Miami New Construction - Miami Condo Lifestyle

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 matter what price range, level of amenities and services, or location one 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.

AddressCommunityYear BuiltMinimum PriceUnitsViews
1000 Museum1000 Biscayne Blvd Miami Downtown2018 $5,750,00083Bay and City
6080 Collins6080 Collins Avenue Miami Beach2019 $385,00073Ocean & City
Alton Bay3900 Alton Rd South Beach2020 $1,700,00075Bay and City
Armani Residences18975 Collins Avenue Sunny Isles Beach2019 $1,500,000308Ocean & City
Aston Martin Residences300 Biscayne Blvd Way Miami Downtown2021 $600,000391Bay and City
Bentley Edgewater434 NE 35 Terrace Edgewater Miami Midtown2018 $350,000207Bay and City
Brickell Flatiron1001 Miami Avenue Brickell2019 $450,000552Bay and City
Elysee788 NE 23 Street Edgewater Miami Midtown2019 $1,730,000100Bay and City
Giralda Place275 Giralda Ave Coral Gables2018 $899,00033City
Gran Paraiso480 NE 31 Street Edgewater Miami Midtown2018 $998,000314Bay and City
L´Atelier6901 Collins Avenue Miami Beach North Beach2018 $3,959,00020Oceanfront
Markers4 Grove Isle Drive Coconut Grove2020 $2,200,00079Bay and City
Merrick Manor4133 Le Juene Rd Coral Gables2018 $530,000227City
Missoni Baia700 NE 26th Terrace Edgewater Miami Midtown2020 $850,000249Bayfront
Monad Terrace1300 Monad Terrace South Beach2018 $1,725,00059Bay and City
Muse17141 Collins Avenue Sunny Isles Beach2018 $1,800,00068Oceanfront
One Bay 455 NE 39th St Miami Design District2018 $400,00038Bay and City
One Paraiso3131 NE 7th Avenue Edgewater Miami Midtown2018 $800,000276Bayfront
One River Point24 SW 4th Street Miami River Brickell2018 $800,000350Bay and City
Paraiso Bay650 NE 32nd Street Edgewater Miami Midtown2018 $400,0001000Bayfront
Paraiso Bayviews501 NE 31st Street Edgewater Miami Midtown2018 $375,000396Bay and City
Paramount Miami Worldcenter800 NE 1st Avenue Miami Downtown2019 $659,000466Bay and City
Paseo de la Riviera1350 South Dixie Hwy Coral Gables2019 TBA224, 252 hotelCity
Ritz Carlton Miami Beach4701 Meridian Ave Miami Beach2017 $2,000,000111 condos, 15 villasBay and City
Ritz Carlton Sunny Isles15701 Collins Avenue Sunny Isles Beach2018 $2,450,000210Oceanfront
UNA Residences175 SE 25th Road Brickell2020 $942,000135Bay 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:

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.