One-Stop Miami Vice Living: Lux development offers free Lamborghini with purchase
Having just returned from the well-heeled shores of Miami for last week's Kia Soul drive, we know that exotic machinery stacks up on the city's streets like so much cordwood. In fact, we saw upwards of ten newer Ferraris in the course of an afternoon's drive (not to mention untold Bentley Continentals and Porsche 911s) – but we didn't see a single Lamborghini during our entire stay. Not even a Jalpa.
Well with both the housing market and the new car market in the dumpster, the developers at South of Fifth luxury condos and the folks at Lamborghini Miami are understandably keen to change that. As such, they've gone and teamed up to offer a "free" Gallardo Spyder with the purchase of an oceanfront luxury beachfront home.
While South of Fifth isn't being so gauche as to announce the price of their properties, one look at the new digs on the company's swanky Flash-heavy site would suggest that a Lambo payment is going to be the least of your financial involvements here. We've seen these sorts of rolled-up real-estate/automobile deals before, but never on this sort of scale.
If you're interested, check out the link below, and be sure to hurry – there are only seven of 28 units left.
Oh – one last thing about this deal has us a bit puzzled: Don't people buy Lamborghinis in part because they want something different from their neighbors? Thanks for the tip, Richard!
[South of Fifth]
Reader Comments (Page 1 of 2)
Epyx 3:35PM (3/19/2009)
The douche factor runs so thick you can see it from space.
Who is going to finance this?
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Librapaj 3:51PM (3/19/2009)
Who's going to finance this? Who cares? The fact of the matter is, someone will. And that someone will probably be asking for bailout money soon after that. I work with Real Estate statistics, and the people who buy places like these share as much blame as the banks who finance the construction.
Epyx 4:04PM (3/19/2009)
I am not talking about construction financing. I was wondering who will finance the mortgage on a $10M condo that includes a car.
Is Miami still that strong of a market?
Librapaj 4:12PM (3/19/2009)
The same banks that will finance the construction will most likely finance the mortgages for these properties. And no Miami is not even remotely close to being a hot market. Matter of fact, we were one of the hardest hit because of the speculators and "investors"
2004m3driver 5:10PM (3/19/2009)
Miami is number to in house values dropping. Right next to my home of LA. No surprise since the places with the fastest dropping host values are the ones that were also the fastest rising ones also.
2004m3driver 5:51PM (3/19/2009)
Wow at all my errors. I think this economy is turning me dyslexic or maybe my Dyslexia is why I am doing bad. *shrugs*
sam Scherer 6:30PM (3/19/2009)
This has all the necessary elements of a really good pyramid scheme.
SDC 3:37PM (3/19/2009)
If they foreclose do I get to keep the Lambo? I'd take a hit on my credit for a free Gallardo. Heh.
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Randy 10:21PM (3/19/2009)
Thanks for the idea! :-)
lgrunauer1 3:44PM (3/19/2009)
You didn't see even one lambo during your entire stay?
I wonder where you stayed... Just writing this I saw 2 red F430s alongside and an orange Gallardo Spyder on the same intersection!
Next time you guys stop by Miami, head on to south beach on a saturday night for an impressive auto show. It's ridiculous the amount of money people spend on supercars over here...
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AdaM 3:44PM (3/19/2009)
Apparently the condos left for sale are in the range from 6 million to 8 million
Community: South Beach
Architect: Nichols,Brosch,Sandoval
Views: Oceanfront
Completion Date: 2009, Fall
Bedrooms: 2, 3 & 4
Residence Size: 2480-4100
Pet Friendly: Yes
Total Residences: 28
Number of Stories: 7
Price Range: $1,500,000 - $10,000,000
http://www.sunnyislesmiamirealestate.com/South-Beach/South-of-Fifth/
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graham 4:02PM (3/19/2009)
and there are only 7 of the 28 left.
MBurnside 4:08PM (3/19/2009)
Sign me up...But do i get to pick the color of my new Lambo?
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Hamhock 4:09PM (3/19/2009)
free Lamborghini = developer will give you his if it means a sale....
7 of 28 left my ass...
I love how people in the RE business are just allowed to lie about this....maybe 21 are in contract (MAYBE) and how many of those will actually close?
Jeez, g_d for bid this business gets some licensing requirements..dog catchers are held to higher standers than these guys...
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Epyx 4:15PM (3/19/2009)
Usually with this type of construction they do pre-sales. Something like a 20% down payment but no actual mortgage payments until construction is completed. The idea is to help finance the construction and then sell the unit once the building is completed. I believe they count pre-sales as sold but they are actual still on the market with all the "unsold" units. Sold does not mean it is filled. 7 may remain "unsold" but I bet all 21 more are on the market as resales.
I probably explained that horribly.
thomas 4:10PM (3/19/2009)
i wish this picture were more distorted.....
it looks like everything's sliding off of my computer screen
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Matt 8:04PM (3/19/2009)
+1 It's jacked on my screen as well.
thomas 8:37PM (3/19/2009)
i'm pretty sure its not an issue with the way its displaying, its just a weird picture that they chose for the headline
Mobius_1 4:12PM (3/19/2009)
Condoghini Gallardo
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MajorGeek 4:25PM (3/19/2009)
Makes no sense. Looking at this place, the price must be obscene. If I could afford one I would probably be a snob who thinks the "baby Lambo" Gallardo is beneath me when I already own a Renventon, Aston Martin, Bently and other "nicer" cars.
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