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BUYING PRE-CONSTRUCTION

Condo 1428 BRICKELL AVE, MIAMI, FL 33131 30

1428 Brickell: The Residences

Starting From $2.5m

The Residences at 1428 Brickell is a prestigious condominium project located at 1428 Brickell Avenue…

  3,547 Sq Ft
Fabiola Castro
1809 Brickell Ave, Miami, FL 33129 6

The St. Regis Residences

Starting From $3.8m

🏙️ Project Overview Address: 1809 Brickell Avenue, Miami, FL 33129 Developers: The Related Group &…

  1-7   2,615 - 7,391 Sq Ft
Fabiola Castro
888 Brickell Ave, Miami Fl 0

888 Brickell by Dolce & Gabbana

Starting From $2.5m

Miami’s Tallest Ultra-Luxury Tower – Now Selling Pre-Construction Explore 888 Brickell on Miami Luxe Condo…

  2,173 to 9,780 Sq Ft
Fabiola Castro
Condo 1133 SW 2nd ave, Miami Fl. 33130 0

Mercedes-Benz Places Miami

Starting From $850k

Luxury Living. Iconic Design. Address: 1133 SW 2nd Ave, Miami, FL 33130 Welcome to Mercedes-Benz…

  440 - 2,119 Sq Ft
Fabiola Castro
1420 S Miami Brickell 0 Cipriani Residenes

Cipriani Residences

Starting From $1.6m

Ultra-Luxury Pre-Construction Living in the Heart of Brickell Cipriani Residences Miami brings the legendary service…

  1,065 to 3,495 Sq Ft
Fabiola Castro
500 Brickell Key Dr, Brickell Fl. 0

Mandarin Oriental Miami

Starting From $4.9m

Experience elevated living at The Residences at Mandarin Oriental, Miami, an exclusive bayfront development located…

  4700 Sq Ft
Fabiola Castro
444 Brickell Ave 0

Baccarat Residences

Starting From $2.3m

Baccarat Residences Miami is a landmark luxury condominium development located at 444 Brickell Avenue, in…

  1540 to 3650 Sq Ft
Fabiola Castro
2200 BRICKELL AVE 0

2200 Brickell

Starting From $1.2m

2200 Brickell is a boutique luxury condominium development bringing a fresh, wellness-focused living experience to…

  590 to 2070 Sq Ft
Fabiola Castro
77 SE 5th St, Brickell Financial District 0

Viceroy Brickell Residences

$650K

Viceroy Residences Brickell is an exciting new addition to Miami’s luxury skyline, located in the…

  485 to 1286 Sq Ft
Fabiola Castro
1034 SW 2nd Ave, 0

Domus Flats Brickell Park

$470k

Domus FLATS Brickell Center is an innovative condo-hotel development rising 35 stories in the heart…

  460 to 980 Sq Ft
Fabiola Castro

THE TWO MAIN BENEFITS OF INVESTING IN PRE-CONSTRUCTION CONDO PROJECTS ARE:

 

That the buyer is able to buy a brand new condominium property to be delivered some time in the future, based on today’s prices, and
Leverage that investment, since typically the developer will raise prices as incremental units are sold. During previous cycles this has ranged from 10% to 25%. Since the buyer has placed only up to 50% of the purchase price, that appreciation is doubled or more depending on how much down is required. Currently most developers require 50%, but several are now requiring only 35% as risk in the marketplace has been diminished since the 2008 real estate debacle.

 

STAGES IN BUYING PROCESS

 

RESERVATION:

Generally, a refundable cash deposit of 10%-20% is required with a Reservation in a Pre-construction Condo unit. Funds are typically placed in a non-interest-bearing bank trust account and are fully refundable anytime during the Reservation Phase of the transaction. A Letter of Interest or Reservation is the equivalent of a First Right of Refusal to Purchase where both buyer and developer have the option to cancel a Reservation.

CONTRACT:

Once the developer reaches the point of the required number of reservation agreements, they are ready to deliver the Public Offering Statement, which includes the condominium documents, association by-laws, pre-construction purchase contract and escrow agreement.

These docs specify 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. The buyer is required to advance an additional 10-15% and given 15 days (rescission period) to examine the condominium-documents. If the buyer wishes to go ahead the contract now becomes “hard”, meaning all current and future deposits are non-refundable.

CONSTRUCTION:

When construction commences, “breaking ground” in industry parlance, the developer will require an additional 15-20% deposit. Construction then typically takes 18-24 months from this point. The next deposit is typically done at “top off” which is when the last floor of the building is put in place it is typically 10-15%.

So as recap, deposits are 10-15% with reservation, 10-15% at contract, 15-20% upon breaking ground and 10-15% at top off.

Some developers as explained earlier are now requiring only 35% total deposits, so the requirements are lower, (i.e. 20% at contract and 15% at top off).

CLOSING:

Closing takes place when the developer obtains the “Certificate of Occupancy” and the units are turned over to individual owners. At this point you are required to pay the last 50% (or 65% in case of a 35% deposit with one of the developers requiring only that amount), wither in cash or have arranged for lender financing of the unit.

The process described above can vary by project and developer. That’s why it’s very important that you obtain advice and guidance from a pre-construction specialty team and read and understand every section of your developer Agreement. We at Miami Luxe Associates are here to provide you with the best representation and guidance throughout this very exciting time!

Please, contact us now.

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