November 30, 2017
The Related Group is now offering potential buyers a two-year leaseback option for units at the luxury oceanfront W Residences in Fort Lauderdale.
This idea behind this buying program is to attract buyers to the oceanfront Fort Lauderdale Beach condo-hotel. The developer, Related Companies, paid $90 million dollars for the project from the Y Group back in 2009 after the building was completed. At the time, The Y Group had sold only 24 of 171 units. Since then, Related has sold 65 units, according to RelatedISG principal Craig Studnicky.
Studnicky hopes the leaseback program will give buyers confidence in the development. Under the program, buyers would receive 8 percent of the net purchase price on some two-bedroom, oceanfront units for two years. Prices range from $900,000 to more than $1 million, which means buyers would receive at least $72,000 annually for two years.
This is not the first credit program Related has offered. In the past, they have offered to credit the project’s buyers’ condo fees, averaging $1,400 a month or nearly $17,000 a year. This new program, however, "trumps everything", according to Studnicky. Now is undoubtedly the time, for those interested in purchasing at the W, to act. Contact award-winning broker Niki Higgins today to secure your residence.
Source: The Real Deal
