Preconstruction In Miami

The preconstruction industry in Miami, Florida is booming. If you drive around the city, everywhere you look, cranes are going up, workers hammering, and construction teams are planning and building condominium complexes and towers. The biggest surge in new real estate being built is around South Beach and Biscayne Bay.

There are currently real estate opportunities in the works on the bay and ocean with magnificent views of the Miami skyline and access to the urban development that is defining the city. Information on these projects, listings, and how to get in on them in the beginning is provided in the preconstruction page of the website. Our exclusive realtor and preconstruction agent, Josh Stein, provides services that are a valuable resource at your fingertips and his contact information is above.

Buying a pre-construction condo in Miami is an excellent way to get in on the ground floor of a building before it is even built. Developers and architects provide buyers with renderings of the building or tower, floor plans and a selection of the finishing details to choose from. It often takes two years to build these projects, although many may have less than a two year plan. Preconstruction in Miami ranges from 6-unit small boutique buildings to enormous and elegant high-rise residences with thousands of units. Many of these real estate complexes and the condos in them are waterfront dreams with ocean and bay views.

Most projects currently going on are in the central area from South Beach the North part of Miami Beach to Brickell and everywhere in between. Biscayne Corridor is one of the hottest preconstruction areas of Miami. It is conveniently located between Downtown and the new Performing Arts District- a part of Miami where businesses and homes built for urban living come together. These apartment towers are incorporating the beautiful elements of the tropical paradise of Miami in their architectural design. Hundreds of new buildings are being built or are just turning the corner and are about to be built in this area.

Another major new Miami real estate boom is the loft. These units often come with 12’ high ceilings, polished concrete floors, and stainless steel appliances in open kitchens. Moreover, lofts offer a blank canvass for new home owners to express their creativity. This is because a loft is usually an unfinished raw space with a few walls and dividers, which gives a buyer a chance to have a condo that is designed from scratch. Many lofts are also two story split level style with 18’-20’ ceilings. There are many on the beach that are near completion as well as a few that are starting soon.

Many individuals and realty gurus have a particularly interest to invest in preconstruction projects because of the high returns. Because they enter the agreement to purchase with lower than market pricing, this type of investing can be profitable. For a relatively small amount down, investors often walk away from selling their property rights with at least a hundred thousand dollars profit when a building is completed.

Yet as with any real estate investment, there are actual risks. The developer will most likely require 20% down to reserve a buyer’s unit. Sometimes the project can be put on hold for a number of reasons, including construction costs rising or a poorly managed or planned project. For instance, going over the operating budget can stall a building’s construction for more than a year. If this happens, investors often enter into a legal battle with the developer.

While a great deal of projects have succeeded, there are a few that have been stalled or restructured in bankruptcy court. Ironically, even the failed projects that go through bankruptcy have often created big profits for the investors once the project has finished because of the boom in demand and thus the remarkable continuance of price increases for these properties. For listings on a variety of preconstruction endeavors, visit the pre-construction link on the website.