miami-condoTo boost interest in their Miami luxury condos, Property Markets Group is offering a free Tesla Model S to penthouse buyers. But as always, there’s a catch.

PMG may not mean anything to the average home buyer, but this luxury condo developer has high-end homes for sale from New York to Maimi. Though headquartered in New York, PMG plans on expanding their territory to include three new luxury developments in the Miami area. In March of 2013, PMG hosted a launch party to celebrate the groundbreaking of the first of these developments, Aventura-Echo in Aventura, FL, just north of green and progressive Miami.

Upon its completion, Aventura-Echo will be an eleven floor, one hundred and ninety residence building, with not one but thirty-six penthouses. Each of these luxury condo complexes will include a laundry list of their own enticing features, from roof top pools with amazing views to robotic parking. You’ll find these selling points (and more!) listed prominently on their website.

One feature you won’t see, however, is that developer Kevin Maloney is also offering a complimentary $69,000+ Tesla Model S with purchase of a penthouse in one of the three buildings. PMG claims to have reserved between 25 and 30 of these hot selling electric cars, but claims getting more would not be an issue. PMG has also taken the liberty of designing the buildings to include charging stations for the luxury penthouses.

While it may seem like this is a “too good to be true” deal, there are two things to be known about this “freebie.” First of all, you’re not just handed the keys to a free Tesla for signing on the dotted line. The cars are being saved as a bonus for those that are willing to make a quick offer without haggling over the dollar signs. The second important fact is that this is by no means your typical Sunday newspaper real estate. The penthouses start off at cool $3 million, and work their way up to a whopping $15 million.

Let’s put some math to this deal and put things in perspective. Even taking into account that the Model S has been seen selling at nearly $100,000 on the used market, the worth of the vehicle equates to between a meager 0.66% and 3.33% of the overall price of the condo. The South Florida housing market has been on the rise as of late, with condos on average receiving a respectable 84% of their asking price.

At this percentage, the average buyer would be able to talk the price down between $480,000 and $2,400,000, depending on the asking price of the condo. All of a sudden that free car isn’t so free when you really look at the numbers.  Seventy percent of the condos in Aventura-Echo are currently spoken for, but many of the penthouses are still available. So if you find yourself in the need of a high-luxury, high-rise and high-efficiency sports sedan to go with it, and the matter of a few hundred thousand dollars doesn’t bother you, than this “deal” might be right up your alley.

Completion of Aventura-Echo is planned for Fall of 2015, with the other two developments, Echo Brickell and Sunny Isles, planned for the Spring and Summer of 2017.

Sources:  Forbes | Condo Vultures