New towers continue to rise across Miami, Brickell and Hollywood. Buying before a building is finished can offer a great choice of units and brand-new amenities, but it is a different process from buying a resale condo. Here is what to weigh.
The advantages
- Best choice of units: early buyers pick the floor, view and layout.
- Payments spread over time: deposits are usually paid in stages during construction.
- Brand-new building: modern design, current building codes and new amenities.
The risks
- Delays: completion dates can move, so build flexibility into your plans.
- Changing costs: final association fees and insurance may differ from early estimates.
- Financing at closing: you need to qualify for a mortgage when the building is finished, not when you sign.
How deposits work
Developers typically ask for a series of deposits, often tied to signing, groundbreaking and construction milestones. Ask exactly when each payment is due, where the deposits are held and under what conditions they can be used for construction.
Questions to ask before you sign
- What is the developer’s track record with similar projects?
- What is the estimated completion date, and what happens if it is delayed?
- What are the projected association fees, and what do they include?
- Are short-term rentals allowed once the building is complete?
- Can the contract be assigned to another buyer before closing?
Florida law also gives buyers of new condos from a developer a short period after signing to review the documents and cancel. Use that time to read the documents carefully with your agent or attorney.
Explore new developments
See current projects such as Icon Beach Hollywood and Waldorf Astoria Residences Miami, or browse all new construction. We represent buyers at no cost to them. Contact us for priority access to new launches.
