A. Pre-construction condos allow buyers to secure properties at initial pricing before appreciation occurs. Additional benefits include:
- Customization: Many developers offer opportunities to personalize your unit’s finishes and layouts.
- Priority Access: Secure the most desirable units before they hit the market.
- Staggered Payments: Deposits are typically spread out over the construction timeline, providing financial flexibility.
A. Developer contracts are often detailed and developer-friendly, so it’s crucial to understand their terms. Important considerations include:
- Assignability: Can the contract be transferred if you decide to sell before closing?
- Restrictions: Are there limits on marketing your unit before completion?
- Fees: What transfer or administrative fees might apply?
Seth Feuer and The Meridian Advisors will review these details with you to protect your interests.
A. Deposits are generally placed in an escrow account. The typical structure includes:
- 10% upon signing a reservation agreement.
- Additional 10-20% upon signing the purchase agreement.
- Balance due at closing upon project completion. Funds held in escrow are often refundable until the purchase agreement is finalized. Escrow accounts provide security for buyers while also supporting the developer’s financing.
A. Developers offer pre-construction pricing to attract early buyers and secure funding for their projects. As units sell and demand increases, prices often rise, providing appreciation potential for early investors.
A. Yes, but financing options vary by project. Many buyers secure financing closer to the closing date, and Seth Feuer can connect you with trusted mortgage professionals who specialize in luxury real estate.
A. Seth Feuer and The Meridian Advisors bring unparalleled expertise in Miami Beach luxury real estate. We provide:
- Early Access: Gain insider knowledge about projects before they’re publicly available.
- Tailored Advice: Receive recommendations based on your unique goals
- Market Expertise: Navigate the nuances of luxury pre-construction with confidence.
Still Have Questions? Let’s Chat!
If you have additional questions about Miami Beach pre-construction condos, don’t hesitate to contact Seth Feuer and The Meridian Advisors. We’re here to provide clarity and guide you through every step of the process.