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How To Buy Pre-Construction Condos in Miami

by | Apr 26, 2022

Buying a pre-construction condo in miami can offer some great advantages over buying somethign already built. However, it is a major financial investment with its own advantages and disadvantages. On one side, the prices are usually less expensive than buying into an existing condo building. Plus with new construction, you have the opportunity to buy the exact floor plan, views and floor height that you desire.

But just with any investment,  there are always risks involved. Potential risks with pre-construction can include things such as a delayed delivery date, variations in the the floor plan and most commonly, the delivered finishes not being exactly what you expected or what you may have seen in the brochure or online.

If you’re looking to buy a new construction condo in Downtown Miami, Sunny Isles Beach, Bay Harbor Drive in Bay Harbor Islands, or even in Miami Beach FL, there are some great pre-construction projects available in all of these different neighborhoods.

Buying a condo in Miami is one of the most important financial decisions that you can make and it requires the right preparation to make sure you enjoy all the benefits of early pricing while minimizing the risks. Before you’re ready to sign the contract, it’s important to make sure you take into consideration all of these factors when buying pre-construction condos in Miami.
How To Buy Pre-Construction Condos In Miami

Picking the Best Developer for your New Construction Condo

The majority of luxury condominium buildings built in Miami are developed by well-know and well respected real estate developers. Working with a seasoned developer helps makes it eaier because they have done this many times. In the new construction and real estate industry in general, reputation and customer trust is very important.

A reliable developer makes sure that your condo is delivered exactly as you expected, including the quality and the design. Once all of the condo units are turned over to the owners, the developer is usually off the hook and the owners will be responsible.

Generally, publicly-traded and well-established developers got to where they are by delivering quality projects for their clients. Lesser-known or startup developers with no reputation to precede them might raise some flags, so be sure to do your own research. The majorty of developers operate thier company’s as LLC’s and dissolve their position as a limited liability company (LLC), leaving the project into condominium conversions.

How To Buy Pre-Construction Condos In Miami

Check Pre-Sale Price and Payment Terms

The term pre-construction implies that these new developments and real estate properties are marketed and offered before the construction of the building and/or units are available for occupancy. Buying pre-construction usually occurs prior to any construction or ground breaking takes place. To attract potential buyers and future condo owners, units at this stage are sold at significantly lower prices and the developers offer flexible payment plans, usually with just 10% down to go to contract.

From the perspective of the developers, securing buyers early on will indicate whether the project will be successful or they need to adjust pricing. This perceived high interest in the new construction condos confirm the trust and reliability for their lenders and investors.

Pre sale and introductory prices can be up to 30 to 50 percent less expensive compared to today’s selling prices. Once the building is complete, the prices will reflect current market conditions.

When you’re searching for the latest Miami pre-construction condos up for sale, it’s best to get in as early as possible.  Buyers find significantly cheaper prices are than their ready for occupancy (RFO) counterparts. Some developers also offer various payment options to in order to attract a larger pool of buyers.

How To Buy Pre-Construction Condos In Miami

Manage Your Expectations

The real estate agent and developer will usually give a time frame of the completeled project and almost always answer in ranges and never on a specific date. This is because condominium projects, like other new construction efforts, understandably meet delays along the way.

This is why purchasing pre-construction condos can  great investments, but not a good option for people looking to move into the property by a certain date. Timing is extremely volatile from the unit owner’s side, leaving you essentially clueless about when certain milestones on the project will actually be met.

If you’ve found a unit you really like but would like to put safeguards in place, you might want to request help from your lawyer. They can negotiate for a so-called “outside date” for your contract deposit. Should your side and the developer agree, a clause stipulating that you can cancel the contract and recover the deposit should the developer fail to complete the unit by a certain date. This option is particularly useful for busting markets. If your first choice for a Miami pre-construction condo doesn’t work out, you can recover your deposit and reinvest it somewhere else in the neighborhood.

Make the Purchase

If you think you’ve arrived at a decision regarding your new construction condo unit, getting into a deal with the developer is actually fast and easy. Below are the main steps you’ll have to follow as you turn your real estate dream into reality.

Check your finances

Before you get into a major financial transaction such as purchasing a condominium unit in the pre-selling stage, make sure that you’re ready and capable to meet your end of the bargain. This is also a good time to see lenders willing to cover your financing needs. The importance of being able to pay consistently cannot be overstated, especially in matters of real estate. While there might be considerations extended along the way, failing to meet your duties as the buyer could lead to the unit being defaulted. Visit your developer This is the part where you meet up with a consultant or a sales agent. You can review the technical specifications of the unit including the plans and layout of the pre-construction condo you will be purchasing. During this part, you can request additional add-ons for your unit. You can also review certain design and construction choices and make changes to better suit your needs. For most developers, certain changes can only be accommodated during the planning stage. Once construction starts, customization options become less flexible and start to cost more. Sign and Pay Once both parties have agreed, it’s time to get to the fine print. A contract is drawn that contains the disclosures and all responsibilities of the parties involved. It is highly recommended to have a lawyer review the entire contract to make sure you’re well informed of all details and clauses in the document before signing.
How To Buy Pre-Construction Condos In Miami

Get Your Miami Condo Today

Everyone wants to enjoy the fruit of their labor, and this also applies to major financial investments such as having pre-construction condos New construction projects offer unparalleled advantages should you avail them early. However, it is important that there are also risks included with pre-construction projects.

