The loan program allows Midtown Miami buyers an affordable housing opportunity with minimal down payments, low closing costs, low interest rates and reasonable monthly payments with a fixed-rate mortgage. For buyers who have managed their credit obligations, the limited-availability program does not require mortgage insurance and three percent of the down payment may derive from a gift, grant or non-profit organization.
4 Midtown, located in the heart of the 56-acre lifestyle neighborhood of Midtown Miami, has experienced 72 percent of sales from buyers with Florida addresses. Having launched sales in Fall 2012, more than $68 million of condos have been sold.
The return of bank lending in South Florida partly reflects the condo market’s rebound from the wreckage of the housing bust. Sales and prices have recovered over the last two years, buoyed by interest from foreign buyers, many of whom use cash to purchase the units
“A loan program of this nature greatly caters to our local buyers, especially given that Midtown Miami is a destination with significant long-term value,” said George Fraguio, end loan specialist with Fortune International. “We foresee great demand for this financing option, as its allows new buyers to enter the market, many of whom were disillusioned with financing or unqualified due to the requirement of hefty down payments of up to 40 percent for condo purchases. It also provides an unprecedented opportunity for well-qualified renters to take advantage of historically low rates and lock them up in 30-year mortgages. ”
For those dreaming of homeownership, 4 Midtown are offering an ideal opportunity to make it a reality. We anticipate that existing renters in Midtown and the surrounding urban core will see this as a first step to owning a home, especially since mortgage payments through this program are relatively similar to monthly rental costs.
Artfully designed by Nichols, Brosch, Wurst, Wolfe & Associates, 4 Midtown offers a diverse architectural palette of 42 varying floor plans. The 33-story 4 Midtown tower recently completed a new state-of-the-art fitness center boasting a yoga room and stretching area. The lobby feature a contemporary design of intricate woodwork amidst modern furniture, all within gathering spaces and intimate social hubs for residents and their guests to enjoy.
The remaining 4 Midtown units range from 721 square feet to 1,842 square feet, with penthouses up to 3,557 square feet, and are priced from $275,900 to $2,473,900. Residents have access to a gym, hot tub, sauna and steam room, valet, 24-hour security, concierge, private storage facilities, garage parking and ground-level retail with restaurants that offer regular food delivery.
Midtown Miami is the only destination micro-city with sophisticated residences over retail just steps from major boutiques, art and design galleries, and everyday conveniences. Experiencing a refreshing neighborhood feel, the approximately 1,000 residences within three Midtown towers truly give life to the active surrounding. The neighborhood is immersed between the Design District, which houses the fashionable 40th Street shops and ultra-luxury retailers such as Cartier, Prada and Louis Vuitton, and the artsy warehouses of Wynwood.
Centrally located near downtown, Midtown Miami brings artists, young professionals, foreigners, families and “urbanites” loving city life to a walkable locale. It is surrounded by cultural and entertainment venues, five minutes from Miami Beach, and in close proximity to I-95, offering direct access to the Port of Miami and major international airports.
To speak with a sales representative or to schedule a private presentation call 786.704.8482.
The Real Estate Orange 