The luxury real estate market in Miami has been getting better with each passing year, seeing double digit growth across the board. The boom of New Construction or Pre-Construction luxury homes have become more popular than ever before, resulting in tremendous growth in the last decade. If you're thinking about buying a condo in Miami, either as an investment or a place to call home, it should be a pleasurable experience that you can enjoy both financially and for your lifestyle!
What is a Pre-Construction or New Construction Condo?
A Pre-Construction or New Construction Condo is one that you are buying before or while it is being built. Miami has one of the most enticing luxury home markets in America. With luxury buyers coming from around the world to take advantage of Miami’s high-end real estate market, many luxury condo towers are going up quickly and efficiently to keep up with demand. To get a head start on a coveted floor plan at an incredible price, New Construction homes are a fantastic option.
Why Buy Pre-Construction?
Many owners are beginning to see the benefits of buying pre-construction over traditional luxury home purchases:
Price - Oftentimes, developers offer early-bird pricing and certain incentives during the Pre-Construction period. This means you will likely get a better price for your condo by purchasing it early. Essentially, you want to lock in a beautiful condo at lower prices so you can benefit from rising real estate values, while not actually having to worry about maintaining the real estate while it is being built.
Preference - You like being in charge of your own destiny, by having first choice at exactly the floor plan you want and exactly what floor you want -- options only pre-construction can offer.
With so many upsides, it’s easy to see why buyers purchase a condo during the early development period.
Miami Pre-Construction Phases
Condo projects at different stages of their development have different benefits for homebuyers. When buying a condo, you’ll typically have three options: pre-construction, new construction and resale. There are different pros and cons to each option depending on what stage of its development your project is at. Pre-construction condos often receive discounted prices when compared to those that will be offered after they’re built (depending on what stage they’re in), but some may find that timing can be an issue. There is no guarantee you will be able to close on a condo at a certain time but having the right team by your side to guide you through the process helps tremendously.
How to Negotiate the Best Miami Pre-Construction Deal
The key terms to consider when negotiating for the best deal on a pre-construction condo property include, but are not limited to:
- Purchase Price: Does the seller want you to pay fair market value (i.e., a multiple of 2 or 3 times the annual rental value) or will he take a discount?
- Price / Value Ratio: What is the ratio between purchase price and current estimated values? If it’s too high, what can you do about it? On that note, keep in mind that all estimates are just estimates until sales start taking place—and even then they might change because an unexpected economic event has just taken place.
- Finishes: Depending on when in the construction process you decide to purchase a unit, interior finishes and fixtures can sometimes be negotiated. Flooring upgrades, carpet credits, and furniture packages are kinds of upgrades and “bonuses” that can be negotiated if you enter your deal at the right time.
- Your Real Estate Agent: Negotiating with developers is not easy. Sometimes it takes weeks, and many times you have to know who to talk to up the ladder in order to get the deal done. Many agents are more hungry for the sale in front of them than for the value of the long-term relationship that working with you can bring. Hiring a pro like Miami Lifestyle Team, who will negotiate on your behalf and who looks out for the fine details that put you in the best position.
Luxury Pre-Construction Properties will Appreciate in Value Over Time
Pre-construction condos, townhomes, and single-family homes in Miami are hot properties for homeowners. The same properties can sell well above asking prices when completed since demand for luxury real estate is growing. If you're currently in Miami looking to make an investment in real estate and need help with luxury home buying or selling, contact us today! Our knowledge will help you find a new home that will appreciate in value over time.
List of Miami Pre-Construction and New Construction Properties
Some of our favorite new construction properties we're offering here at Miami Lifestyle Team include a whole host of unique amenities, amazing floor plans, cool features, & phenomenal services. A few of our favorite Pre-Construction properties include:
Cipriani Residences | The Gateway to a Timeless Italian Living Experience
Boasting magnificent panoramic views of Biscayne Bay and the Brickell skyline, forget your worries while living in this masterfully designed luxury residence. To live in Cipriani Residences Miami is to enjoy those signature service standards first established at Harry’s Bar in 1931 and perfected through four generations. Individual tastes are indulged and needs are anticipated with an intuitive understanding of when and where their attention is required.
Learn more about Cipriani Residences
Five Park | Heavenly Views, Serene Interiors
Welcome to Five Park - where nature and luxury meet seamlessly at the intersection of function, beauty, and sustainability. With an exclusive residential tower on one side and an open-air plaza on the other, Five Park provides residents an inviting blend of luxury living, casual shopping, and coastal experiences. Explore Five Park today and discover one of the most transformative residential towers on Miami Beach.
Aria Reserve | A Luxurious Design Inspired by Balance
Here, the idea of a life well lived has been completely transformed so that the beauty of nature and the convenience of state-of-the-art lifestyle amenities exist in perfect balance with one another. Aria Reserve brings the tallest waterfront, residential twin towers in the United States. The iconic profile in the heart of Miami, and prestigious waterfront position on Biscayne Bay, makes Aria Reserve feel like a private estate hidden away from the rest of the world.
The uniquely modern relationship between design and nature creates an atmosphere of total serenity.
The Demand for Pre-Construction Properties Continues to Rise
Miami's luxury market is now officially hotter than ever before. While demand for property in Miami always existed, what has shifted are the demographics and lifestyles of buyers. These days, Miami buyers want to be smart when it comes to purchasing high-end real estate.
They want to feel secure that they're buying from an established brand with a history of selling trophy homes at record prices, ensuring that their investment is protected and bringing them tangible results as soon as they move into their new home. Buyers are also concerned about being able to sell or rent out a property quickly after they buy it, but with Miami's booming economy, demand for such properties continues to rise as well.
If You’re Going to Buy New Construction, Buy it Right
Making the wrong decision can be a costly mistake for you as a buyer but buying a new construction condo offers huge rewards. If you’re going to take that plunge, make sure you do it with the right team.
Miami Lifestyle Team is a Miami real estate agent you can trust. With a solid reputation & track record selling many pre-construction condos in Miami, we have direct knowledge, inside and out, of the entire Miami condo market. Miami features trendy downtown areas and gorgeous beaches close by. New Construction condos take advantage of ocean-front views and pleasant weather to create a standard of living seldom found elsewhere in the world.
Are you ready for luxury living in Miami? Get in touch with us today!
