Melo Group intends to continue requiring buyers at their preconstruction condo projects to put down a 50 percent deposit, according to The Real Deal.
Melo had announced last week that they sold more than half of the units at the 648-unit Aria On The Bay project, and have paid out a portion of commissions to brokers selling the project. The developer said that their pace of contracts ‘continues to be strong.’
Earlier this month, Melo publicist Tadd Schwartz lashed out at Related Group on Twitter after the developer lowered deposit requirements on remaining units at Brickell Heights to 30 percent. Schwartz called the move ‘selfish.’
Related responded by saying that they remain bullish, and will soon launch new projects with the 50 percent deposit requirement. The reduction at Brickell Heights was only because the project is mostly sold out and months away from topping off, president Carlos Rosso said.