It's probably the question I get asked the most: should I buy something that's still being built, or something I can walk into today?
My honest answer: it depends less on the building and more on you. When you need the property, how much money you want to put down before closing, and what you want it to do for you.
Here's how I break it down, using four Miami buildings I follow closely.
The short answer
Pre-construction is a decision about time. Know your timeline first.
Look at when you pay, not only how much.
Completed buildings remove a lot of guesswork.
Start with the calendar, not the brochure
When you buy pre-construction, you're committing today to a home you'll receive in one, two or even four years. In Miami right now that range is wide, and two buildings a few miles apart can be completely different decisions.
The Rider, Wynwood: topped off, delivery expected September to October 2027. Deposits: 20% at contract, 10% at 60 days, 10% at 120 days, balance at closing. Studios from $586,900.
St. Regis, Brickell: top-off expected Q4 2026, closings expected Q4 2027. Deposits: 30% at contract, 10% at top-off, balance at closing. From $7,260,000.
Mandarin Oriental, Brickell Key: estimated completion 2030. Deposits: 10% at contract, 10% at 90 days, 10% at groundbreaking, 10% at top-off, 60% at closing. Pricing on request.
Casa Bella, Arts District: completed. Developer inventory from $1,246,000, plus resales.
Look at when you pay, not only the price
Two buildings at a similar price can ask for very different amounts of your money, at very different times. St. Regis asks for 30% up front. Mandarin spreads 40% over several years, then 60% at closing.
Before I recommend anything, I put those payments next to the client's own plans. The right building is the one whose schedule fits your life, not the other way around.
A low entry point is only half the story
The Rider is a different kind of opportunity. What interests me is the lower entry point, the furnished residences and the flexibility of use. But I'd still look hard at the specific floor plan, the carrying costs and the rental strategy, rather than buying based only on the short-term rental angle.
At the top, choose the residence, not just the name
With St. Regis, what stands out to me is the waterfront location, the privacy and the strength of the brand. I see it mainly as a long-term ownership decision, where picking the right residence, view and entry point matters more than simply buying into the building.
A long timeline means judging the location
For me, Mandarin Oriental is as much about Brickell Key as it is about the brand. Because delivery is further out, I compare the specific tower, residence, view and price against where I believe Brickell Key and Miami will be when it's delivered, not only where they are today.
Completed takes the guesswork out
Casa Bella is different for me because I know the building firsthand. I've worked with clients there from pre-construction through completion. Now that it's finished, you can walk the actual residences, see the real views and look at real carrying costs and the resale and rental market, instead of relying on projections. See my current Casa Bella listings →
My Take
What I like
Pre-construction lets you secure today's pricing and spread your payments, if your timeline is flexible. Completed buildings let you see exactly what you're buying.
What I'd be careful about
Buying for one feature: a brand, a rental angle or a low entry price. And committing to a deposit schedule that doesn't match your own plans.
Who it's for
Pre-construction suits buyers with flexible timing who are comfortable with a long horizon. Completed suits buyers who need the property soon, or want to see real numbers before deciding.
So, which would I buy today?
I don't necessarily favor pre-construction over completed properties. I look at where I see the greatest opportunity over the next five to ten years, the price I'm paying today, and how that investment fits into my overall strategy. Sometimes the best opportunity is a project still being built, and other times it's a completed property that can be acquired at an attractive price.
If you're weighing a purchase in Miami right now, I'd rather show you three opportunities that make sense than thirty that don't.
Share your criteria and I'll get back to you personally →
Facts checked: prices, deposits and timelines from each developer's sales materials as of October 2026, and subject to change.
This article is general information and my personal opinion, not financial, legal or tax advice, and it makes no representation about future value, appreciation or rental income. Prices, deposit schedules and timelines are subject to change without notice. Oral representations cannot be relied upon as correctly stating the representations of the developer. For correct representations, make reference to the documents required by section 718.503, Florida Statutes, to be furnished by a developer to a buyer or lessee.
