Miami Pre-Construction Condos

What is a Pre-Construction Condo — And How Does the Process Work?

A pre-construction condo is a luxury residence purchased before — or during — its construction. Buyers commit early, lock in today's pricing, and watch their investment appreciate as the building rises. In Miami, pre-construction inventory dominates the luxury market: every major waterfront and urban-core address from Brickell to Bal Harbour has multiple new towers either selling or breaking ground at any given time.

The typical Miami luxury pre-construction project takes 36–48 months from contract to closing. Below is the standard four-stage timeline that almost every Miami developer follows.

1. 1

   Reservation (months 1–3)

   A refundable reservation agreement secures your preferred line, floor, or unit before the formal contract. Deposits at this stage are typically 5–10% and fully refundable.

2. 2

   Contract (months 3–12)

   The hard contract converts the reservation into a binding purchase. Total deposit at this stage typically reaches 20% and becomes non-refundable.

3. 3

   Construction (years 1–3)

   Milestone deposits (usually 10% at groundbreaking, 10% at top-off) bring the buyer to 40–50% paid. Buyers receive periodic construction updates and sometimes the chance to select finishes.

4. 4

   Closing (years 3–5)

   Building receives its Certificate of Occupancy. The buyer pays the remaining balance, typically through cash or US financing, and the unit is conveyed.

Deposit Structures: How Miami Developers Spread Costs

Most Miami luxury pre-construction projects follow a 30–50% deposit structure, with the remainder financed or paid in cash at closing. The deposit is spread across construction milestones so the buyer commits capital gradually rather than all at once.

A representative example for a $2,000,000 unit on a 40% deposit schedule:

Some developers push to 50% pre-closing — especially for foreign buyers without US financing — by adding a fourth 10% milestone tied to the elevator core, facade completion, or another construction marker. Ultra-luxury Miami projects (think Cipriani Residences, Aman, branded supertalls) sometimes require 50%+ deposits because waiting lists are long and developers want committed buyers.

Compare to traditional Miami resale: 20% down at closing for financed deals, or 100% cash for premium properties. Pre-construction lets you spread that capital over 2–4 years — meaningful in a market where luxury units routinely list above $5M. By Florida law (FS § 718.202), all pre-construction deposits must be held in escrow with a licensed Florida escrow agent until closing, which protects buyers if the developer fails to deliver.

Top Developers Building Luxury Condos in Miami

Miami pre-construction is dominated by a tight cluster of repeat developers, each with a recognizable price point and design language. Developer track record matters — buyers should ask what previous projects were delivered on time and what the actual vs. promised delivery was on the most recent building.

• Related Group — Miami's largest condo developer. Casa Bella, Baccarat Residences, Aston Martin Residences. Wide range from mid-luxury to ultra-luxury.
• PMG (Property Markets Group) — Branded-residence specialists. Waldorf Astoria Residences Miami, E11even Hotel & Residences.
• Multiplan Real Estate — JV partner on Aston Martin Residences and many Sunny Isles luxury towers.
• Terra Group — Eighty Seven Park, The Surf Club Four Seasons, Eighteen Sunset. Quietly luxurious, architect-driven.
• Two Roads Development — Elysee, Edition Residences. Boutique luxury, often bayfront.
• Trump Group — Estates at Acqualina, Mansions at Acqualina. Sunny Isles ultra-luxury.
• JDS Development — Major Food Group Grove, 888 Brickell Dolce & Gabbana. Supertall ambitions.
• Dezer Development — Bentley Residences, Pininfarina Residences. Branded automotive-themed luxury.

Foreign Buyer Considerations

Roughly 30% of Miami pre-construction buyers are non-US citizens. The structure favors international buyers in several ways — but the tax and currency mechanics deserve advance planning.

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  No US financing required. Most international buyers pay cash, which fits the deposit-then-balance structure. US banks rarely finance pre-construction for foreign nationals anyway.

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  FIRPTA withholding on eventual resale. When a foreign owner sells, the IRS withholds 15% of the gross sale price (not the gain) under FIRPTA. Plan with a US tax advisor before purchase.

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  No visa is required to own. Foreign nationals can own US real estate freely. Visa status only affects how often you can occupy the unit personally.

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  EB-5 investment program. Some Miami developers participate in EB-5 programs where an $800K–$1M investment can support a green card application. Confirm directly with the developer and an immigration attorney.

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  Currency timing. Deposits are due in USD on a fixed schedule. Plan currency conversion in advance so you are not forced to trade at unfavorable rates during a deposit milestone.

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  Local representation matters. Most foreign buyers operate through a US-licensed broker plus a Miami real estate attorney. The broker handles the deal; the attorney reviews the contract, condo declaration, and budget.

REHUB Miami works with international buyers from over 30 countries. Reach out if you need an introduction to vetted Miami real estate attorneys, CPAs familiar with FIRPTA, and bilingual lenders.