2019 looks like the year that will mark the end of the current Miami condo flipping cycle. The cycle that began back in early 2012 has seen numerous high-end condo development projects launched, constructed, and delivered. In the year 2014, Miami city set its highest record of real estate developments groundbreaking with a total of 23 projects launched. According to the ISG World Miami Report of 2018, there are only 2,101 new units left for sale in the current Miami condo cycle. Out of the 2,101, 587 units have already been delivered, 1,331 are still under construction, and only 183 units are in the pre-construction phase.
Currently, 80% percent of condo buyers in Miami use their units as either primary or secondary homes. This shift of the Miami condo market from an investors market to an end-user market can be attributed to the favorable pre-construction buying processes in Miami. In recent years, buyers have been purchasing condos while at the pre-construction phase due to the following reasons:
i. Better prices
This is the top reason for you to buy a condo during in its pre-construction phase in Miami. The pre-construction sale price will always be very low compared to the price a unit will be sold at after completion because it is set based on estimated and not actual building costs. Also purchasing a condo in pre-construction gives you greater bargaining power. Therefore, you can negotiate at the sale price to a lower figure.
ii. Ability to select a preferred unit(s)
Purchasing a condo in its pre-construction phase means that you are probably among the first buyers to invest in the project. This, therefore, means you will have plenty of options when it comes to the location of your condo, the view, and the parking, among other attributes.
iii. Customization option
The pre-construction buying process allows you as a buyer to be involved when it comes to the designing and finishing of your condo unit. Depending on the liberties provided by the developer, you can easily customize your condo unit and have it built to meet your dreams.
iv. Flexible Pre-payment option
Acquiring a condo through pre-construction buying gives you the option to begin making your payments immediately. Besides, you can easily clear off your purchase payments before the project is completed and all that is left is for you to wait to move into your new home when it is ready.
So, if you still want to have your dream condo in Miami by the end of the year, now is the time to purchase while the market is still healthy. And with the immense benefits, you could reap with pre-construction buying; you must acquire one of the 183 units left for sale. At FloridaDoc, we can help you navigate the murky pre-construction buying waters. Contact us today for pre-construction condo buying in Miami.