A report about the condo sales for your building in the last six months will be generated and a link to that report will be emailed to you, when you fill in this form and click the submit button below. Look for that link in your email.
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|
|1000 Museum||1000 Biscayne Blvd||Miami Downtown||2018||$5,750,000||83||Bay and City|
|6080 Collins||6080 Collins Avenue||Miami Beach||2019||$385,000||73||Ocean & City|
|Alton Bay||3900 Alton Rd||South Beach||2020||$1,700,000||75||Bay and City|
|Armani Residences||18975 Collins Avenue||Sunny Isles Beach||2019||$1,500,000||308||Ocean & City|
|Aston Martin Residences||300 Biscayne Blvd Way||Miami Downtown||2021||$600,000||391||Bay and City|
|Bentley Edgewater||434 NE 35 Terrace||Edgewater Miami Midtown||2018||$350,000||207||Bay and City|
|Brickell Flatiron||1001 Miami Avenue||Brickell||2019||$450,000||552||Bay and City|
|Elysee||788 NE 23 Street||Edgewater Miami Midtown||2019||$1,730,000||100||Bay and City|
|Giralda Place||275 Giralda Ave||Coral Gables||2018||$899,000||33||City|
|Gran Paraiso||480 NE 31 Street||Edgewater Miami Midtown||2018||$998,000||314||Bay and City|
|L´Atelier||6901 Collins Avenue||Miami Beach North Beach||2018||$3,959,000||20||Oceanfront|
|Markers||4 Grove Isle Drive||Coconut Grove||2020||$2,200,000||79||Bay and City|
|Merrick Manor||4133 Le Juene Rd||Coral Gables||2018||$530,000||227||City|
|Missoni Baia||700 NE 26th Terrace||Edgewater Miami Midtown||2020||$850,000||249||Bayfront|
|Monad Terrace||1300 Monad Terrace||South Beach||2018||$1,725,000||59||Bay and City|
|Muse||17141 Collins Avenue||Sunny Isles Beach||2018||$1,800,000||68||Oceanfront|
|One Bay||455 NE 39th St||Miami Design District||2018||$400,000||38||Bay and City|
|One Paraiso||3131 NE 7th Avenue||Edgewater Miami Midtown||2018||$800,000||276||Bayfront|
|One River Point||24 SW 4th Street||Miami River Brickell||2018||$800,000||350||Bay and City|
|Paraiso Bay||650 NE 32nd Street||Edgewater Miami Midtown||2018||$400,000||1000||Bayfront|
|Paraiso Bayviews||501 NE 31st Street||Edgewater Miami Midtown||2018||$375,000||396||Bay and City|
|Paramount Miami Worldcenter||800 NE 1st Avenue||Miami Downtown||2019||$659,000||466||Bay and City|
|Paseo de la Riviera||1350 South Dixie Hwy||Coral Gables||2019||TBA||224, 252 hotel||City|
|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|
|UNA Residences||175 SE 25th Road||Brickell||2020||$942,000||135||Bay and City|
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.