Some Russian buyers are so desperate to get out of contracts to buy Miami condos that they are willing to flip them at a fifty percent loss on their down payments.
The New York Observer wrote that many Russian buyers now feel that they are unable to close on these properties due to the crashing ruble. Others may be looking to liquidate their existing holdings, or place the units on the rental market immediately after closing.
One New York attorney claimed to be working on behalf of clients to flip contracts to buy half a dozen condos in Miami with prices ranging from $5 million to $12 million.
Russians tend to view real estate in the United States as a ‘safe deposit box’ to safeguard their assets, but with the collapsing Russian economy it has become difficult to maintain, according to the attorney.