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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.
To narrow down your search, you can sort and filter the information presented. To sort a column, click the name of the column you want to sort. To sort by more than one column, hold down the shift key. To filter the information, type in what you want to filter by in the box at the top of the column. Only rows that contain your typed text in the column will be displayed.
|Address||Community||Year Built||Minimum Price||Units||Views|
|1 Hotel & Homes||102 24th Street||South Beach||2014||$1,348,000||161 condos,|
|1000 Museum||1000 Biscayne Blvd||Miami Downtown||2018||$5,750,000||83||Bay and City|
|1010 Brickell||1010 Brickell Ave||Brickell||2017||$571,000||387||Bay and City|
|26 Edgewater||321 NE 26th St||Miami Midtown||2017||$275,000||89||Bay and City|
|300 Collins||300 Collins Ave||South Beach||2018||$1,200,000||19||Ocean & City|
|321 Ocean Drive||321 Ocean Drive||South Beach||2015||$5,900,000||21||Oceanfront|
|400 Sunny Isles||400 Sunny Isles Blvd||Sunny Isles Beach||2015||$795,000||230||Ocean & Intracoastal|
|6080 Collins||6080 Collins Avenue||Miami Beach||2018||$315,000||73||Ocean & City|
|Aria on the Bay||1770 N. Bayshore Dr||Miami Midtown||2018||$543,000||647||Bay and City|
|Armani Residences||18975 Collins Avenue||Sunny Isles Beach||2018||$1,500,000||250||Ocean & City|
|Aston Martin Residences||300 Biscayne Blvd Way||Miami Downtown||2021||$600,000||391||Bay and City|
|Baltus House||4250 Biscayne Blvd||Miami Design District||2015||$292,000||167||Bay and City|
|Bay House||600 NE 27th St||Miami Midtown||2015||$630,000||164||Bay and City|
|Beach House 8||3651 Collins Avenue||South Beach||2016||$8,000,000||8||Oceanfront|
|Bentley Edgewater||434 NE 35 Terrace||Miami Midtown||2018||$350,000||207||Bay and City|
|Biltmore Parc||718 Valencia Ave||Coral Gables||2017||$1,200,000||32||City|
|Biscayne Beach||2900 NE 7th Avenue||Miami Midtown||2017||$599,000||399||Bayfront|
|Bond Brickell||1080 Brickell Avenue||Brickell||2016||$268,000||323||Bay and City|
|Brickell City Centre||68 SE 6 ST & 88 SE 7 St||Brickell||2016||$630,000||820 condo,263 hotel||Bay and City|
|Brickell Flatiron||1000 SE 1st Avenue||Brickell||2019||$450,000||552||Bay and City|
|Brickell Heights||45 SW 9th St||Brickell||2017||$400,000||358||Bay and City|
|Brickell House||1300 Brickell Bay Drive||Brickell||2014||$260,000||374||Bay and City|
|Brickell Ten||1010 SW 2nd Avenue||Brickell||2017||$315,000||155||Bay and City|
|Canvas||90 NE 17th Street||Miami Midtown||2018||$377,000||513||Bay and City|
|Cassa Brickell||201 SW 17 Road||Brickell||2016||$400,000||81||Bay and City|
|Centro||151 SE 1st St||Miami Downtown||2016||$240,000||352||City|
|Chateau Beach||17475 Collins Avenue||Sunny Isles Beach||2015||$2,500,000||84||Oceanfront|
|Crimson||601 NE 27th Street||Miami Midtown||2015||$439,000||90||Bayfront|
|Echo Aventura||3250& 3300 NE 188th Street||Aventura||2015||$900,000||190||Ocean & Intracoastal|
|Echo Brickell||1451 Brickell Avenue||Brickell||2017||$1,900,000||180||Bay and City|
|Edition||2901 Collins Avenue||South Beach||2014||$2,395,000||26||Oceanfront|
|Elysee||700 NE 23 Street||Miami Midtown||2018||$1,650,000||100||Bay and City|
|Faena House||3315 Collins Avenue||South Beach||2015||$8,900,000||47||Oceanfront|
|Fendi Chateau||9349 Collins Avenue||Surfside||2016||$6,250,000||58||Oceanfront|
|Giralda Place||257 Giralda Ave||Coral Gables||2017||$913,000||33||City|
|Glass||120 Ocean Drive||South Beach||2015||$9,500,000||10||Oceanfront|
|Gran Paraiso||480 NE 31 Street||Miami Midtown||2018||$700,000||314||Bay and City|
|Grove at Grand Bay||2669 South Bayshore Drive||Coconut Grove||2017||$1,375,000||96||Bayfront|
|Grove Place||2721 SW 28th Avenue||Coconut Grove||2016||$625,000||18||City|
|Hyde Midtown||3401 NE 1st Avenue||Miami Midtown||2017||$550,000||457 (397 condos,60 suites||City|
|ICON Bay||460 NE 28th Street||Miami Midtown||2015||$595,000||300||Bay and City|
|IRIS on the Bay||25 -135 North Shore Drive||Miami Beach North Beach||2015||$799,000||43||Bay and City|
|Jade Signature||16901 Collins Avenue||Sunny Isles Beach||2017||$3,900,000||192||Oceanfront|
|Kai at Bay Harbor||9940 & 9960 W Bay Harbor Dr||Bay Harbor Islands||2016||$765,000||58||Bay and City|
|L´Atelier||6901 Collins Avenue||Miami Beach North Beach||2018||$3,959,000||20||Oceanfront|
