Pre‑Construction 101: How South Florida Deposit Schedules & Milestones Actually Work
The Typical Timeline
Most South Florida luxury towers follow a familiar arc: reservation, contract, groundbreaking, top‑off, and closing. While percentages vary by developer, brand, and bank requirements, buyers should expect a staged plan that may total 40–60% prior to delivery, with the remainder at closing. Use current examples—St. Regis® Residences Brickell, The Residences at 1428 Brickell, and EDITION Residences Edgewater—to benchmark cadence and documentation standards.
Reservation is the soft hold, accompanied by a fully refundable deposit and a summary of terms. Contract hardens the commitment after due diligence; deposits at this stage are typically non‑refundable except under defined contingencies. Groundbreaking and top‑off payments are tied to vertical progress and lender draw schedules, aligning buyer capital with tangible construction milestones. Closing is straightforward: you fund the balance, record title, and begin the punch‑list and warranty journey.
What Each Milestone Triggers
At contract, scrutinize exhibits governing escrow, assignment, and specification changes. Escrow accounts should be clearly defined with named institutions; assignment policies (if permitted) will outline transfer windows and fees. During construction, developers issue notice letters ahead of each milestone; calendar them and confirm wire instructions directly with the escrow agent to avoid fraud. At top‑off, expect a fuller picture of common‑area finishes and preliminary schedules for unit inspections; this is when many purchasers finalize furniture plans and private upgrades.
Practical Protections & Pro Tips
– Request a construction schedule with quarter‑by‑quarter progress markers, so your capital plan matches reality.
– Keep a one‑page deposit ledger with dates, amounts, and escrow confirmations.
– Ask for the warranty manual at contract—HVAC, appliances, glazing—so your team can plan for ongoing care.
– If you intend to lease or assign prior to closing, confirm building policy early; branded towers may restrict timing or set minimum terms.
– Verify insurance requirements prior to move‑in (coverage levels, certificates, elevator reservations) to avoid delays.
The right partner will translate a glossy brochure into a clear, dated checklist—and keep it updated through delivery. For a private walk‑through of deposit scenarios at your short‑listed towers, start with our advisors at Million Luxury.
Million Luxury
Million Luxury
Welcome to MILLION, an exclusive luxury real estate boutique nestled in the heart of South Florida’s most desirable locations. Specializing in high-end properties, we provide a sanctuary for discerning clients including top Fortune 500 executives, affluent families, celebrities, and professional athletes from across the globe. At MILLION, we understand the unique demands of our elite clientele and offer a seamless blend of confidentiality and personalized attention. Our commitment to privacy is unwavering; we ensure that every transaction and interaction is handled with the utmost discretion and according to stringent confidentiality protocols. Our concierge service embodies the pinnacle of white-glove care, offering tailored assistance that transcends traditional real estate support.
