One Bay Residences: 50% Reserved & Only 20% Deposit Required for Domestic Buyers

 
One Bay Residences, a private enclave of 38 luxury townhomes in the heart of the Miami Design District, is already 50% reserved, with reservations converting to contracts within the next 30 days.

Since the developer of One Bay Residences, G&L Real Estate Development LLC, is self financing the luxury development, construction has already begun on the project located at 455 NE 39th Street. In fact, concrete trucks were on the property yesterday and the contractors are in the process of pouring the concrete footings of the 3-story development.

One Bay Residences Construction Site

Domestic Buyers of One Bay Residences Need ONLY 20% Down

The developer is allowing domestic buyers to purchase with only 20% at contract with the balance not due until closing. With the craziness of today’s pre-construction market in Miami, this is almost unheard of. Most developers, regardless if the buyer is foreign or domestic, require deposits totaling 50% of the purchase price through a series of deposits during construction.

Why is this??? Well, because most developers use portions of these deposits to finance the construction of the projects (from the start), but this developer is not, so One Bay Residences can be more lenient with domestic buyers regarding the amount of down payment.

International Buyers of One Bay Residences

International buyers of One Bay Residences have pretty much the same requirements as other pre-construction developments in Miami, with 50% down before closing. Although no hard dates have been set as of today, it looks like the deposit structure for international buyers will be 20% due at reservation and/or contract (depending on the timing) with 2 subsequent deposits of 15% due 60 days and then 120 days thereafter and the remaining 50% balance due at closing.

One Bay Residences is estimated to be completed in the first quarter of 2017, but it is looking like it may be finished even sooner than that.

One Bay Residences Rendering

Neighborhood

One Bay Residences is located in one of the most sought-after neighborhoods in Miami, the Design District, which offers an eclectic variety of fine and casual dining that foodies adore, a variety of fun entertainment and an amazing art scene. One Bay Residences will also be just steps from all of the ultra-luxury shopping that the Miami Design District offers including, just to name a few, Cartier, Christian Louboutin, Hermés, Miu Miu, Tiffany & Co., Louis Vuitton, Gucci, Tom Ford, Yves Saint Laurent and Omega.

One Bay Residences is also located near all major highways, public transportation and just minutes from Downtown Miami, Brickell, and Miami Beach.

If you, or someone you know, are interested in purchasing a luxury home at One Bay Residences, please contact Michael Light for an exclusive presentation and pricing. You may reach me directly at my office at (305) 350-9842, on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.

Download – One Bay Residences Brochure

CLICK HERE FOR MORE RENDERINGS OF ONE BAY RESIDENCES