Market Intelligence · Research & Briefings
New Construction vs Existing Luxury Inventory
Compare the cost of waiting for a new home with the rights, condition and immediate use of an existing one.
Updated · The periods covered by the figures are shown separately.
The Question
How long can you wait to use the home? Rivage estimates delivery in 2027, Boca estimates completion in 2029, and Mandarin estimates closing in 2030. Those dates mean different waits and deposit timetables. The same headline price does not make a planned residence equivalent to a completed home.
What changed?
| Offering | Preclosing schedule | Illustrative exposure | Key unresolved item |
|---|---|---|---|
| Rivage | 20% contract + 10% after 90 days + 10% top-off | 40% = $5.2M on an assumed $13M contract | Actual named-unit price, dates and contract remedies |
| Ritz WPB | 20% contract + 10% groundbreaking + 10% top-off | 40% = $3.345M on the dated $8.3629M unit example | Application of already-reached milestones |
| Mandarin | Four 10% stages; 60% closing | 40% = $2.8M on an assumed $7M contract | Timing anchors in supplied schedule require clarification |
| Perigon | 20% + 10% + 10%; 60% closing | 40% exposure under supplied schedule | Middle timing typo and now-reached top-off milestone |
What it means for you
At a hypothetical 4% annual opportunity cost, a fully posted $5.2M deposit represents $208,000 per year of forgone alternative return. That is an assumption, not an escrow yield or a forecast; actual deposits are staged. Compare it with the ownership costs and use value of a completed home rather than treating the wait as free.
Who Should Care
If you need to move soon, compare completed homes before accepting a 2029 or 2030 estimate. With flexible timing, you may prefer a particular new layout or building. Keep enough cash for later deposits, closing, furnishings and ongoing fees. Do not assume you can transfer the contract to another buyer.
What RET would do next
Choose new construction when its specific layout, location or services meet a need that completed homes do not, and you can afford delays. Choose an existing home when immediate use and the ability to inspect it matter more. Compare both over the same ownership period, including when each payment is due.
Worth Knowing
A new condo still needs building and financing checks. Fannie Mae's 2026 letter changes project-review and reserve rules. A developer's budget is an estimate; an existing building has a cost history but may need inspections, reserve funding or major work. Compare both before deciding which is cheaper to own.
What to Compare
After closing on a new residence, you may compete with unsold developer homes and their incentives when you resell. Boca's year-end 2025 municipal list includes 1,202 approved residences, but not all compete with the same luxury home. Count homes at the same budget and with similar features before judging the competition.
Sources and dates
- Rivage: Rita Collins supplied presentation and deposit schedule - Package received 2026-10-23
- Ritz West Palm Beach: supplied October 2026 sales sheet and guide - Package received 2026-10-22; dated October 2026
- Mandarin Oriental Miami: supplied tower facts and terms - Package received 2026-10-20
- Perigon: supplied dated availability, interior areas and maintenance - 2026-05-04; supplied 2026-10-22
- The Perigon official project news and occupancy banner - Reviewed 2026-10-23
- The Boca Raton: residential offering, timing and membership - Reviewed 2026-10-23
- ALINA: existing downtown community and final tower - Reviewed 2026-10-23
- Fannie Mae LL-2026-03: project standards and insurance - 2026-03-18; phased effective dates
- Florida DBPR: condominium records, inspections and reserves - Reviewed 2026-10-23
- Boca Raton 2026 Annual Report to Downtown Property Owners - Reporting cutoff 2025-12-31; published 2026
Research reviewed October 23, 2026. Periods, geography and property type follow each source; asking prices are not closing prices, medians are not repeat-sale appreciation, and illustrated costs are assumptions. RET analysis is not an appraisal or a forecast. Property documents and current written quotes govern a transaction.
Bring the evidence into your decision.
Request a deeper RET reviewAsk RET uses dated published evidence and approved property readers. Availability inquiries remain a separate request.