New Construction FAQ’S
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How much deposit will I need to put down?
The averge developer usually requires 50% of the purchase price to be paid in specific increments over the course of the building construction period. Typically developers want 10% to reserve the condo (also known as the Reservation Deposit), followed by another 10% within 30-60 days, then an additional 10% at the groundbreaking and finally the last 10% at the building’s top off.
Once the condo building is completely finished and ready to move in, the balance of 50% will be due and its possible that you can finance this balance.
Can I cancel my contract once I reserve a condo?
Yes, when you find a pre-construction condo that you like and you decide you want to purchase it, you will be asked to sign the devloper’s sales and purchase contract. At the sametime, you will need to put down 10% of the purchase price into escrow.
Once you have done this, you will then have 15 Days (referred to as the recission period) in order to review all of the condominium documents, legal documents and any other specific details about the building. If for any reason you are not happy with what you see and you do not want to move forward with the purchase, you are allowed to cancel and get back your full deposit as long as you are within the 15 days.
After the 15 day recission period is over, it is much more difficuly to cancel without a penalty.
Can I finance my deposit?
No, unfortunatley you cannot finance your deposit when buying a pre-construction condo. All of the deposits to the developer need to be paid in cash, either via wire transfer or check.
However it is possible to finance the 50% balance of the condo if you choose to do so, but it may be difficult to find a lender to do so. Oftentimes, buyers will close in cash and then refinance.
When is the best time to buy a pre-construction condo?
As with anything, the earlier you can get into a project, the better the prices will be. Generally speaking, developers will usually offer VIP Pricing to early buyer and friends and family. I get access to ALL of the best new projects in South Florida before they are announced and can help secure first round pricing for you. And please note that it’s never too late to buy a condo that you love and with pre-construction, you should expect to see appreciation in value over the course of the construction.
If there is somethign specific you are interested in, please contact me directly at +1 (305) 695–8257 and I can tell you what’s on the horizon.
Will my condo be delivered 'move-in ready' or do I need to invest additional money?
This is a great question. Nowadays, most developers will deliver the condo as ready to move into and fully finished. This means flooring is installed, the closets are fully built out and lighting is complete. However, there are some instances where develoeprs will deliver the condo “designer ready”, which means you get a raw condo with only the kitchen and baths finished.
What is your personal favorite Pre-Construction condo building?
For me personally, I really love Pier 66 Residences in Fort Lauderdale, since I’m a boater and I grew up always going to the original Pier 66. So for me, this is just a really special condo development. Another favorite new development of mine is The St. Regis Residences Sunny Isles Beach. I love the unique design of the building and I can’t wait to see it completed.
I have a few more projects that I really like and I feel would make for excellent investments. If you’re interested, feel free to call me or email me.
Will I get a better deal if I buy pre-construction?
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+1 (305) 695-8257
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JOSH STEIN REALTOR
Global Luxury Realty, LLC
1688 Meridian Ave
MIami Beach, FL 33139
+1 (305) 695-8257
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