ELEVEN LITTLE KNOWN & HIGHLY GUARDED SECRETS FOR PARTICIPATING IN THE EXCITING CONDO REAL ESTATE PRE-CONSTRUCTION MARKET

1. Be the 1st buyer of the Condo Pre-Construction unit. Many times Condo units are sold 1,2,3 times before the ultimate user makes the purchase. At each sale the price typically goes up.
2. Buy before or on the 1st day of public sales. Often the project developer "tests the market" just before the units are offered to the public.
3. Have an Agent represent you and have that representative be the 1st in line on sale day.
   
    
4. You have 15 days (in Florida ) to cancel your contract and receive a full return of your deposit. Purchase, observe if the property has strong sales and if the prices go up. If so hold on - if not cancel your contract within 15 days for a full refund of your deposit.
5. You can often sell your Condo unit before the construction is completed (sometimes before it is even started) for a gain . This is called "flipping". In some cases you are reimbursed your deposit funds and your appreciation gain immediately. In other cases you receive the gain at the completion of the unit & closing with the final buyer.
6. Don't discount properties that are not on the water or that don't have a water view. Properties in "redevelopment areas" often have a lower initial price & required deposit and offer appreciation potential.
7. Your deposit is typically secure as it is held in escrow with a lawyer or a Title Company and not released to the developer/builder until your unit is complete & you close on it.
8. Condo Hotels - If the buyer desires to keep the investment for long term a Condo Hotel Unit maybe an alternative. The unit is part of a Hotel project and in its Hotel Management Program. The owner can typically use the unit for 3 weeks to 6 months & receive rental income from the balance of the year. These types of developments have become very popular in South Florida & the Caribbean .
9. Foreign buyer's - South Florida is considered a "safe haven" for buyer's from Latin America , Europe and other areas of the world. Millions of $$ are flowing into South Florida from around the world.
10. You can purchase a Pre-Construction Condo with typically a 10% deposit with the contract & typically two 5% or 10% payments during construction. You often do not need to provide credit or mortgage qualifying information at the time of contract. Any one with the 10% down funds can participate in this form of Real Estate purchase.

THE BIGGEST SECRET OF ALL - You can use funds from your retirement accounts to purchase Pre-Construction Real Estate. Your short term capital gains taxes are deferred because they grow in your retirement account. Proper tax planning is required to take advantage of this tremendous opportunity.   Check with your Accountant and Attorney to review this opportunity.