Homes Sold Before the First Brick Is Laid
A growing number of ultrawealthy buyers subscribe to luxury homes long before construction begins, securing spots on private waitlists managed by developers and brokers.
In elite real estate markets such as Palm Beach, New York City, and Los Angeles, luxury properties can effectively be sold before they ever reach the public market. Buyers increasingly reserve future homes months or even years ahead of construction, reflecting a shift in how high-end real estate transactions unfold.
The strategy resembles a subscription model. Instead of browsing listings or attending open houses, wealthy clients place themselves on developer waitlists, ensuring early access to upcoming projects. By the time the property officially launches, much of the demand is already accounted for.
Robert W. Burrage, founder and chief executive of RWB Construction Management in Palm Beach County, says this approach has become increasingly common among his clientele.
“We’re seeing more clients approach us early and ask to be considered for future builds, sometimes before a project is even designed,” Burrage said. “Because there’s a limited number of builders doing this level of work, buyers are willing to wait to get the right house.”
Palm Beach and the Rise of “Wall Street South”
The trend is particularly visible in South Florida, where Palm Beach has become a magnet for billionaires, hedge fund managers, and tech executives. High-profile figures including Amazon founder Jeff Bezos and Meta chief executive Mark Zuckerberg have purchased property in the region, helping transform the area into what many call “Wall Street South.”
Luxury home prices in the Palm Beach metro area have risen dramatically over the past decade. Data from Redfin shows prices have surged 187 percent during that period, the largest increase among major U.S. metropolitan markets.
This surge reflects both the influx of wealthy residents and the limited supply of high-end properties built to the exact standards demanded by ultra-rich buyers.
In earlier decades, affluent homebuyers often behaved similarly to the broader market, touring properties with agents and comparing listings. In some cases, luxury buyers even stayed overnight in multi-million-dollar homes before making a purchase decision.
Today’s market operates very differently. With limited supply and intense competition for trophy properties, buyers frequently commit to homes before construction even begins.
Record-Breaking Luxury Real Estate Activity
The broader backdrop to this shift is a record-setting luxury real estate market.
In 2025, every one of the ten most expensive residential sales in the United States exceeded $100 million. Just two years earlier, only five sales had crossed that threshold.
Globally, more than 2,100 homes priced above $10 million were sold in the year ending in late 2025, according to data from international property consultancy Knight Frank.
Meanwhile, luxury housing prices in the United States increased 4.6 percent year over year in December 2025, according to Redfin. That growth rate was more than triple the increase seen in the non-luxury housing market.
Despite their wealth, many affluent buyers are still selective when making purchases. High prices and elevated mortgage rates have reduced the availability of attractive inventory, making buyers reluctant to compromise.
Real estate agent Alin Glogovicean, who works in Los Angeles, says even the wealthiest clients often wait for the right property rather than settling for something less than ideal.
Why Relationships Now Matter More Than Listings
Behind the scenes, relationships increasingly determine who gains access to the most desirable properties.
Luxury brokers frequently maintain close ties with developers and builders, allowing them to secure early positions on waitlists for their clients. These relationships can provide access to projects long before they are publicly announced.
New York City broker Peter Zaitzeff, who specializes in luxury new developments, says much of the demand for high-end buildings is already identified before the public launch.
“When a building launches publicly, a lot of the demand has already been lined up,” he explained. “That’s why you sometimes see a project announce that it’s already half sold shortly after going to market.”
Developers often prioritize buyers with existing relationships or strong referrals. Past clients, trusted brokers, and repeat investors are typically the first to receive invitations to join private lists for upcoming developments.
From Buying a Home to Commissioning One
For ultrawealthy clients, this system offers more than early access, it also allows them to shape the final product.
Buyers who reserve homes before construction frequently influence design decisions, from floor plans and layouts to materials and finishes. The process increasingly resembles commissioning a custom asset rather than purchasing a completed property.
According to Burrage, the highest end of the market now operates more like bespoke manufacturing than traditional real estate sales.
“At the high end, it’s becoming more like commissioning something than buying something off the shelf,” he said.
However, the model also reinforces exclusivity. Without the right broker, developer relationship, or referral, many buyers may never see the most desirable opportunities.
For developers, the system offers a major advantage, early demand reduces risk and ensures strong sales before construction even begins. For buyers, it provides access to properties that may never appear on the open market.
In today’s luxury housing landscape, the most valuable currency may no longer be price, but access.
