What does pre-construction means?

There are many pre-construction condo deals happening in Aventura City lately. People are just fascinated with the luxury living of these classy condos. But not too many really know what pre-construction entails. Developers usually require a 10% deposit. If, for example, the standard asking price for a condominium in this area goes from about $400,000 and up, you will have to deposit $40,000 to reserve your condo unit. However it all depends on the type of construction. The deposit is detained in an escrow account and is properly accredited at the time of closing just before your closing costs, first payment, or it can be, in some measure, refunded if 100% financing is available. Building constructions can take from one to four years to be finished, perhaps less. Developers can only give you an estimated projection of their finishing time line. And in consequence, the time concern may guide you to many other questions for this type of investment. The answers you need will be satisfied by a Real Estate Agent.  Call BLUE ONE Realty today for more info. 305-599-1817