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The Madison Condominiums: FHA approved units in downtown Miami

While many condominium projects around South Florida sit unsold or are selling slowly, The Madison Condominiums are making home ownership a reality to many first-time home buyers, says a spokesperson for the developer.

With a low down payment program with FHA financing, all qualified buyers can purchase a unit with as little as 3.5 percent down, says the spokesperson.

This is a unique opportunity, most communities require a substantial down payment, adds the spokesperson.

At this time, in conjunction with a special Miami-Dade County program, buyers are being offered closing cost assistance, says the spokesperson.

The program has saved buyers thousands of dollars in upfront fees, and although there are income limitations that apply, many have been able to secure these funds, says Jeffrey Lehman, sales director for The Madison and an affiliate of exclusive real estate agency, Coldwell Banker.

In addition, buyers can benefit from the federal government’s program in which any first-time home buyer who purchases by December 1, 2009 can claim a credit worth $8,000 on their 2008 or 2009 tax returns.

“Our location places us in the number one spot in downtown Miami,” says Lehman. “Many of our buyers are from Miami Beach, North Miami and Kendall and many say that due to the traffic congestion, The Madison is a great choice.”

The Madison is centrally located and nearby nightclubs, the design district, Bayside Marketplace, the Performing Arts Center, AAA Arena, eateries and downtown Miami.

From $129,900, buyers can purchase a condominium unit consisting of two bedrooms and two baths in a spacious floor plan that includes private balconies and a vast array of community amenities. There are four models to choose from.

Amenities include a cyber lounge, private poker/billiard rooms, a party room, roof-top sports deck with lighted tennis courts, basketball courts, beautiful pool, heated spa and an adjacent sandy volleyball court, barbecue areas, 24-hour gated security, WIFI common areas, covered assigned parking, and private movie theater.

The Madison is also within easy access to the Metrorail, public parks, schools, colleges and downtown attractions.

The Madison’s downtown location offers easy access of Interstate 395 to Miami Beach, Interstate 95 to Brickell/Key Biscayne or North Miami, or 836 expressways.

The Madison is at 800 North Miami Ave. For more information or an appointment call 305- 373-9900 or visit themiamicondo.com.

Models are open Monday through Saturday from 10 a.m. to 6 p.m. and Sundays from 11 a.m. to 5 p.m.

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