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Updated 11 months ago on . Most recent reply

User Stats

46
Posts
21
Votes
Thomas Tsitouridis
  • Investor
  • Astoria, NY
21
Votes |
46
Posts

Looking to invest in a New Development in Miami.

Thomas Tsitouridis
  • Investor
  • Astoria, NY
Posted

This project features 1 of the 3 buildings with one being ONLY for AirBnb purposes. Supposedly first of it's kind in the Miami market that is centrally managed & has a partnership with AirBnB for super host status from what they say. 

Looks like a great project. Wondering if anyone has invested in a new development like that as I've only had experience with existing structure purchases, BRRRR and STR of SFR.

Here is the project: 

https://e11evenresidences.com

Looking to purchase a unit for $670,000

Sleeps 4 with approx. 614SF and one of the few units with outdoor terrace and cooking area

From developer:

PAYMENT STRUCTURE

10% @ contract signing

10% in 6 months from contracts

10% @ Groundbreaking - Summer 2024

10% @ anniversary of Groundbreaking

60% @ closing 2/3 Q 2027

Let me know your thoughts here!

From what I've found, Miami as a whole averages approx. 80% occupancy @$300/ night

Appreciate any help here...... as I'm typically one to do the leg work. This is more of a, sit back, we'll do it for you approach.

P.S. My broker bought 2units 2 years ago and has $400k in equity already (approx. 300-400k per unit then)

Most Popular Reply

User Stats

1,266
Posts
747
Votes
Brooklyn McCarty
  • Investor
747
Votes |
1,266
Posts
Brooklyn McCarty
  • Investor
Replied

I don’t think I would ever invest in a metro market. 

  • Brooklyn McCarty
  • Loading replies...