In South Florida today there are 70 pre construction condominiums under way and many more planned that have created a tremendous amount of excitement and press world wide. We have some of the finest most innovative development projects happening that are transforming Miami and South Florida into an even more outstanding world class city. The sold out Faena House in Miami Beach is a $550 million development project located in the prime Miami Beach location at 33rd and Collins and is just one of the many eye opening projects. Another skyline changing project is One Thousand Museum on Biscayne Blvd. designed by the esteemed architect Zaha Hadid. These examples are just a taste of the pre-construction activity happening throughout South Florida. Prices for many of the pre construction luxury condos start at $1500 per square foot and can range to $3000 per square foot or more.
That being said, there are many buyers coming to South Florida and purchasing resale luxury condominiums in completed established towers. In the last 2 months in the $1 million to $3 million dollar range in Miami Beach alone, there have been over 82 condos that have gone to contract. Prices range of course depending on the building are from $800-$1700 square foot. Many of these opportunities are luxury A class buildings less than 10 years old.
Buying a resale does have its advantages; the buyer can actually see the view and walk the living space, the condo will be finished out which is not always the case with new construction, the condo docs will include the minutes from the Board meetings so any issues will be disclosed, the amenities are there to see and there is the opportunity to speak to management and other owners to get the inside scoop. Then there is price. Generally speaking prices in the resale arena are less than new construction. That being said, of course new is new and most new luxury projects offer improved and enhanced designs and amenities. That comes at a cost. The cost of construction is more today than it was 10 years ago as well so new construction will cost more.
In summary, price point and ones individual requirements such as location, size, view and amenities will be the determining factor: Pre-construction or Resale? South Florida offers exciting choices for either.