The Newest Condo Projects in Miami and Fort Lauderdale | How to Identify the Right Product?

The Newest Condo Projects in Miami and Fort Lauderdale and What Details are Important?

New Construction Condos in Fort Lauderdale

The six brand new condos in Fort Lauderdale are:

• 551 Bayshore Fort Lauderdale
• Ritz Carlton, Pompano Beach
• Selene, Fort Lauderdale
• The Terraces, Fort Lauderdale
• Casamar, Pompano Beach
• 3000 Waterside, Fort Lauderdale

New Construction Condos in Miami

The 10+ brand new condos in Miami are:

• Mr C Tigertail residences
• St Regis Brickell
• Waldorf Astoria, Downtown Miami
• Aston Martin Residences, Downtown Miami
• Baccarat Brickell
• Missoni Baia, Edgewater
• Elysee, Edgewater
• Five Park, Miami Beach
• 57 Ocean, Miami Beach
• The Bentley Residences, Sunny Isles Beach
• Vita Coconut Grove

The Newest Condo Projects in Miami and Fort Lauderdale | How to Identify the Right Condo Product?

We have been selling South Florida condos for nearly two decades, and we have lived through two condo cycles. Our team members know all of the buildings and the numbers. As independent advisors we can provide you with an overview of the broader market and we have the ability to compare condos and show you the pros, cons, and values. We can give you unfiltered advice on the best lines and how the project stacks up to other projects in terms of prices, finishes, and floor plans. Besides that, we are owners of the ‘Condo Geeks’ software, which we will explain later in more detail.

The Newest Condo Projects in Miami and Fort Lauderdale | Paying Attention to Floor Plans

Developers often sell a two or three-bedroom condo with a “convertible” den. This den is convertible in some condos, but this is not always the case. On other occasions, we have seen three bedrooms in a condo that reality should have been a two-bedroom condo. If you don’t analyze the floor plan, you can be stuck with unusable space. We also tend to look at the size of the bathrooms and shower stalls. For example, a Fort Lauderdale condo (call us for more details a 305.508.0899) that we love to sell, but its shower stalls are tiny and not in line with the expectations of a luxury product. We want our buyers to be aware of this.

Functionality is of the utmost importance, especially when more buyers are looking for a new construction condo as a primary residence. Primary residences, where buyers choose to reside for their main home, tend to be more robust and economically stable than pied-à-terre or investment condos. For the condo to function as a primary residence and attract these kinds of buyers, the condo needs to offer good size bedrooms, bathrooms, and closet space. Converting a two-bedroom into a three-bedroom won’t work for any party.

Unusable space is never good, so please pay attention to dead (corridor) space, oddly placed dens, small closets, or any other waste in the floor plan. Also, pay attention to the unit size and the number of bedrooms. Unfortunately, not all buyers look carefully at floor plans and get disappointed when they see the end product.

Architectural vs. Marketing Floor Plans

The condo size will be different on the developer’s floor plan than on the tax roll. The tax records will show a smaller amount of SF, making the SF price higher. How does this happen? The developer will measure the unit from the middle of the wall, including areas such as closets and AC rooms. When the city comes in to measure the condo, they uniquely measure livable space. The difference in size between these two can be as significant as 15%. In the condo docs, the architectural floor plans are provided, which are the actual floor plans with the correct sizes. Pay attention to this critical aspect. When comparing the prices per SF of brand new condos to resale condos, it is essential to compare apples to apples and look at the livable SF, not the marketing SF.

The Finishes

Designer Ready

When looking at brand new condos, you will often read that a condo is “Decorator ready” or “Designer ready”. Do you know what that means? When buying a new condo, you must ask whether floors, bathrooms, or kitchens are included in the purchase price. For example, Selene, one of our favorite Fort Lauderdale condos with a fantastic beachfront location and superb floor plans, sells just below $1,000 per SF. The condo, however, is delivered entirely raw, which means that besides the sales price, you still need to invest in flooring, lighting, a kitchen, and bathrooms. If you are considering different condos and comparing the prices, you must compare apples to apples and know what the sales price includes. A fully-finished condo might appear more expensive on paper but can be a better deal. Use a buyer’s agent who can guide you in this process and knows what things to avoid.

Renderings

Also, note that renderings mostly show the best units with the best views and that these units come finished. The upgrades you see in those renderings are often NOT included in the purchase price and will come with a hefty price tag. For example, specific lighting shown on renderings is one of the most expensive build-outs, something not all buyers expect. Knowing that your unit will look different if you are not willing to spend the extra dollar is essential. Additionally, “finishing a unit” is often perceived as “kitchens, bathrooms, and flooring,” while there is more to a build-out. There are closets, lighting, window treatments, doors, curtains, power sources, and so much more that you might not think will make an enormous (financial) impact.

Ceiling Heights

The last thing I would like to mention is ceiling heights. They might sell a unit with 10ft ceilings, but are they still 10ft after you add in your lighting? Or will there only be 9ft and something left?

Branded Condos

We always mention that a branded condo tower needs to be able to stand on its own and not just take prestige from its brand name. When asking for a premium price, please make sure they deliver you this premium with good architecture, floor plans, finishes, and views. Especially when it comes to brands unrelated to the hospitality industry, such as fashion or the car industry, it is essential to be aware of this. We have had some examples in the Miami market where these towers did not deliver what their buyers expected (Again, call me for details at 305.508.0899). This example does not necessarily have to be the case with all branded towers, but this is something to be made aware of. Please don’t buy a condo for its brand; look at its functionality and compare it to other condos in the market.

Should you buy it now or later?

Many buyers are asking about the consequences of buying at a later stage. Pre-construction condos typically start selling with tier 1 prices and raise their prices as the project begins selling. The later in a project you purchase, the higher the price you pay.

Many of my buyers have missed out on their favorite lines and wonder what to do now. Some of our buyers have followed strategies to buy into another line (their second preferred floor plan in the condo). These buyers will then wait until their preferred floor plan comes free, trade up their unit, and make money. You might have to wait till the condo goes to contract, but we often see a wave of resales just after closing. As the unit you bought will have gained in value by the time you sell, the sticker shock when buying a newer, better condo is not that great. Finally, the developer will be more forgiving about reselling to people that have already bought into the project. Call me at (305) 508.0899 for more details.

Why use the David Siddons Group when Buying a South Florida Pre-Construction Condo?

• We have the Condo Analytics Software
• We have the market knowledge
• We know the Numbers
• We have a great relationship with developers
• We are independent and can give you objective advice on the best lines
• We can compare condos and give you the complete condo market overview
• You do NOT pay us

Condo Geeks, Our Condo Analytics Software

Condo Geeks is a brand new and sophisticated tool, essentially a Bloomberg terminal for real estate. The tool empowers you to analyze entire neighborhoods, individual condos, or a selection of condos. In addition, it allows users to look at the performance of a neighborhood/condo over time (amount of sales, prices per SF, discounts given, and days on the market) or to compare neighborhoods/condos to one another. It is the best tool for consumers to see what a market segment is doing.