South Florida Condo Developers Open Door to Lower Deposits

Buyers now can scoop condominium units by putting down 20 percent, less than the usual requirement of deposits between 35- and 50 percent.

South Florida condominium developers are decreasing the deposit requirements for buyers, but why is up for debate.

Buyers who want to buy at Canvas, a 513-unit building rising at 1630 NE First Ave. in Miami; Aria on the Bay, a 648-unit tower rising at 1770 N. Bayshore Drive in Miami; and Riva, a 100-unit building completed in Fort Lauderdale, can put down 20 percent. That’s less than the previous requirement of 50 percent, although Riva previously required only 35 percent.