UrbanTurf Reader Asks: Will I Get a Lower Price on a Condo Before It Delivers?
In this week’s installment of UrbanTurf Reader Asks, a reader who has noticed a small condo building under construction in his neighborhood wonders if he can get a lower price on a unit if he buys before the building delivers.
There is a small condo building (row house conversion) under construction in my neighborhood that I am interested in. I don’t believe the units are officially for sale yet, but there is signage on the building that includes sales contact info. I know the days of pre-sales are over, but if I reach out to the agents selling the building before it has delivered, do you think I can push for better pricing than if I waited until after it delivers?
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In this market, unless they are higher price units (<$500K), I’d say doubtful.
With a lack of inventory in the DC metro area, if it is a decent unit, in a desireable neighborhood, I think you will be paying a premium for a unit before it hits the market and can be driven up by multiple offers.
Not likely. I agree with anon. There is a lack of inventory which means that most attractive units are going into multiple offer bidding wars.
A good reference point would likely be the M Street Flats (http://www.mstreetflats), a boutique building in the Mt. Vernon area. Which have only been under pre-construction sale for two weeks and have sold over 70%...
Those M Street Flats look beautifully finished. Pricing is high (from what I can tell, about $520/sq. ft), but I suppose it is setting the new standard for the area. And that’s not even the “heart” of Penn Quarter, it’s pushing up towards the edge, by Yale Steam.
And it’s only 10 units total, so selling over 70% is only moving 8 units. Nevertheless, it’s a good sign.
....except that the Floridian just flooded the market with 80 units at discount prices.
I would be wary of placing a deposit on a unit until it is built and you can see exactly what you are getting for your money. Developers are famous for promising in extravagant, but slippery language, all sorts of things that when delivered are either not there or not as you imagined. I also think developers are all over the place on how they calculate square footage - it’s better to walk in to a condo and get a real feel for the space, appliances, building materials and finishes then accept a promise of what it’s supposed to look like.