|Le Parc at Brickell||1600 SW 1st Avenue||Brickell||2016||$400,000||124||Bay and City|
|Mansions at Acqualina||17749 Collins Avenue||Sunny Isles Beach||2015||$7,290,000||79||Oceanfront|
|Marea South Beach||801 South Pointe Drive||South Beach||2015||$1,300,000||30||Ocean & City|
|Marina Palms||17301 Biscayne Blvd||North Miami||2016||$775,000||468||Intracoastal|
|Merrick Manor||4133 Le Juene Rd||Coral Gables||2018||$530,000||227||City|
|Millecento Residences||1100 S. Miami Avenue||Brickell||2015||$290,000||382||Bay and City|
|Missoni Baia||700 NE 26th Terrace||Miami Midtown||2020||$550,000||249|
|Muse||17141 Collins Avenue||Sunny Isles Beach||2017||$1,800,000||68||Oceanfront|
|My Brickell||31 SE 6th St||Brickell||2013||$259,000||192||Bay and City|
|NINE Mary Brickell Village||999 SW 1st Avenue||Brickell||2015||$420,000||390||Bay and City|
|Ocean Seven||9501 Collins Avenue,||Surfside||2014||$4,400,000||7||Oceanfront|
|Oceana Bal Harbour||10201 & 10203 Collins Avenue||Bal Harbour||2017||$2,225,000||260||Oceanfront|
|Oceana Key Biscayne||350 Ocean Drive||Key Biscayne||2015||$2,180,000||154||Oceanfront|
|One Bay||455 NE 39th St||Miami Design District||2018||$400,000||38||Bay and City|
|One Ocean||1 Collins Ave||South Beach||2016||$1,300,000||50||Ocean & City|
|One Paraiso||3131 NE 7th Avenue||Miami Midtown||2018||$800,000||276||Bayfront|
|One River Point||24 SW 4th Street||Miami River Brickell||2018||$800,000||350||Bay and City|
|Palau Sunset Harbor||1201 20th Street||South Beach||2016||$599,000||45||Bay and City|
|Palazzo del Sol||Fisher Island Drive||Fisher Island||2015||$7,200,000||47||Oceanfront|
|Paraiso Bay||650 NE 32nd Street||Miami Midtown||2017||$400,000||1000||Bayfront|
|Paraiso Bayviews||501 NE 31st Street||Miami Midtown||2018||$375,000||396||Bay and City|
|Paramount Miami Worldcenter||800 NE 1st Avenue||Miami Downtown||2018||$659,000||466||Bay and City|
|Park Grove||2701 South Bayshore Drive||Coconut Grove||2017||$2,300,000||289||Bay and City|
|Parque Towers||330 Sunny Isles Blvd||Sunny Isles Beach||2017||$800,000||320||Ocean & Intracoastal|
|Peloro Miami Beach||6610 & 6620 Indian Creek||Miami Beach North Beach||2016||$445,000||115||Bay and City|
|Porsche Design Tower||18555 Collins Avenue||Sunny Isles Beach||2017||$4,990,000||132||Oceanfront|
|Prive Island||5000 Island Estates Blvd||Aventura||2017||$1,900,000||160||Ocean, Bay & |
|Regalia||19575 Collins Avenue||Sunny Isles Beach||2014||$9,950,000||39||Oceanfront|
|Ritz Carlton Miami Beach||4701 Meridian Ave||Miami Beach||2017||$2,000,000||111 condos, 15 villas||Bay and City|
|Ritz Carlton Sunny Isles||15701 Collins Avenue||Sunny Isles Beach||2018||$2,450,000||210||Oceanfront|
|SLS Brickell||1300 Miami Avenue||Brickell||2016||$565,000||450||Bay and City|
|SLS LUX||801 South Miami Avenue||Brickell||2017||$550,000||450,78 hotel suites||Bay and City|
|Surf Club||9011 Collins Avenue||Surfside||2017||$3,750,000||119 plus 31 hotel||Oceanfront|
|Terrazas Miami||1861 & 1871 NW South River Drive||Miami River Brickell||2010||$275,000||328||Riverfront|
|The Harbour||16385 Biscayne Blvd||North Miami||2017||$450,000||330||Intracoastal|
|Turnberry Ocean Club||18501 Collins Avenue||Sunny Isles Beach||2018||$4,000,000||154||Oceanfront|
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:
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.
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.
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.
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.
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.
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.
Buying and selling condominiums in the current Miami condo market can be confusing because there are so many projects, developers and options available. Plus there is so much conflicting media information, how does one make an informed decision?
These are all valid concerns and this is why the services of an experienced Realtor® and business person are vital to a successful real estate transaction in Miami. We pride ourselves on providing the most complete online resource for Miami & Miami Beach condo information and on our years of experience assisting clients like you. Call us today at 305-321-7043 to schedule a time to discuss your situation and let us share our knowledge and experience with you and help you start enjoying the Miami condo lifestyle.