Off-Plan Purchasing at Perigon Miami Beach: What the Contract Terms Actually Mean for Multi-Generational Families

Perigon Miami Beach represents a singular opportunity in the Mid-Beach corridor — a boutique, ultra-luxury tower designed by Rem Koolhaas's OMA and developed by Mast Capital, with interiors by Tara Bernerd & Partners. With only 73 residences spread across 17 stories directly on the Atlantic, the building is intentionally exclusive. For families who want a shared anchor in Miami — whether for annual gatherings, snowbird seasons, or as a multi-generational investment — the combination of scale, privacy, and architectural pedigree makes this project uniquely compelling.

Multi-generational buyers are increasingly drawn to developments like Perigon Miami Beach precisely because of the limited unit count. Unlike a 500-unit tower where two or three family members might share corridors with hundreds of neighbors, a boutique building with curated amenities — private beach club, dedicated concierge, resort-style pool, wellness facilities — feels more like a private club than a condominium. For families purchasing together, that shared lifestyle infrastructure becomes a central reason to buy rather than an afterthought.

The off-plan window at Perigon is also a strategic moment. Purchasing during the pre-construction phase allows families to select preferred floors, orientations, and sometimes unit configurations before inventory is absorbed. For a multi-generational group that may want adjacent units, complementary floor plans, or a specific combination of ocean and city views, acting during the pre-construction phase provides options that simply won't exist at certificate of occupancy.

When you purchase a unit at Perigon Miami Beach before completion, you are signing a Purchase and Sale Agreement (PSA) — a binding legal document governed by Florida law that outlines every material term of the transaction. Unlike a resale contract, a pre-construction PSA is almost entirely developer-drafted, meaning the terms heavily favor the developer's operational needs. That is not inherently problematic, but it does mean that buyers — particularly first-time pre-construction purchasers — need to read carefully and engage qualified legal counsel before signing.

The PSA will specify the unit number, floor plan designation, total purchase price, the deposit schedule, the estimated completion timeline, and the conditions under which either party can terminate the agreement. For families pooling resources, the contract will also define who, exactly, is the legal purchaser — a critical detail that has downstream implications for title, estate planning, and tax exposure. Whether you purchase as individuals, as tenants-in-common, through a trust, or via an LLC or other entity will shape how ownership rights, obligations, and eventual sale proceeds are structured.

Florida's Condominium Act provides off-plan buyers with specific statutory protections that are embedded in every pre-construction condo transaction in the state. Among the most important is the right of rescission — a limited window after contract execution during which a buyer can cancel the agreement and receive a full refund of any deposits paid. The exact rescission period is defined by statute and will be clearly stated in your contract documents. This window is finite, and once it closes, the contract becomes fully binding on both sides. Families reviewing contracts together should treat this rescission period as their primary due-diligence window and use it aggressively.

Pre-construction purchases at luxury Miami towers like Perigon Miami Beach typically involve a staged deposit schedule rather than a single lump-sum payment. Rather than paying the full purchase price at signing, buyers deposit funds incrementally — often tied to construction milestones such as groundbreaking, pouring of certain floors, or topping-off of the structure. The total deposit required before closing varies by developer and project, and for ultra-luxury boutique towers it often represents a meaningful percentage of the total purchase price.

For multi-generational families coordinating a purchase, the deposit schedule requires careful financial planning. If two siblings are co-purchasing a unit while a parent purchases a second one, each contract will have its own independent deposit obligations and milestone triggers. Families should map out all expected deposit calls across all units on a shared timeline so that no single liquidity event catches anyone off guard. Missing a deposit deadline can result in a default under the PSA — an outcome that typically allows the developer to retain deposits already paid and cancel the contract.

Deposits paid under a Florida pre-construction condo contract are generally required by law to be held in escrow by a licensed escrow agent — a protection that prevents the developer from using your funds for purposes other than construction without triggering specific legal disclosures and approvals. Understanding whether your deposits are held in a standard escrow, a federally insured account, or released to the developer under a specific permitted-release structure (as disclosed in the project's condominium documents) is important context for evaluating the financial risk profile of your purchase.

