A pre-construction purchase at 301 Ocean Drive Key Biscayne is expected to follow the standard Miami ultra-luxury structure: a reservation agreement, roughly 10% at contract, additional scheduled installments during construction, and the balance at closing. Florida law requires developer deposits to be held in escrow, and the binding schedule appears in the developer's purchase agreement issued at the Fall 2026 launch.
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Pre-construction is a financing structure as much as a real estate purchase. You are committing capital in stages, years before delivery, under a contract drafted by the developer. Understanding that structure before launch is what separates buyers who negotiate from buyers who sign. This page sets out the expected sequence at 301 Ocean Drive, the Florida protections that apply, and the clauses that deserve your attorney's attention.
Reservation Before Contract
Most Miami ultra-luxury launches open with reservation agreements rather than binding contracts. A reservation holds a specific residence with a deposit that is generally refundable until the purchase agreement is executed, giving both sides time while condominium documents are finalized.
The practical value of a reservation in a 56-residence building is positional. It secures the stack you selected while the rest of the release is still moving.
The Contract Deposit
At contract, expect roughly 10% of the purchase price in this segment, paid from cash rather than financed. Florida condominium law requires developer deposits to be held in escrow, with statutory limits on how much may be released to fund construction and under what conditions.
Escrow terms are not boilerplate to skim. Confirm who the escrow agent is, which portion may be released for construction, and what happens to your deposit in the event of material change or developer default.
Construction Installments
After contract, additional installments come due on a schedule tied to construction milestones or fixed dates. Cumulative pre-closing deposits in Miami ultra-luxury frequently reach a substantial share of the purchase price before delivery, so liquidity planning should model the schedule rather than the closing date.
For buyers converting currency, each installment is an exchange-rate event. International buyers commonly stage conversions rather than absorbing the full rate risk at contract.
Clauses Worth Reviewing Before You Sign
Ask your attorney to focus on: delivery date and permitted extensions; material change provisions and your remedies; assignment and resale restrictions before closing; developer discretion over finish substitutions; closing costs allocated to the buyer, including developer fees and impact charges; and the rules governing rental use after delivery if you intend to rent.
None of these are unusual to negotiate at launch. What is unusual — and expensive — is discovering them at closing.
Closing and Carrying Costs
At closing the balance is due, financing is placed if applicable, and ownership transfers. From that point ownership costs are property taxes and condominium assessments, both of which are materially higher on new oceanfront construction than on older island inventory.
Model those before contract using our Key Biscayne property taxes and HOA fees guides, then register for priority access so the purchase agreement reaches you and your attorney early rather than under launch-day pressure.
Typical Miami ultra-luxury deposit sequence
| Stage | Typical payment | What it does |
|---|---|---|
| Priority registration | None | Positions you for early allocation |
| Reservation agreement | Refundable reservation deposit | Holds a specific residence |
| Purchase agreement | ≈10% of price | Binds the purchase; deposit escrowed |
| Construction milestones | Scheduled installments | Funds progress per contract |
| Closing | Balance due | Title transfers on delivery |
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Register for Priority AccessFrequently Asked Questions
How much is the deposit at 301 Ocean Drive?
Miami ultra-luxury pre-construction typically requires roughly 10% of the purchase price at contract, followed by scheduled installments during construction. The definitive schedule for 301 Ocean Drive is set out in the developer's purchase agreement at launch.
Are pre-construction deposits held in escrow?
Florida condominium law requires developer deposits to be held in escrow, with statutory rules governing when and how portions may be released for construction. Your attorney should confirm the escrow terms in the specific purchase agreement before you sign.
Is there a rescission period?
Florida provides a statutory rescission window after a buyer receives the condominium documents for a developer sale. The exact period and how it is triggered should be confirmed by your attorney against the documents you receive.
Can I finance a pre-construction purchase?
Deposits are generally paid from cash rather than financed. Financing is arranged for the balance at closing, years after contract, and lenders underwrite at that point. Foreign national mortgage programs exist and are covered in our foreign buyer guide.
Can a pre-construction contract be assigned or resold before closing?
Assignment rights vary widely and are often restricted or subject to developer consent and fees. If pre-delivery resale flexibility matters to your plan, that clause should be reviewed before contract, not afterwards.