Marquis Offers Mortgages to Buyers

MIAMI-The developer of the 292-unit luxury condominium in downtown Miami known as the Marquis Residences is  trying to sell the remaining 227 units at the development in a unique way by offering to fund mortgages for so-called non-conforming loans. The 67-story tower, the tallest residential building in Miami as well as Florida, is largely regarded as luxurious and comes with a host of amenities, such as a five-star boutique hotel in the building, which boasts a spa and fitness center which owners can use, and panoramic views of Biscayne Bay and Miami Beach.

But even those attributes are not always enough to close the deal at a time when there are still too many condominiums around, albeit much fewer than a year ago, because of bulk condominium sales. One prominent exception to the deflation in condominium prices in Miami is the recent sale of the 7,800-square-foot penthouse unit at the Marquis, which sold for $4.2 million, which the developers say is the most expensive condominium ever sold in Downtown Miami’s Biscayne corridor.