Iggy works with buyers of new condominiums sold before construction is complete, and with the developers’ sales teams who sell them.
“When he calls, I know the clients he’s bringing are serious, well-informed, and ready to move forward…”
Krista Richman VP of Pre-construction Sales, Aria Reserve at Melo Group, Miami, FLIn the press
The Residences at 1428 Brickell
ES Hoje reported in December 2023 that Iggy, with his partners Carlo Dipasquale and Kadu Parga, presented The Residences at 1428 Brickell at a dinner in Miami. Harper’s Bazaar Brasil covered the project in December 2024.
Florida law
What happens to your deposit
When a developer contracts to sell a condominium unit before construction, furnishing and landscaping are substantially complete, Florida Statutes s. 718.202 governs what happens to the buyer’s money.
- Up to 10 percent
- Every payment up to 10 percent of the sale price goes into an escrow account. If you properly terminate the contract, it comes back to you with any interest earned. If you default, it goes to the developer.
- Above 10 percent
- Payments above 10 percent received before completion are held in a special escrow account controlled by an escrow agent, and the developer may not use them before closing unless the contract allows it.
- Construction use
- Where the contract allows it, funds above 10 percent may be withdrawn once construction has begun, but never for salespersons’ pay, advertising or marketing, loan fees and interest, attorney or accounting fees, or insurance. The contract must say so in a boldfaced legend on its first page, immediately above your signature.
- The escrow agent
- Must be independent of the developer. The statute lists who may hold the account, including a bank, a savings and loan association, a Florida Bar attorney and a registered real estate broker. No developer officer, director, affiliate, subsidiary or employee may serve.
- Reservations
- A reservation deposit also goes into escrow, and on your written request it must be refunded in full, immediately and without qualification.
- Completion
- Means a certificate of occupancy for the entire building or improvement, or the equivalent authorization.
- If the developer does not comply
- The contract becomes voidable by the buyer, and a voided contract returns all deposits with interest. A developer who willfully fails to follow the escrow rules commits a third-degree felony.
The legend reads: “ANY PAYMENT IN EXCESS OF 10 PERCENT OF THE PURCHASE PRICE MADE TO DEVELOPER PRIOR TO CLOSING PURSUANT TO THIS CONTRACT MAY BE USED FOR CONSTRUCTION PURPOSES BY THE DEVELOPER.”
After closing
The inspections that follow
Before handing control of the association to the owners, the developer must have a turnover inspection report for each building three stories or higher. From then on, the association must complete a structural integrity reserve study at least every 10 years for each building of three or more habitable stories, covering at least the roof, the structure, fireproofing and fire protection, plumbing, electrical systems, waterproofing and exterior painting, and windows and exterior doors.
Separately, s. 553.899 requires a milestone inspection by a Florida-licensed architect or engineer by December 31 of the year the building reaches 30 years from its certificate of occupancy, then every 10 years. The local building department may bring that forward to 25 years because of local conditions, including proximity to salt water.
“His deep understanding of our project’s vision and value, coupled with his remarkable ability to communicate that effectively to his buyers, sets him apart in this industry.”
Martha Brieva Pre-construction Sales Executive, Cassia at Alta Developers, Coral Gables, FLMessage sent
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