MIAMI-The developer of the 292-unit luxury condominium indowntown Miami known as the Marquis Residences is trying tosell the remaining 227 units at the development in a unique way byoffering to fund mortgages for so-called non-conforming loans. The67-story tower, the tallest residential building in Miami as wellas Florida, is largely regarded as luxurious and comes with a hostof amenities, such as a five-star boutique hotel in the building,which boasts a spa and fitness center which owners can use, andpanoramic views of Biscayne Bay and Miami Beach.

But even those attributes are not always enough to close thedeal at a time when there are still too many condominiums around,albeit much fewer than a year ago, because of bulk condominiumsales. One prominent exception to the deflation in condominiumprices in Miami is the recent sale of the 7,800-square-footpenthouse unit at the Marquis, which sold for $4.2 million, whichthe developers say is the most expensive condominium ever sold inDowntown Miami's Biscayne corridor.

The aforementioned penthouse sale notwithstanding, Marquisdeveloper New York-based Africa-Israel USA has reduced its pricesby as much as 40% (units start at $375,000), which in today’smarket is just a starting point, but that is not all. Africa-Israel, in partnership with Americor Mortgage, based inBirmingham, Michigan a suburb of Detroit, has dedicated $50 millionto fund buyer mortgages.