Navigating luxury real estate often involves specialized terminology—especially when it comes to pre-construction contracts, investment options, and high-end amenities. This glossary offers clear definitions for key terms and phrases you’ll encounter during your research and buying journey. Whether you’re a first-time Miami investor or an experienced international buyer, use this guide to better understand the language of ultra-luxury development.
- Assignment: The transfer of a pre-construction purchase agreement from one buyer to another.
- Assessment: The value of a property as determined by the local government for tax purposes.
- Appraisal: An estimate of the value of a property, typically prepared by a licensed appraiser.
- Amenities: Features and services that add value to a property, such as a fitness center, pool, concierge, or valet parking.
- Boutique development: A small, exclusive development with a limited number of units.
- Breaking ground: The official start of construction on a new development.
- Celebrity enclave: A neighborhood that is home to a high concentration of celebrities.
- Closing costs: The fees and expenses associated with the purchase or sale of a property, such as title insurance, appraisal fees, and recording fees.
- Common charges: Monthly or quarterly fees paid by condominium owners to cover the cost of maintaining and operating the building and common areas.
- Concierge: A building staff member who provides services to residents, such as arranging reservations, ordering tickets, and making deliveries.
- Condominium: A type of ownership in which each unit owner owns a piece of the building and common areas.
- Construction loan: A short-term loan used to finance the construction of a new property.
- Deposit: A down payment that is required to reserve a pre-construction unit.
- Development agreement: A contract between the developer and the local government that outlines the terms and conditions of the development.
- Escrow: A neutral third party that holds funds and documents until certain conditions are met, such as the completion of a construction project or the sale of a property.
- Estimated completion date: The date on which the developer expects the construction project to be completed.
- Exclusive listing: A property that is only marketed by one real estate agent.
- Floor plan: A diagram of the layout of a property, showing the location of rooms, doors, and windows.
- Hard hat tour: A tour of a pre-construction project that is under construction.
- High-rise: A tall building with multiple floors of residential units.
- Historic property: A property that is listed on the National Register of Historic Places or a similar state or local register.
- HOA (Homeowners Association): A nonprofit organization that manages and maintains common areas in a planned community.
- Luxury apartment: A high-end apartment with premium finishes, amenities, and services.
- Luxury condominium: A high-end condominium with premium finishes, amenities, and services.
- Luxury penthouse: A luxury apartment on the top floor of a building, often with its own private terrace or rooftop.
- Luxury townhouse: A luxury condominium that spans multiple stories and has its own private entrance.
- Model unit: A furnished unit that is used to show potential buyers what the finished units will look like.
- Occupancy permit: A government-issued permit that authorizes the developer to occupy the completed building.
- Pre-construction prices: The prices of pre-construction units, which are typically lower than the prices of completed units.
- Punch list: A list of items that need to be completed or fixed before the buyer can take possession of a pre-construction unit.
- Pre-construction: The period of time before a new development is completed and units are ready to move into.
- Real estate agent: A licensed professional who helps buyers and sellers find and purchase or sell properties.
- Smart home: A home that is equipped with technology that allows residents to control features such as lighting, temperature, and security remotely.
- Soft costs: Costs associated with real estate development that are not directly related to the construction of the building, such as marketing, legal fees, and financing costs.
- Square footage: The total area of a property, measured in square feet.
- View property: A property with desirable views of the city, ocean, or other natural features.
- Zoning: The regulations that govern how land can be used and developed.
- Mixed-use development: A development that combines residential, commercial, and/or retail space.
- Waterfront property: A property that is located on or near a body of water.