Why Are So Many Miami Condos Unfinished With Concrete Floors?

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In this video, we'll explain the phenomenon of so many Miami condos, including very high-end luxury apartments, being unfinished with concrete floors.

Typically, a new construction condo is delivered by the sponsor in "developer ready" or "decorater ready" condition, meaning that it has concrete flooring throughout most of the apartment (typically with the exception of the bathrooms which are often fully done), no window treatments or closets.

Ostensibly, this is to accommodate buyers' personal preferences, so they can have their interior design put in floors, closets and window treatments of their choosing once they've closed and taken delivery of the unit.

However, we think this is part laziness and partly a cost-saving measure on the sponsor's side. They can delivered essentially an unfinished apartment to a condo buyer and chalk it up due to wanting the buyer to be able to "decorate" it to their unique preferences.

Personally, we think it would be much more efficient for everyone and the economy if the developers either just completely finished the apartments before delivery, or gave buyers a few different options for flooring etc. that the developer is then responsible for putting in.

Doing this would negate tons of unnecessary work on the part of individual buyers in the form of finding contractors and getting HoA approvals etc. Fortunately, we are starting to see more new construction projects being offered either fully completed or with a few choices for flooring much to the relief of everyone.

One last reason that so many Miami condos seem to remain unfinished is because their buyers, often times from Latin America, use them as essentially safe stores of value and wealth. Sometimes this money can come from more murky sources, but ultimately many buyers essentially use Miami (and NYC) apartments as safety deposit boxes. They want relatively safe investments for their money, they want their money to hold value, and they don't otherwise care about rental income or actually living there. So that could be another reason why so many Miami condos are vacant and unfinished.

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Hauseit Group LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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