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Thread: Buying a new construction condominium

  1. #151

    Default

    Telebob - It just depends on what the contract says.

  2. #152

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    The answer to you question is 15%. 15% of the project has to be under contract for the development to be declared effective.


    Quote Originally Posted by pricedout View Post
    I am new to this forum, not new to real estate, sort of new to the world of new construction (have looked a bit, not considered buying until recently).

    Obviously new developments have been having, in a number of cases many issues. Considering that the financing contingency is not an option, I was wondering when a condo plan is declared effective. Is it when the building has sold 50% of its units? Or is it when a building has sold 50% of its units as owner-occupied. I think you can see why I am asking, given the tightening of credit, and its resulting increasing scrutiny at loans.

    Could a building sell only 50%, not all owner occupied, begin sales and ream you if you need a mortgage? Just curious.l

  3. #153

    Default 15% is the minimum

    After 15% it MAY be declared effective. At 80% it MUST be declared effective.

  4. #154

    Default Tco

    I recently received my closing date for a new construction condo. I found out the building does not have the Temporary Certificate of Occupancy yet. It was applied for about 3 weeks ago. How long do these take to receive?

  5. #155

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    So I'm looking to buy new construction, the Rockrose condo on the waterfront in LIC...anyone hear when they'll start selling? Couldn't figure out where to put this question, but since it's new construction...?

    Also, they've topped off and are starting the brick work on the lower floors, is it underheard of for them not to start pre-sales already? I few porjects here in LIC started pre-sales before they even broke ground on the development. Do you think this is a sign that Rockrose is confident on selling, while the other dev's are nervous?

  6. #156
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    Technically, developments that want to use REBNY members -- new york city real estate agents that are members of the Real Estate Board of New York -- to sell shouldn't presell, because everything is supposed to be available to a wide pool of buyers.

    That said, hot buildings pre-sell all the time -- I think the Nouvel building on 19th was pretty massively sold before it ever opened for business.

    Does that mean a building is not hot if it's not pre-selling? I don't know if I'd make that leap. More likely, I'd think, the building's developer is having strategy meetings about where to price it .. . but I'd love to hear the opinion of people who aren't real estate agents on this one.

    ali r.
    {downtown broker}

  7. #157
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    Default "Recent sales" listings . . .

    there's some discussion on the Chelsea Stratus thread about a listing in the Stratus being reported in the Times as sold although it is still only in contract.

    I just want to put out that whatever data was published, the chances are strong that 1) the Times has not fact-checked it, so it may or may not be accurate and 2) the buyer probably didn't know that their contract was being published, and probably has a right to hit the ceiling.

    Please post if you hear of any other instances of this.

    ali r.
    {downtown broker}

  8. #158

    Default Negotiability

    I've been making the rounds on a bunch of new construction projects around Manhattan and have found that some (but not all) are willing to negotiate or at least take offers below the set purchase price. Am I correct in assuming that those willing to take offers are finding it a little more difficult to meet their sales quotas than those that refuse?

    More importantly, how much should one read into this: for example, should this make the building that accepts offers more attractive because you are getting in on even more of a "discount" (assuming you can get a decent reduction in the price) or should this be a sign that maybe the project that is having no problems meeting their quotas is more popular, which might lead to better resale value (even if it means paying "more" since there's no wiggle room)? Thanks!

  9. #159
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    Boogi, I think what you are seeing is a traditional seasonal slowdown -- activity has been light as people went off on Thanksgiving break, and the Wall Streeters are waiting to see how the year wraps.

    Traditionally, this softness/negotiability will go away as bonuses are announced, so if someone is offering to pay your RETT (real estate transfer taxes) and you like the unit, pounce now.

    ali r.
    {downtown broker}

    n.b.: I don't work for a new development firm, so I have no financial interest in WHEN Boogi buys.

  10. #160

    Default Just curious

    Random question that came to mind while on another thread. Do new construction developers typically raise the price after the building is tour-able? (Theory being now you can see it so you pay more now?) Assumption must be that the building is good quality to begin with.

    Thanks in advance

  11. #161

    Default How to measure area?

    Does anyone know what the common practice for new condo developers is when stating the area of their units? Is it in gross square footage, which includes common areas, or net square foot? Or does it totally depend on the developer? Thanks in advance.

  12. #162
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    It seems to vary by developer but there are two common new development practices that are easy to ask about:

    1) Interior dimensions often include the thickness (or half the thickness) of the condo walls . As a result, a 12 by 15 condo room is generally not as large as a 12 by 15 co-op room, because when we sell co-ops we measure from the inside of a pre-existing wall.

    This practice irritates me (and I sell both co-ops and condos). What reason, other than deception, is there to add in wall thickness? You can't put your furniture through the wall.

    2) The total listed square footage of the unit is a number that flies in from outer space. This happens everywhere, but it appears to be more egregious with new developments.

    Do a little math.

    Let's make up an example -- if you are looking at a 12 by 20 main room, that's 240. Add in an 11 by 13 bedroom, that's 143. Total, that's 383 -- even if you have a walk-in closet, a bath and a half, and a kitchen, do you really think you're looking at a 900-square foot unit?

    When the time comes to buy, compare floor plans and room sizes rather than just blithely comparing total square footage numbers.

    ali r.
    {downtown broker}

  13. #163

    Default Touring?

    The post above raises another question- when is the soonest point at which new construction buildings let you go see the space? I'm already in contract, but am eager to see the view, etc.

  14. #164

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    That totally depends on your developer. If a site visit isn't in your contract they don't have to let you tour the site at all until your walk through. I wasn't allowed to see my unit until very close to closing...and I tried repeatedly to get in. I think they don't want future owners to freak out if they see things they weren't expecting.

  15. #165
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    I think it's that, and they also don't want to be besieged by requests for customization -- the buyer sees open walls, and says, "oooh, while the walls are open, could you just move the cable over there?"

    Then the developer is forced to say no and look like a jerk.

    ali r.
    {downtown broker]

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