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Buyers can move into luxe condos in Coral Gables with a 10 percent deposit—here’s how

MG Developer, the firm behind two luxury properties in Coral Gables, also provides interior design services to buyers

A rendering of Biltmore Parc in Coral Gables.
MG Developer

MG Developer, a firm that develops luxury properties Biltmore Parc and Beatrice Row, is offering potential residents a flexible payment plan to move in—put down a 10 percent deposit then pay the remaining 90 percent of the sticker price within 12 months.

According to the firm, the offer—which is referred to as a “curated, concierge-style real estate services”—gives eligible buyers flexibility in both the use of their funds to buy a new home, and the sale of their existing home.

Here’s how it works: A confidential analysis is performed by MG Developer to determine a buyer’s eligibility for the program.

Buyers who list and sell their existing home through MG Real Estate Group, the sister company of MG Developer, can apply the listing commission, but it’s not required, to the purchase price of a unit at Biltmore Parc or Beatrice Row—lowering the cost of the new home.

Perspective buyers can still buy a home from the developer without utilizing the concierge-style real estate services.

A rendering of Beatrice Row in Coral Gables.

“This program provides a rare opportunity for buyers to purchase and move-in with only 10 percent down, then take advantage of an up to 12-month closing period which allows them use of that capital towards other investments,” says Alirio Torrealba, CEO of MG Developer. “The remaining 90 percent can be utilized to generate additional returns, further reducing the ultimate purchase price of their new home.”

MG Developer launched the services as a way to provide buyers with more flexibility of their assets and the sale of their current home.

The program is a way to attract residents to Biltmore Square, a 150,000 square foot planned residential community that includes four residential developments. It’s located in Coral Gables.

As it stands, MG Developers is the only firm that’s offering concierge-style real estate services for high-end properties.

Biltmore Parc, located at 718 Valencia, is a boutique five-story condominium with 32 units with various layouts that are priced between $1.2 and $2 million.

Unit sizes range from 1,650 to 2,425 square feet, with second floor units offering private elevators and over 1,000 square foot of expansive terrace space with panoramic views of Miami’s skyline. Two bedroom and three bedroom units come with a den. Buyers get a one-year membership to The Club at The Biltmore Hotel.

Beatrice Row, which is currently incomplete, will be finished this summer. It’s a collection of nine, three-story Georgian style townhomes that are 5,000-plus-square-feet in size and priced at $2.3 million and up.

According to the firm, both residencies are over 50 percent sold and currently have limited availability.

MG Developer also offers the option to apply commission from the sale of a buyer’s existing home to their new residence when they utilize the firm’s brokerage.

MG Developer connects tenants with interior design services for buyers moving into one of their units with the option of completion prior to a buyer’s move-in date.

“For those looking to buy a home, MG Developer is the only developer in Coral Gables offering these diverse residential and lifestyle options,” says Daniel Guerra, vice president of Development Sales at Fortune International Realty. “From elegant Georgian style townhomes, to twin homes, to luxury condominiums, all residences share the unparalleled amenities of Coral Gables and the Biltmore Square community.”

For more information about this program, potential buyers can contact Fortune International Realty at (305) 460-6719.

The original article appeared with incorrect information and was corrected.

Biltmore Hotel

1200 Anastasia Ave., Coral Gables, FL 33134