected to start sometime in 2018.