How Miami’s condo market actually works

Miami is a condominium market before it is anything else, and the single most useful distinction is between buying a finished unit and buying one that does not exist yet.

Pre-construction

You are buying from a developer, usually against a deposit schedule paid in stages through construction, and you take delivery years later. The commitment is long, the deposit structure is specific to each project, and the finished product is defined by documents rather than by a walkthrough. Read the offering materials carefully and have them reviewed.

Resale

You can see exactly what you are buying, inspect it, and know the building’s actual operating history rather than its projections. In return you are buying at whatever the market is today, in a building whose reputation is already established.

Lines matter more than floor plans

Within a single tower, the "line" — the stack of units in the same position on each floor — determines outlook, light and exposure. Two units of identical size in different lines can be quite different homes. Height within the line matters too, but position usually matters more.

What to ask about the building

• How is the association funded, and what is the reserve position?
• What is the inspection and maintenance history of the structure?
• Are there assessments in place or anticipated?
• What are the rules on leasing, pets and renovation?

How we help

MiamiBuyer is a referral service. Raoul Shah is a licensed real estate professional in Virginia; he is not a licensed agent or broker in this state. What he does here is match you, at no cost to you, with a top licensed local Miami agent, join the tour, and stay in your corner through the purchase. All local real estate services are provided by that independent licensed agent. Equal Housing Opportunity.