One of the most consequential — and frequently misunderstood — provisions in any pre-construction contract is the assignment clause. An assignment allows the original buyer (the assignor) to transfer their contractual rights and obligations to a new buyer (the assignee) before the transaction closes and the deed is recorded. For families, this matters enormously: circumstances change over a multi-year construction timeline, and the ability to add, remove, or substitute family members from the contract — or to sell the contract itself if the family's plans shift — depends entirely on what the PSA permits.

Developer attitudes toward assignment vary significantly. Some developers at boutique ultra-luxury projects restrict or prohibit assignment entirely, or require developer consent as a condition of any transfer. Others permit assignment with specific conditions — payment of an assignment fee, completion of the buyer's credit or financial vetting process, or limitations on how early in the construction timeline an assignment can occur. For families who may want to re-title the unit into a trust after signing, add an adult child who was not part of the original contract, or restructure ownership for tax or estate planning reasons, understanding the assignment and modification provisions before signing is not optional — it is essential.

If the PSA at Perigon Miami Beach restricts assignment, families should also ask their attorney to review whether entity ownership of the contract (purchasing through an LLC or trust from inception) provides the flexibility they need. Transferring membership interests in an LLC that holds a contract may or may not be treated as an assignment under the terms of a specific PSA — the language will control, and it must be reviewed carefully. This is a conversation to have with a Florida real estate attorney before the rescission window closes.

Pre-construction timelines are estimates, not guarantees. Construction of a complex luxury tower like Perigon Miami Beach is subject to permitting timelines, weather events, supply chain dynamics, and labor market conditions — all of which can compress or extend the projected delivery date. Florida law and the project's condominium documents will specify the developer's obligations around timeline, including any outside date by which the project must be completed before buyers have a right to cancel and receive deposit refunds.

For multi-generational families coordinating their lives around an anticipated delivery — school calendars, lease expirations, estate plans that contemplate the property — it is important to understand that the estimated completion date in marketing materials is not the legally operative date. The PSA and the condominium documents will contain the legally binding language around delivery, delay remedies, and cancellation rights. Families should read these provisions carefully and plan conservatively, assuming delivery could occur later than currently projected.

Closing itself at a luxury pre-construction condo typically requires buyers to be prepared to close within a relatively short window after the developer issues a notice that the unit is ready for occupancy. If you are financing a portion of the purchase, your lender must be prepared to fund quickly — delays on the buyer's side can result in per-diem charges or, in extreme cases, a default. For families with multiple units closing simultaneously or in close sequence, coordinating financing approvals, wire transfers, and legal representation across multiple closings requires advance logistical planning that should begin well before the anticipated delivery date.

For a multi-generational family buying at Perigon Miami Beach, perhaps no decision made at contract signing carries more long-term consequence than how title will be held. Florida offers several co-ownership structures — joint tenancy with right of survivorship, tenancy in common, and various entity-based structures — each with different implications for what happens to the property interest upon the death of one owner, how ownership can be transferred or encumbered, and how the property fits into each individual's estate plan.

Families who choose tenancy in common, for example, allow each co-owner to hold a defined fractional interest that can be passed through their own estate independently — useful when a parent wants to leave their share to children from a prior relationship rather than to a surviving spouse. Joint tenancy with right of survivorship, by contrast, passes the deceased owner's interest automatically to the surviving co-owners regardless of what the will says. Neither structure is inherently superior; the right answer depends on each family member's individual estate plan, tax situation, and intentions for the property.

Many sophisticated buyers at this price point choose to purchase through an LLC, a revocable living trust, or a combination of both — often to achieve liability protection, privacy (Florida LLC ownership is not always publicly indexed in the same way deed records are), and estate-planning flexibility. If the family's plan involves eventually passing the property to the next generation, working with a Florida estate planning attorney now — before the contract is signed — allows the purchase structure to be purpose-built for that goal rather than retrofitted later at greater cost and complexity. For current pricing, available units, and off-market access at Perigon Miami Beach, contact Denis Smykalov at Wolsen Developments — denis@wolsenre.com or (305) 333-1122.