Welcome to the page for Investment Condo Buildings in Miami and Fort Lauderdale, Florida. For more information on all condos for sale in this type of building, please see active listings below. For expert care when buying or selling condos in South Florida or for all real estate services in South Florida and Miami, contact Skyrise Lab. Sign up for a free account to be notified when new listings in this building become available.
Below you will find information on upcoming pre-construction development projects in South Florida. As these projects hit the market, some information may be limited, but we will update information on the site regularly. For additional information, we strongly advise you contact us as we may be able to provide additional collateral on information accordingly.
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South Florida has become a prominent focal point for buyers over the years. Whether it is a primary, secondary or investment property, South Florida is one of the most sought after real estate markets in the US. With over 900 people moving to Florida every day, there is no denying that the demand is at all-time highs.
With this rise of demand for vertical living in the greater Miami and Fort Lauderdale and the record low inventory levels to meet the demand, developers have heeded the call and continue to bring some of the most striking architectural waterfront properties in the world attracting some of the most coveted and renowned architects such as:
- The late great Zaha Hadid (One Thousand Museum)
- Master architect Renzo Piano (Eighty Seven Park)
- Richard Meier (Surf Club), to name a few.
While pre-construction may not be for everyone, those who are in a position to be able to purchase a pre-construction project can typically have many benefits. Some of the 5 most common reasons for gravitating toward new construction include:
1. Buying at a lower rate: Depending on the different stages that a pre-construction project finds itself in, buyers can:
- Take advantage of lower pricing that the developer is offering to incentivize buyers
- Make selections and modifications to finishes with either no cost or minimal upcharge
- Capitalize on selecting valuable floor plans and floor heights at lower rates than at other stages in the process
** While it is not typical for the developer to negotiate the asking price, they typically increase pricing of the units over time depending on the success of the project and the stage they are in.
2. Available inventory: In markets when inventory is low, pre-construction offers buyers the ability to select exactly what they want and not 'settle' for what is available in the market. Depending on the construction stage, buyer can:
- Have first pick on the ideal floor plan and view that is right for them
- Potentially customize, merge or combine units should they want a larger, custom property
3. Brand New: Like with most other things in life, the allure of something new and not having to worry about updating or coming across hidden issues is typically a great incentive.
- Most developers will offer warranty on appliances for the first year.
- At delivery, buyers will do the final walkthrough or "punch-list" where they can point out any imperfections they want the developer to address should there be any.
4. Payments Over Time: Each project will handle the amounts differently, but generally buyers will need to make payments in installments during different milestones of the project, for example:
- 10% at contract
- 20% at groundbreaking
- 20% at top-off
- Balance at closing (the balance in most cases may be financed through a loan)
5. Appreciation: In highly desirable and rapidly appreciating markets like South Florida, those who choose to purchase pre-construction can:
- Enjoy gains on appreciation of their asset without having to worry about carrying costs of HOA or annual property taxes until the project is delivered.
- Many investors consider this route as it can be lucrative to resell once they are delivered.
When not to consider Pre-Construction?
While pre-construction can be a great alternative for some, here are some of the cases where preconstruction may not be the best route:
1. Delivery: Depending on the size and magnitude of the project along other factors, in some cases it can take several years for pre-construction projects to be delivered. Smaller projects may be delivered in 12-24 months wile larger more intricate designs can take between 3-6 years.
2. Paying up front: While pre-construction allows for a payment to be done in installments, you will need to have the funds available throughout that process. In most cases you will need to pay off 40-50% of the value off before delivery, at which point you may finance the rest in most cases.
- Typically, you will need 10-20% of the purchase price by the time you enter into contract
- You will need to make additional payments at different 'milestones' during construction
- At "top off" you will need to have satisfied the required amount set forth by the developer (typically 40-50% of purchase price)
- In most cases, you may finance the balance (remaining 60 - 50%)
There has also been a steady growth of world renowned brands that have partnered up with developers to bring another level of luxury to condo living.
- One of the pioneers of these developments was Dezer Development's Porsche Design Tower in Sunny Isles,
- Followed by the recent Aston Martin Residences in Brickell
- And the upcoming Bentley Residences in Sunny Isles.
The continued growth of South Florida has also attracted major Hotel brands such as:
Some of which have decided to develop their first residential tower ever and chosen South Florida as the perfect location. Whether looking for endless water views, beachfront living or more of an urban core feel that allows for walkability South Florida pre-construction projects are sure to meet the criteria of those looking for a mansion in the sky.
Miami and Fort Lauderdale have grown to deliver different lifestyle options in its diverse neighborhoods such as:
It is imperative for buyers to assess which is the perfect area for them so, the best building in that location can be identified.