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New Florida condos bank on wealthy US buyers now

Future owners will be expected to pay big downpayments to finance construction

Published Wed, Oct 29, 2014 · 09:50 PM
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Los Angeles

JORGE Perez crashed along with the real estate market, then regained his crown as Florida's "Condo King" by building new projects with 50 per cent deposits from foreign buyers. Now, for his next development, he's looking to wealthy Americans.

In December, he'll begin marketing the Auberge Beach Residences and Spa Fort Lauderdale, a US$500 million oceanfront project 56km north of Miami. He expects as many as two-thirds of the buyers to come from the United States or Canada.

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