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Fontainebleau III New Unit vs. Fontainebleau II Resale Unit

Question

I understand the Fontainebleau II is sold out; however there are units available at the Fontainebleau III. I would like your opinion on whether it would be better to buy at Fontainebleau III now or wait for a Fontainebleau II resale later.

Joel's Response


To answer that question, you first have to realize that it will likely be 10 months to a year before a Fontainebleau II resale can be purchased. Why? Because it will take that long for construction on the Fontainebleau II to be completed and for unit owners to close on and then simultaneously sell their unit to you.

Is it worth waiting? In my opinion, the wasted time could cost you. Just two weeks ago, The Miami Herald (Florida's largest daily newspaper) printed a story stating that real estate values have gone up in Miami Dade County 61% since 1999 or basically, 15%+ per year. And that is inclusive of all of Miami Dade County, not just oceanfront property like the Fontainebleau, which is scarce and more valuable.

Translation: Buy now and get the appreciation of your unit for the next year or sit on the sideline and wait till next year to put your money to work for you. Of course, if you are investing your money somewhere that you can get 15% or better in today's market, my point is moot.

 

The above question(s) were submitted via e-mail by a visitor to www.condohotelcenter.com. The answer was prepared by Joel Greene, a licensed real estate broker with Condo Hotel Center which specializes in the sale of condo hotel units and fractional ownerships in private residence clubs.

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