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Paramount Miami Worldcenter is converting to contracts

Paramount Miami Worldcenter, the upcoming condo tower attached to the massive Miami Worldcenter development, has begun converting its reservations to contracts. So far 40 percent of the 60-story building’s 513 units have been sold, developer Daniel Kodsi told The Real Deal during an interview at the tower’s sales center Wednesday. Contracts are being mailed out to buyers, who have primarily hailed from countries like Brazil, Venezuela, Turkey and Russia.

“We feel that we’re going to have a really strong conversion,” Kodsi said. “We’ve had brokers who have made a commitment to revolve their business around Paramount Miami Worldcenter.” The project’s sales model follows the 50 percent deposit structure that has been popularized during this cycle. Payments are staggered with 10 percent down at varying stages, from reservation all the way to topping off. Units will range in size from 1,180 square feet to 2,300 square feet, with an average price of $700 per square foot. Interestingly, Chinese buyers make up 13 percent of the building’s current sales. Realtors and developers have been looking to Asia for sales after weakening Latin American currencies have softened those countries’ involvement in the South Florida market. Kodsi told TRD that his development is no different: Peggy Fucci of OneWorld Properties, which is marketing and selling the project, has been traveling to China for years. And the group has even brought on a Feng Shui consultant to bolster the building’s appeal to clients from China.

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http://therealdeal.com/miami/blog/2015/0...rting-to-contracts/#sthash.HVdCaMD2.dpuf