Additionally, now is a good time to check out the Miami real estate market. There are active development projects across the Sunshine State, from Miami Dade County to Broward County. Whether you’re looking to gaze at the sprawling city skyline or the sands and sea at the South Beach, there are sure condos fit for your taste. If you’re looking for new construction condos, make sure to work with a trustworthy agent who knows the ins and outs of Miami condos. Contact us today and we’ll help you find the Miami condo you’ll soon call your home.
South Flagler House West Palm Beach

South Flagler House

2301 SE 17th Street
Fort Lauderdale
Starting at $3.5 Million

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Pre-Construction Condo Projects in South Florida

42 PINE

340 West 42nd Street
Miami Beach
Starting in the $700's

501 First Residences Airbnb Condos

501 FIRST RESIDENCES

501 NE 1st Avenue
Downtown Miami
Sold Out!

600 Miami Worldcenter Condos

600 MIAMI WORLDCENTER

600 NE 1st Avenue
Downtown Miami
Starting in the $400's

729 EDGE

710 NE 29th Street
Edgewater
Prices not available yet

888 BRICKELL

888 Brickell Avenue
Brickell
Starting at $1.6 Million

2200 Brickell Avenue Miami Florida

2200 BRICKELL

2200 Brickell Avenue
Brickell
Starting at $1 Million

3000 WATERSIDE

3000 E. Oakland Park
Fort Lauderdale
Starting at $1 Million

7918 NORTH BAY

7918 West Drive
North Bay Village
Prices not available yet

ALANA BAY HARBOR

9901 W Bay Harbor Dr.
Bay Harbor Islands
Starting at $ Million

AMAN RESIDENCES

3425 Collins Avenue
Miami Beach
Prices not available yet

ARIA RESERVE

711 Northeast 23rd Terrace
Edgewater
Starting at $1.3 Million

ASTON MARTIN RESIDENCES

300 Biscayne Blvd. Way
Downtown Miami
Starting in the $800's

Avenue Coral Gables Airbnb Condos

THE AVENUE CORAL GABLES

351 San Lorenzo Avenue
Coral Gables
Starting at $728,000

BACCARAT RESIDENCES MIAMI

444 Brickell Avenue
Brickell
Starting at $1.7 Million

BENTLEY RESIDENCES

18401 Collins Avenue
Sunny Isles Beach
Starting at $4.2 Million

CASA BELLA BY B&B ITALIA

1444 Biscayne Blvd.
Arts District
Starting in the $700's

CASAMAR POMPANO BEACH

900 N. Ocean Blvd.
Pompano Beach
Starting at $1.5 Million

CIPRIANI RESIDENCES MIAMI

1420 S. Miami Avenue
Brickell
Starting at $1.55 Million

The Crosby Miami Condos Worldcenter

THE CROSBY MIAMI WORLDCENTER

601 N. Miami Avenue
Downtown Miami
Sold Out!

DIESEL WYNWOOD

121 NW 28th Street
Wynwood
Starting in the $500's

District 225 Condos Miami

DISTRICT 225

233 N. Miami Avenue
Downtown Miami
Sold Out!

E11even Miami Condos Airbnb

E11EVEN HOTEL & RESIDENCES

20 NE 11th Street
Downtown Miami
Sold Out!

E11EVEN RESIDENCES MIAMI BEYOND

20 NE 11th Street
Downtown Miami
Starting in the $900's

The Edge Miami Condos

THE EDGE

490 NE 29th Street
Edgewater
Prices not avaialable yet

Edition Residences Miami Edgewater

EDITION RESIDENCES EDGEWATER

2121 N. Bayshore Drive
Edgewater
Starting at $1.7 Million

Edition Residences Fort Lauderdale

EDITION RESIDENCES FORT LAUDERDALE

2121 N. Bayshore Drive
Fort Lauderdale
Starting at $3 Million

FIVE PARK SOUTH BEACH

500 Alton Road
South Beach
Starting at $3 Million

LA BAIA BAY HARBOR

9201 E. Bay Harbor Dr.
Bay Harbor Islands
Starting at $1.3 Million

Legacy Residences Miami Condos

LEGACY RESIDENCES

942 NE 1st Avenue
Downtown Miami
Sold Out!

Lofty Brickell Miami Condos

LOFTY BRICKELL CONDOS

99 SW 7th Street
Brickell
Starting in the $800's

MISSONI BAIA

777 NE 26th Terrace
Edgewater
Starting at $995,000

MR. C RESIDENCES

2655 S Bayshore Drive
Coconut Grove
Starting in the $700's

MR. C TIGERTAIL

2678 S Bayshore Drive
Coconut Grove
Starting in the $800's

Natiivo Miami Airbnb Condos

NATIIVO MIAMI

159 NE 6th Street
Downtown Miami
Sold out!

