Preconstruction & Conversions

Why buying preconstruction or condo conversions? You get to own a property at below the market price, a sound investment that has historically appreciated, and remained stable over the long term. Purchasing the property the earliest into the preconstruction process secures the greatest discount, and potential equity appreciation.

   
Great condos, centrally located in Miami

PC#1 New Condo/Lofts Miami from $249,000

  • Preconstruction, 1 and 2 bedroom loft-style condo.
  • 18' ceilings, Euro-style cabinetry, granite countertops.
  • Covered parking, pool, BBQ area, fitness center, game room.
  • Marble floors foyer, kitchen & baths, impact-resistant windows.
  • Only $5,000 to reserve, 10% at contract, -central location!
  • Request more information
More pictures of these condos in Pembroke Pines

PC#2 Pembroke Pines Condos Low $200K's

  • One Bedroom / One Bath from the $180K's!
  • Two Bedrooms / Two Baths from the $250K's
  • Walk-in closets, Washer and Dryer in units
  • Covered patio and balcony, crown moldings, hurricane shutters
  • European style cabinetry, dishwashers, spacious pantry
  • Request more information
Luxury condos in Sunny Isles Beach

PC#3 Sunny Isles 3-Bdr. Condos from $750,000

  • Preconstruction, 3-bedrooms condos with large terrace.
  • Stone floors, custom cabinetry, high-end appliances.
  • 25,000 sq.ft. pool/spa and cabana.
  • 1,593 sq.ft. living area.
  • Intracoastal, with water views in every direction.
  • Request more information
Condo conversion in Miami, 1 bedroom units

PC#4 1 Bdr. Condos in Miami from $197,000

  • 9-story midrise condominium borders the Miami River
  • European-style kitchens
  • Large private balconies, impact-resistant glass windows
  • From 560 to 820 SQFT
  • Residents enjoy low maintenance fees
  • Request more information
Condos and townhomes in Country Club of Miami, just North of Miami Lakes

PC#5 Condos and townhomes from $170,000

  • Country Club at Miami Lakes, condo conversion.
  • One and two bedroom models are available.
  • Pool, clubhouse with fitness and business centers.
  • from 883 to 1458 SQFT living area.
  • Tennis courts and a BBQ area.
  • Request more information
Condo conversion just North of Miami Lakes

PC#6 Condos in Miami Lakes from $150,000

  • No maintenance fee for 6 months!
  • Investors are welcome, condo conversion.
  • One and two bedroom models are available
  • from 851 to 1,163 SQFT living area.
  • Clubhouse, pool, Jacuzzi, fitness center.
  • Request more information

I Want Information About this Project:

Yes No

Why buying preconstruction or condo conversion?

The greatest advantage of buying a property in preconstruction is the price discount: you'll get to own a home in the near future at today's prices. You have a unique opportunity of making a small deposit to reserve a property, and then pay the balance to own the home spread over a period of time. You also may have the opportunity to select among several condo models available, and choose the features and upgrades you desire.

Buyers and investors take the risk of investing their money in a condo that does not exist yet, but developers are willing to offer the preconstruction property at a discount, in order to make it attractive to buyers, because they need to pre-sale a certain number of units to be able to finance the whole preconstruction condo project through their lender.

The key to the preconstruction process is the potential equity appreciation of the property. In the initial stage the developer will offer the lowest prices, and as interest in the preconstruction project develops among the public, the prices will increase in steps, usually as certain numbers of condos under contract are reached.

When a buyer is interested in a certain preconstruction project, and the developers still do not have all the documentation or approvals, the first step is a reservation agreement: the buyer makes a reservation fee deposit that can be anywhere between $5,000 to 10% of the purchase price of the property, just to guarantee that if you decide to go ahead with the contract, the condo unit you selected will be available to you. This amount will count towards your down payment, should you decide to enter contract. Your deposit will be placed in an escrow account, and if you change your mind and decide against it, your deposit is returned to you with no penalty.

Usually developers prefer to go directly to the purchase contract, where the buyer is required to pay the stipulated down payment. If you made a reservation deposit, you will pay the remaining balance to the down payment amount. At this point, in preconstruction condo projects, Florida law stipulates a 15 days rescission period where you may decide not to go to contract and your deposit will be returned to you. After the rescission period, however, if you default you loose the deposit money.

The 2 weeks rescission period by law, allows the buyer enough time to review the contract and the condo documents carefully, and decide if the condition stipulated are for them, before entering in a binding commitment.

Some preconstruction projects stipulate a second deposit at breaking ground, or some other conditions and payments. It all depends on the stages involved in the project, and the phase of construction you entered the process.

Usually, a preconstruction project can take anywhere between 6 months to 2 years, and you will not be required to make anymore payments until closing on the property, and taking possession. On that date, the closing process is similar to any other real estate deal, where the buyer has to make the balance payment with any additional deposits for condo association, taxes, etc.