Lower deposits and Fannie Mae financing combine to make CANVAS one of the urban core’s most attractive new condominium purchase options
With a completion date slated for the second quarter of 2018 and over 75% of its 513 condos under contract, CANVAS, the flagship condominium of Miami’s Arts + Entertainment District, is offering a number of incentives aimed at helping Miami residents – in particular first-time homebuyers – transition into homeownership.
CANVAS, located at 1630 NE 1st Avenue, is positioning itself as the rare “attainable luxury” opportunity east of I-95 in Miami’s desirable downtown, where most new condos start at price points of $700,000. CANVAS is offering residences ranging in size from 620 sq. ft. to 1,100 sq. ft., and ranging in price from $345,000 to $690,000.
In an effort to make ownership more attainable, NR Investments has lowered the initial deposit requirement to 20%. Conditional approval through Fannie Mae also makes it possible for qualified domestic buyers to attain up to 97% financing for a primary residence, or up to 75% for a second home, on loans up to $424,100. For some Miamians, particularly those who want to live in the city’s urban core, this could put homeownership in reach.
“With the lowered deposit and high loan-to-value financing, a new residence at CANVAS represents an attractive value proposition for first-time home buyers who want to be in the heart of downtown Miami, but have been priced out by all of the luxury and ultra-luxury properties in the area,” said Ron Gottesmann, Principal, NR Investments.
With rents skyrocketing in downtown Miami, these new financing incentives also make CANVAS competitive with renting in a comparable luxury high-rise property. CANVAS offers an array of amenities including three pools, a rooftop bar and restaurant, an indoor/outdoor yoga garden, a state-of-the-art gym, a glass-enclosed racquetball court, Zen spa/sauna treatment rooms, a multimedia screening, and dramatic views of Biscayne Bay and the city.
NR Investments is also reaching out to first-time homebuyers and local residents as part of its ongoing mission to foster a vibrant, strong community downtown.
“Downtown Miami’s ongoing revitalization depends on local residents who are engaged and invested in the community,” said Nir Shoshani, Principal, NR Investments. “We want to make it possible for our city’s working professionals to grow roots here, and homeownership is one of the most effective ways to do that.”
CANVAS is located between Wynwood and Edgewater, in the heart of the Arts + Entertainment District, which puts it within walking distance to the Adrienne Arsht Center, Pérez Art Museum Miami, and new Frost Museum of Science. It’s one block from the School Board Metromover station, a few blocks from the Venetian Causeway, and just minutes from the new Miami Central rail station.
Sales at CANVAS are being brokered by Fortune International Realty. For more information, contact CANVAS Sales Director Jessika Gomez at (786) 355-7504 or firstname.lastname@example.org or visit http://www.canvascondos.com.
About NR Investments
NR Investments (NRI) is a fully integrated and privately held real estate investment company based in Miami and the visionary behind Miami’s burgeoning Arts + Entertainment district of Greater Downtown Miami. NRI holdings include large-scale office buildings, condominium and rental building developments, commercial shopping centers, and multi-family housing located around the world. Helmed by its two principals, Ron Gottesman and Nir Shoshani, NRI has acquired more than 5,000 commercial and residential units since its inception and currently has approximately one million square feet of rental and converted office condominium product on the market. NRI’s mission is to create neighborhoods, shape cityscapes and foster a sense of community amongst residents and visitors alike. As such, the firm focuses on property repositioning by acquiring underperforming buildings in high visibility locations and rehabilitating them to their fullest potential through extensive renovation and management restructuring, and converting leased office space to for-sale office and condominium product. For more information, visit www.nrinvestments.comor call(305) 625-0949.