Nexo Residences Miami

NEXO RESIDENCES

13899 Biscayne Blvd.
North Miami Beach
Starting in the $400's

NOMAD RESIDENCES WYNWOOD

2700 NW 2nd Avenue
Wynwood
Starting in the $600's

OASIS HALLANDALE

1110 E. Hallandale Beach
Hallandale Beach
Starting in the $700's

OCEAN PARK

304 Ocean Drive
South Beach
Sold out!

Okan Residences Miami Condos

OKAN TOWER

555 North Miami Avenue
Downtown Miami
Starting at $670,000

ONDA RESIDENCES

1135 103rd Street
Bay Harbor Islands
Starting at $2.4 Million

ONE PARK TOWER BY TURNBERRY

2411 Laguna Circle
North Miami
Starting in the $700's

ONE RIVER POINT

24 SW 4th Street
Miami River
Starting in the $800's

Origin Residences Bay Harbor Islands

ORIGIN RESIDENCES

9760 W. Bay Harbor Drive
Bay Harbor Islands
Starting at $1.2 Million

ORA by Casa Tua Miami Brickell Condos

ORA BY CASA TUA

1210 Brickell Avenue
Brickell
Starting at $800,000

THE PERIGON

5333 Collins Avenue
Miami Beach
Starting at $4 Million

PIER 66 RESIDENCES

2301 SE 17th Street
Fort Lauderdale
Starting at $3.6 Million

Residences at 1428 Brickell Miami

THE RESIDENCES AT 1428 BRICKELL

1428 Brickell Avenue
Brickell
Starting at $2 Million

RESIDENCES IN THE GROVE

2855 Tigertail Avenue
Coconut Grove
Prices not available yet

The Residences at Shell Bay Hallandale Beach

THE RESIDENCES AT SHELL BAY

Diplomat Parkway
Hallandale Beach
Starting at $2.5 Million

RITZ CARLTON RESIDENCES POMPANO BEACH

1380 S. Ocean Blvd.
Pompano Beach
Starting at $795k

Rivage Bal Habour Condos

RIVAGE BAL HARBOUR

10245 Collins Avenue
Bal Harbour
Starting at $7 Million

ROSEWOOD RESIDENCES MIAMI BEACH

1775 Collins Avenue
South Beach
Prices not available yet

SHOMA BAY

1850 79th Street
North Bay Village
Starting in the $400's

SHORE CLUB PRIVATE COLLECTION

1901 Collins Avenue
South Beach
Starting at $6 Million

SIX FISHER ISLAND

6 Fisher Island Drive
Fisher Island
Starting at $19 Million

Sixth and Rio Fort Lauderdale

SIXTH AND RIO

501 SE 6thAvenue
Fort Lauderdale
Starting in the $900's

Smart Brickell Airbnb Condos Miami

SMART BRICKELL

229 SW 9th Street
Brickell
Starting in the $400's

SOLEMAR POMPANO BEACH

1116 N. Ocean Blvd.
Pompano Beach
Starting at $1.3 Million

THE STANDARD RESIDENCES MIAMI

3100 NE 1st Avenue
Midtown Miami
Starting in the $400's

ST. REGIS RESIDENCES MIAMI

1809 Brickell Avenue
Brickell
Starting at $2.8 Million

ST. REGIS RESIDENCES SUNNY ISLES

18801 Collins Avenue
Sunny Isles Beach
Starting at $4.3 Million

Surfrow Residences Surfside Florida

SURF ROW RESIDENCES

8800 Collins Avenue
Surfside
Starting at $5.9 Million

Tal Aventura Florida Condos

TAL AVENTURA

2785 NE 183rd Street
Aventura
Starting at $1.425 Million

UNA RESIDENCES

175 SE 25th Road
Brickell
Starting at $2.7 Million

Urbin Coconut Grove Condos For Sale

URBIN COCONUT GROVE

3162 Commodore Plaza
Coconut Grove
Starting at $750,000

Urbin Miami Beach Condos

URBIN MIAMI BEACH

1260 Washington Avenue
South Beach
Sold Out!

Vida Residences Miami Condos

VIDA RESIDENCES EDGEWATER

410 NE 35th Terrace
Edgewater
Starting at $415,000

VITA AT GROVE ISLE

4 Grove Isle Drive
Coconut Grove
Starting at $4 Million

WALDORF ASTORIA RESIDENCES MIAMI

300 Biscayne Blvd.
Downtown Miami
Starting at $3 Million

The Well Bay Harbor Islands

THE WELL BAY HARBOR ISLANDS

1160 Kane Councourse
Bay Harbor Islands
Starting at $1 Million

Have questions? Need advice?

We're experts in the South Florida Luxury Real Estate market and are available to help you with anything you need. Whether you’re interested in buying, renting or selling a home or condo, we're available to you 24/7.
Give us a call +1 (305) 695-8257 or email hello@joshsteinrealtor.com

Josh Stein
Josh Stein

Global Luxury Realty

+1 (305) 695-8257

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