Living in paradise usually comes at a high cost. However, Riva in Fort Lauderdale made that cost more manageable. Deposits in the development are down, and that makes luxury condo living that much more attainable. Learn all about the new deposit change and how it can benefit you.
The Deposit Decrease
Originally, the cost of living at Riva in Fort Lauderdale came with a 35% deposit at the time you signed the contract. Recently, the developer (Bradley Deckelbaum) lowered that cost to a mere 20%. Such a drastic decrease makes living in the luxury condo development more attainable for many people. In Miami, most condos require a 50% deposit down. But the developer is looking to sell the remaining units quickly. With over 60% of the units sold, they’re going quickly.
This trend of lower deposits isn’t completely new. Brickell Heights and SLS Lux are two South Florida development firms that started the movement towards lower deposits. About two years ago, they lowered their minimum deposit requirements. After that, Melo Group followed suit. They decreased their deposit to 35% for most units and 20% for units at Aria on the Bay. With 80% of Aria units presold, they are making a move to sell the remaining units. This year, the Related Group was one of the first developers to lower their rates.
The cost of condo living in South Florida may be lower than other parts of the country. But a 50% deposit makes it difficult for even the most well-off individuals to consider buying a condo. This trend of decreasing deposits offers a unique and luxurious lifestyle to people from all walks of life.
About Riva in Fort Lauderdale
If you haven’t heard about Riva in Fort Lauderdale, it’s time that you did. The development is a 15 story building with 100 units in it. Located at 1180 North Federal Highway, the building was a major undertaking in a prime location. The project came to fruition with a $65 construction loan from Madison Realty Capital.
As far as amenities go, Riva in Fort Lauderdale has everything that you need. When it’s completed this year, it will feature a fourth-floor club deck that measures approximately 40,000 square feet. The deck includes a large kitchen that measures 1,500 square feet, a luxury fitness center that measures 7,000 square feet, a dog park, a lap pool, and private wine lockers. There will also be a spa on the grounds.
If you’re more into outdoor living, that doesn’t disappoint either. The building designers Falkanger Snyder Martineau & Yates created a landscaped river walk that measures about 400 feet long. For those looking for some fun on the water, there will be a water taxi and a water sports center with a private dock for residents. Your condo purchase comes with a boat slip that measures between 1,500 and 8,800 square feet.
As far as prices go, there is a broad range. Lower priced units start at $748,000. However, penthouses start at $2.25 million.
The Benefits of Living at Riva
Besides the amenities, Riva in Fort Lauderdale has many other great features. For one, there’s the great location. The luxury condo development is located slightly north of Las Olas, where you can find endless entertainment. Whether you’re looking for exciting nightlife or family-fun, Las Olas has something to offer. Within minutes of your condo, you can find activities and events. Across the street, you can find the elegant Galleria Mall, full of shops and restaurants. If you get bored of Fort Lauderdale, other exciting cities are nearby. The condo’s location makes it easy to get to Miami, Boca Raton, and West Palm Beach. Access to the highway is quick and easy.
Riva is also minutes from the beach. When you want a beach getaway, all you need to do is walk down the street. There are some beautiful local beaches to explore, and many of them are close to the condo. If you want to enjoy the outdoors without the sand, you can head to the nearby George English Park. Or, step outside the building and enjoy your view of the Middle River.
Another benefit of living at Riva is the condo itself. If you want a three bedroom, you can find one with beautiful ocean and river views. If a two bedroom is more your style, you can get one with a large open terrace. For the ultimate luxury-seekers, there are penthouses and lofts. All of the condo units in the building feature incredible designs. Made in contemporary Italian style, the units are elegant and stylish. They feature glass walls that enhance your view of the river and beach. All of the units embrace the idea of indoor and outdoor living; you can cook, celebrate, and relax with comfort outside or inside. Throughout the building, the public areas feature a similar style that is the epitome of luxury living.
If you’re looking to buy a condo, now is the time to do it. With deposits at Riva in Fort Lauderdale down, you shouldn’t hesitate to start living a life of luxury. Contact a realtor to get started.