Two prominent developers have recently relaxed their requirements for 50 percent deposits from prospective buyers. Swire Properties announced it was lowering down payments for a condo at one of its Brickell City Centre residential towers, Rise, to 35 percent, while Kevin Maloney’s Property Markets Group is offering some foreign buyers deals that allow them to pay 50 percent deposits in installments prior to closing for units at Echo Brickell, Echo Aventura, Muse in Sunny Isles Beach, and Sage Beach in Hollywood.

Craig Studnicky, principal of International Sales Group, which is marketing PMG projects, said the developer is allowing some buyers from Argentina and Venezuela to only put down 40 percent with the remaining ten percent paid in installments prior to closing.

“Global buyers, especially ones from Argentina and Venezuela, are having a difficult time moving money out of their countries,” Studnicky said. “It is a lot harder for Argentinians and Venezuelans to move money out than it was a year ago.”

PMG is able to offer flexible down payments to select buyers because the developer’s projects have built enough equity and are fully financed for construction.

PMG also gave away some Tesla electric cars to buyers as part of its partnership deal with Tesla to co-promote products and had purchased some Teslas for select penthouse residences.

These developments come four months after the group developing the Crimson condominium in Edgewater began offering some units to local buyers with only 15 to 35 percent down through a Fannie Mae lending program. The lowering of deposits indicates competition is intensifying in the greater Miami condo market as the current cycle enters its fourth year.