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About New Miami Condo Construction

Miami Preconstruction Condos

Miami preconstruction condos have received a tremendous amount of press coverage. Mostly written by staff writers for large papers like the Miami Herald who have little or no personal experience about investing in real estate. To fully understand the opportunity in preconstruction projects in Miami and to avoid the pitfalls of the Miami real estate market, please read the following and then contact the REALTORS at the Miami Condo Lifestyle team at 305-321-7043. We will help you separate the wheat from the chaffe!

All of Miami-Dade county has been experiencing tremendous real estate development in every price range in the market. New construction projects, commonly referred to as "pre-construction condos" are rising in every community from Aventura to South Beach, Downtown Miami to North Bay Village, Brickell Avenue to Dadeland. There are many different types of buildings; ranging from two story lofts to 70 story waterfront high-rises...ocean front luxury condo-hotels to affordable suburban mid-rise projects. Whether you want an affordable studio apartment in the Miami Arts District or a penthouse mansion in the sky in Bal Harbour...no matter what price range, level of amenities and services, or location one desires...it can be found in Miami.

Miami Condo Lifestyle is dedicated to helping you sort through the hundreds of potential Miami preconstruction real estate opportunities to find just the right situation to fit your goals. To that end, we try to answer the Frequently Asked Questions here, as well as, describe the development phases that each preconstruction project goes through and the different ways to take advantage of the appreciating Miami real estate market.

About New Miami Condo Construction

To narrow down your search, use the search box. Columns may be reordered by clicking the column head.

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Building
CommunityMinimum PriceUnitsViewsYear Built

501 First Residences

501 NE 1st Avenue

Miami Downtown$315,000448Bay and City2024

57 Ocean

5775 Collins Avenue

Miami Beach$2,600,00071Oceanfront2021

Aston Martin Residences

300 Biscayne Blvd Way

Miami Downtown$2,000,000391Bay and City2022

Aurora

17550 Collins Avenue

Sunny Isles Beach$1,250,00061Ocean & City2021

District 225

225 N Miami Avenue

Miami Downtown$350,000343City2023

Elysee

788 NE 23 Street

Edgewater Miami Midtown$2,400,000100Bay and City2021

Legacy Residences

942 NE 1st Avenue

Miami Downtown$322,000255 hotel & 278 condoBay and City2023

Missoni Baia

700 NE 26th Terrace

Edgewater Miami Midtown$695,000249Bayfront2021

Monaco Yacht Club

6800 Indian Creek Drive

Miami Beach North Beach$1,150,00039Bay and City2021

Natiivo

159-175 NE Sixth Street

Miami Downtown$350,000604Bay and City2023

SMART Brickell

229 SW 9th Street

Brickell$319,00050City2022

UNA Residences

175 SE 25th Road

Brickell$2,635,000135Bayfront2022


The primary benefit of investing in preconstruction condo projects is that the buyer is able to get a brand new condominium property at some time in the future based on today's prices.

Each preconstruction condo project goes through four different phases:

Phase 1: Reservation

In this phase, the developer is offering the units at the lowest price of all future stages. These prices are typically below the market price and give the developer the chance to test the real demand for the project, helping the financing process that they face with their current lenders. The buyer will find the great chance to "reserve" the chosen unit with a deposit of 15% or 20% of the unit value, with a "reservation agreement". This money is fully refundable.

Phase 2: Contract

Once the developer reaches the point of the required number of reservation agreements, they create the "hard-contracts" with the "condominium-documents" specifying in detail all the legal and technical specifications of the development. This stage is usually reached between 1 and 3 months after the "reservation agreement". If the buyer wishes to go ahead, the deposit given to the developer is now non-returnable.

Phase 3: Construction

When the construction of the project begins or the construction "breaks ground"; a second 15 to 20% is required to complete the initial deposit. The construction may take between 6 months to 2 years. Once the developer finishes the buyers floor an additional 20 % will be required and also, when the building is "topped-off" or the top floor is completed.

Phase 4: Closing

Once the development interiors are completed (six months or two years later), you will complete the transaction by "closing" the unit. At this point, the remaining money to complete the purchase will be required, and the mortgage or the cash payoff will have to be available, along with the closing costs and all the typical expenses related to a Florida real estate transaction.

Preconstruction Condos - FAQ

How does Florida law protect the purchaser of a preconstruction condo?

In Florida, purchasers have a fifteen (15) day rescission period starting with their receipt of the Public Offering Statement, which includes the condominium documents, association by-laws, preconstruction purchase contract and escrow agreement; to review and complete or rescind any condominium purchase and escrow agreement and receive a full refund of their deposit if they rescind.

The most important protection under Florida law is that your deposit is held in an escrow account.

  • Alert you about new preconstruction projects before they are made public
  • Help you compare the pricing in similar buildings in the neighborhood
  • Inform you about community infrastructure developments such as service retail and civic investment that may effect the future value of your property
  • Help you negotiate the terms of the contract and advise you on alternative choices that may meet your needs
  • Share information regarding the relative financial strength and track record of a developer with you

Finally, since all realty fees are paid by the developer, you are getting the services of the REALTOR® for free!

For more information on upcoming pre-construction projects and how to buy them, please contact us.

Blue pins show existing condos. Orange pins show newer condos. Green pins show preconstruction condos. Tap or click pin for details.