How deposits work in Florida
Under Florida Statute 718.202, deposits up to 10% of the purchase price must stay in escrow. Deposits above 10% can be used for construction costs if the contract allows it. Typical schedules total 30–50% before closing. Common patterns: 10/10/10/10/60 (Delano, Villa Miami) and 20/10/10/10/50 (Waldorf Astoria, Mercedes-Benz Places). Some newer launches start at 5% (Faena).
Why the delivery-risk badge matters
A launch party is not a building. We track four milestones separately: sales launch, closed construction loan, groundbreaking and top-off. In October 2026 alone, lenders closed $817M for Faena, $507M for 1250 West Avenue and $463M for St. Regis Sunny Isles. Projects like Mercedes-Benz Places (financing still pending after a 2025 work stoppage) and The Delmore (paused) show why the label is there.
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New construction versus resale condos
Florida's post-Surfside safety laws (SB 4-D, amended by HB 913) require milestone structural inspections and fully funded structural-integrity reserves in older buildings. This is one reason resale-condo inventory reached 12.3 months in September 2026, a buyer's market, while single-family inventory was 5.1 months, a seller's market (MIAMI REALTORS, Oct 16, 2026).
Incentives
With resale inventory high, some developers offer closing-cost credits, finish upgrades or first-year HOA credits instead of cutting list prices. Production builders such as Lennar advertise rate buydowns and closing-cost help when buyers finance through their affiliated lender. Trophy branded towers rarely discount.
How your advisor is paid
On new construction, the developer usually pays the buyer's broker under a co-broke agreement. You must be registered with your advisor at your first visit to the sales gallery. Payouts are often split between a deposit milestone and closing.
General information, not legal or financial advice. Verify every term in the developer's prospectus and purchase agreement.