Ocean Marine, Miami - Prices from $328,400
An Opportunity to Purchase a Fully Furnished Miami Beach Luxury Condominium with Prices from $328,400USD
3 Years No net Outlay through Guaranteed Rental.
Buyback Guarantee.
Only 10% Deposit.
90% Loan to Value
Double back on Deposit in 3 Years
Fast & Easy Mortgage Qualification.
Foreign Nationals Accepted.
Multi- Purchase Option.
Instant Rental Potential through Global Tour Operators.
One of the most popular and evocative destinations in the whole of the USA, Miami is a city that attract millions of holiday makers from all over the world every year with a heady mix of great weather, fantastic nightlife, and plenty to see and do both within the city itself, and within a short distance by car. It’s a city that lends itself equally well as a short break shopping destination with better weather than New York, and also as a place to go for a longer holiday relaxing on the miles of beautiful beaches along the coast.
Various projects in Miami have experienced a large volume of contract cancellations from speculative buyers. These projects have worked with their banks and are able to offer their inventory at 50 - 60 per cent less than current market value. These are confidential offerings due to the private financial information, but we are able to participate due to our strategic alliances in the Miami area. The high volume concessions are available only when purchasing the entire remaining inventory.
We are confident that clients looking for a medium to long term investment will benefit from these savings.
Ocean Marine will set the new standard in Miami waterfront living.
Amenities include:
• Pool & Spa
• Fitness Centre
• Game Room
• Business Centre
• Valet Service & Covered Parking
• 24 Hour Front Desk Concierge
A state of the art fitness facility overlooking the pool and spa; minimum 9ft high ceilings in all units, hi tech high speed video and data infrastructure; club room and lounge for residents exclusive use, high speed elevators, assigned valet parking in a covered garage and guest suites and luxury private cabanas.
This prestigious and dominating beach front building offers 144 condominiums comprising of 1,2 and 3 bedroom units with prices at $400.00 per sq ft to include a 3 year and leaseback rental guarantee that offers all expenditure is covered under an exclusive management program .
All units will be furnished to a high specification and will be included in the purchase price along with closing costs. Located off South Ocean Drive in Hallendale, Ocean Marine Yacht Club dominates its surroundings with a commanding presence and exciting sophisticated design and offers outstanding views of the ocean and Intra- coastal waterway from it’s 27 floors.
A principal no risk purchase.
We are pleased to offer luxurious portfolio of condominiums nestled on both the beach and the intra-coastal waterway.
This opportunity is possible by combining multiple features that when together offer a true turnkey buying opportunity with no risk to your principal down payment deposit.
The bottom line, buy the property and join the management program then enjoy the benefits of all expenses to be paid on your behalf for 3 years.
You even have the ability to return the property at any time and receive your original deposit back and no strings attached.
How to buy
Option 1
Purchase the unit as it is for $250 psf. You can then hire services to complete the flooring, finishes and furniture. It will then be managed under an established rental strategy.
Option 2
Join a 3 year management agreement that offers a guaranteed rental that will facilitate all outgoing expenses for the term of the agreement. After 6 months of ownership clients will have the option to be released from the unit and all financial liability and receive a full refund of 10% deposit.
After 3 years the unit can be sold for a profit or the management agreement can be extended with same benefits.
Buying process
Following the signing of a reservation agreement a $5,000 fee is payable that includes $1,995 mortgage application processing fees that will be due upon full application. The balance is contributory to the full 10% deposit.
Reservation fees are fully refundable until a full finance approval has been granted and a purchase contract has been signed. Clients will receive full mortgage approval within 5 working days of pre- qualification. A unit selection can then be made and contracts signed, and pay balance of 10% deposit. A 14 day rescission period is applicable in order to allow for contracts and association documents to be reviewed. Prior to closing a management agreement outlining the duties of the management company will be issued.
Closing will occur once all the units in the building have been contracted.
Closing will occur once all the units in the building have been contracted.
Ocean Marine Transaction Example
2 bedroom 2 bath unit,1,250 SF
Appraised Value $400 psf = $500,000
Unit Cost $240 psf = $300,000
Closing Cost 10% of AV = $50,000
FF & E 10% of AV = $50,000
Down Payment 10% of AV = $50,000
Loan Amount 90% of AV = $450,000
Total cost – Unit Cost - $300,000
Closing Cost - $50,000
FF & E - $50,000
Total $400,000
Total Cash $500,000
Total Cost $400,000
Balance $100,000 to be held in Escrow account to insure the buy back agreement.
Agreement returns the 10% deposit back to buyer if they choose to exercise the agreement. If agreement is not exercised the $100,000 is deducted from the $450,000 mortgage upon sale of the unit client sells or refinance of the unit. Mortgage Amount $450,000 minus $100,000 escrow reduction.
Total Liability $350,000
Appraised Value $500,000 minus Total Liability $350,000
Net Equity $150,000