Miami condo corridor’s woes create boon for renters
It’s not hard to get Regan Marock to gush about his rental unit in a twin-tower luxury building in the heart of Miami’s high-rise corridor. The two-bedroom condo has stainless steel appliances, a jetted tub and dazzling views of the city — not to mention the two pools, gym, spas, movie theater and game room in the building.
Renting straight from the developer, The Related Group, Marock pays $1,450 for the plush, spanking new digs at 500 Brickell. Monthy mortgage payments for the roughly $350,000 unit, bought with 20 percent down, at today’s interest rate would run about $1,482 — not including taxes, insurance and association fees, which could add a thousand dollars or more to the bill.
”It’s the most incredible thing,” said Marock, 24, a sales director at a Coral Gables property management company.