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November 6, 2008

Buying New Construction Philly condos can be painful

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 3:58 pm

Buying a new construction condo can really try one’s patience. From delays in proposed settlement dates, to varying opinions of what constitutes a finished product, can really be a pain in the butt

Be forewarned- if you are buying new construction– there is a ONE MILLION percent correlation between the amount of interference you run, and the amount of time it will take the developer to deliver that new product. There is one building in town where the developer is allowing NO alterations to the finishes he is offering. You have two options- finishing package A, or finishing package B- that’s it! This approach may leave a buyer wanting to customize a bit more, but certainly keeps delivery dates on schedule as the developer is not having to dance around a buyers every whim, change, complaint, etc. about their special customizing choices.

Buyers don’t seem to understand that every choice they make runs amok with the developer’s original plan. And takes additional time to alter the plan, get the product shipped in, or installed to the buyer’s specifics. And buyers also don’t understand what it takes to build any given project, or unit. Until a buyer has walked a mile in a Philadelphia developers’  shoes, he or she should not expect that they are somehow “helping the developer” by making changes to the design, or the finish of any given unit.  And some developers aren’t off the hook either. They have a tendency to enable a buyer to choose finishes, in order to sell a give condo, then get resentful when a buyers takes them up on their offer- often to the “nth” degree and beyond- but the door was opened by the developer, and he or she needs to suffer the consequences of a buyer who wants to participate in the finished product.

Buyers and developers should set boundaries, and layout all details up front, with no option for future alterations or changes. Every punch list should be decided upon at the time of presenting an offer, and both parties in good faith should know that they need to be bound by such options, and not let the customization take over the project. A little bit of planning on the part of both parties can help minimize the delays, and help bring two parties together for a successful and happy transaction.

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

 

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2 Comments »

  1. […] Original post by Philadelphia Real Estate Blog – Center City Real Estate […]

    Pingback by Buying New Construction Philly condos can be painful · Real-Estate-Investing.ExplainedOnline.Net — November 6, 2008 @ 4:30 pm
  2. Make this your home today! This is a newly refinished condo with breathtaking views of the river and the skyline. Complete with hardwood floors, granite counter tops, new paint and an updated bath. Within close proximity to major colleges, universities, shopping, attractions, and dinning, this condo is well situated in the heart of Center City. The property includes major utilities and offers maintenance free living. Additionally, it includes 24-hour front desk services, a renovated fitness center, a study lounge, on-site washers and dryers, an attached parking garage and is pet friendly (both cats and dogs). This condo has to option to be purchased fully furnished. RiverWest: located at 2101 Chestnut Street Philadelphia, PA 19103. Jim Konrad. Prudential Fox and Roach Real Estate. Please contact me at: Cell: (215) 808-1427. Office: (215) 860-9300. Email: James.Konrad@verizon.net

    Comment by James Konrad — November 10, 2008 @ 8:47 pm

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