Developers are bringing resales in-house
A strategy shift is underway for condo developers…..bringing resales in-house to participate in the profits. Until recently most developers shunned resales and looked to penalize investors with that flipped pre-construction units.
A different approach, coined the”Miami Model” is an approach where the developer handles the resale or flip and pockets the real estate commission and other fees associated with the transaction.
“You’re inviting more people, including investors, to take on the risk until the end user gets to the building,” Developer Christopher Mathieson said. “The end user wants a product they can look at. The investor is there to take the risk
Miami’s Model for Condo Sales Spreads to Las Vegas and New York [NY Times]
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