When you purchase a presale home, you are paying for a future home. A presale is when a developer offers condos to the market in some cases before construction of the building has started.
You only need to pay a deposit.
You will still pay the full price, but you don’t need to take out a home loan on the property right away.
The deposit will range from 5 to 10% of the purchase price, and further 10 to 15% increments throughout the building project. Your deposit is held in a trust account until the building is completed. If for any reason the developer does not finish the building, the full amount will be returned to you.
The short answer is 3 percent to 20 percent of your unit's purchase price, with 10 percent being common for those buyers who must rely on conventional loans to finance their units. In theory, down payment requirements for a condo should be similar to those for a single-family home.
The great demand for condos in prime locations means that you don't have to wait nearly as long to see a return on your investment. It is usually easier to rent or sell a never lived-in condo than it is to sell one which is older, at least if you are looking to make a solid and decent return on your investment.
With most preconstruction condos you will be required to deposit twenty (20) percent by the time the developer "breaks ground". Typically, there is an initial reservation fee, then the remainder of the first ten(10)percent at the time of contract. The final ten (10) percent is required when the developer breaks ground.
Construction on the St. Regis Residences is expected to start in 2022, with projected completion for Q4 of 2025
Please contact us to send you more information about the project. Inquire
The ST Regis Residences Brickell range from $1,700 to $2,400 per SF. The average of the east tower in pre-construction will be $2,000 per SF.
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