WHAT IS PRE-CONSTRUCTION?
The real estate term “Pre-construction” is the opportunity to buy into a property before the actual construction has begun. It is often a fantastic opportunity to get in (sometimes literally!) on the ground floor. Permits are in place as is property financing as well as construction start dates.
PRICES
If you buy pre-construction this means you reserve the property at today’s price until the closing date. Hollywood to Coconut Grove is experiencing and exponential increase in prices that appears to have no leveling off in the near future. Numerous pre-construction projects have proven prices went only one direction after completion and that was straight up!
DOWN-PAYMENT
Developers of pre-construction condominium property normally require 10% at the reservation to bind the contract and another 10% at start of construction, usually within 5 to 9 months . This 20% is held with a title company – not the builder. Typically it takes 12 to 24 months to build your condo depending on size of condo and amenities.
ADVANTAGES
Pre-construction advantages allow you to select a prime location, the size of unit you desire, direction the unit faces, at lower prices and the developer incentives.
HOW FORSALE-MIAMI.COM CAN ASSIST YOU
Knowing “what” pre-construction is coming available and “when” is critical therefore this is where the ForSale-Miami.com team can guide you in making the right decisions. We are constantly monitoring all available real estate resources and we keep in touch with developers to seek out the very best opportunities for you.
ForSale-Miami.com can help you make a sound investment before others even know it is available.
CONDO-HOTEL
An exciting new real estate concept is Condo-Hotel! Essentially, you buy a unit(s) in a condominium established as Condo-Hotel that very likely is a luxury high-rise property. You have the option to rent it when you are not using it. The hotel management traditionally takes care of the property, so you do not have to worry about it when you are not there. These properties usually include luxury amenities such as resort swimming pools, state of the art health clubs and spas and the finest furnishings.
This offers several very attractive opportunities. The first of course is owning a piece of luxury living! South Florida is one of the world's premier destinations, owning your own property here puts you in the elite group who knows what they want in life and go for it! The second aspect which makes this market so exciting is Miami itself! Miami enjoys a world famous reputation as playground of the stars and the center of the true good life. With sparking ocean, azure skies and clean environment, it is no wonder people around the globe flock to Miami, which means a world-wide market of potential renters for you. The third attractive aspect is that your property will most likely appreciate in value as you enjoy the good life.
Lending institutions are making loans for both domestic and foreign buyers and the interest rates are so low right now, that the investment is even more attractive, especially with the very volatile stock market. There are more Condo-Hotel properties coming on the market all of the time.
