How Buying Preconstruction Condos in Miami Works

Buying preconstruction is a different process from buying a finished unit, and the difference is mostly about timing and money. You reserve early, you pay in stages while the tower goes up, and you take delivery years later. In exchange, you enter at the developer’s launch price rather than at market price on delivery day.

Most Miami preconstruction condos follow a similar deposit structure: an initial deposit at reservation, a second when the purchase agreement is signed, one or more during construction as the project hits milestones, and the balance at closing. The exact percentages and milestones vary by developer, and they are negotiable more often than buyers assume, especially on the first release of a building.

What you are really buying at this stage is a contract and a delivery date. That is why the developer’s track record matters as much as the renderings, and why reading the offering documents before you wire the reservation deposit is not optional.