Don’t know if you should buy in this market? Then consider lease to own. Midtown Miami is presenting a lease-to-own option for some of the units available in 2 Midtown Miami Condominium. How does this work? You agree to a rental price and purchase price at the beginning of the lease and before the end of your ninth month of living in the property you can decide to follow through with the purchase. If you decide to purchase, your rental payments will be used towards your purchase. Here is an article published today in the Daily Business Review about the program:
http://www.dailybusinessreview.com/news.html?news_id=46559
If you are interested in this program or just interested in purchasing or leasing in Midtown Miami give us a call at 305-503-6183.
4 responses so far ↓
1 pedro // Feb 25, 2009 at 9:31 pm
9 months or 9 years? If it´s 9 months is ridiculus, this formula works in europe a lot, but there´s option to buy during 9 years
2 Samir from Miami Condo Realty // Apr 17, 2009 at 7:57 pm
pedro - I think you misunderstand the offer. The developer needs to know within 9 months if you will purchase if so they would credit the full 12 months rent towards the purchase price. If you had the same thing go for 9 years I think all developers would go bankrupt.
In any case I think most of the lease-to-own programs in buildings are just a gimmick. I think you are better off renting something cheap for few years, saving up a significant downpayment and then just purchasing when the time is right and after you can negotiate the right price.
3 Joe Leary // Jun 22, 2010 at 10:30 pm
Why is lease-to-own a gimmick in your opinion?
4 Samir from Miami Condo Realty // Jun 24, 2010 at 12:32 pm
In many cases like Midtown Miami you have the option to apply your first years rental equivalent towards the purchase price but the purchase price many times is set much higher than the short sales and or foreclosure prices in the same buildings. So you really are not getting a great deal. You are better off just saving on your own and buying a short sale most times.
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