Miami Condo Fiasco

This post is intended to respond to a comment on one of my previous posts. Once again, it’s nice to see people are reading my blog.

“Coudl you make a post explaining exactly what a pre-construction condo is and how you ended up buyign one?”

A preconstruction (pre-construction) is a property (apartment in my case) that is not finished yet. At the time I had $70k I wanted to invest and I had a friend was buying a unit in a condo that was being built in Miami. It wasn’t listed in the MLS or anything, it was just word of mouth for me. But they had a nice office, the lot had been purchased and ground breaking was to begin in six months. I hadn’t heard of the builder at the time but later learned he was the biggest and most successful one around, plus I know many of the other buildings and projects he (The Related Group is the name of the company) had made…namely Cityplace in Palm Beach, FL. It’s really a great place and that gave me a lot of confidence in the builder.