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August 9, 2007

Is That Date Firm? Delivery Dates for New Philadelphia Condos

Filed under: Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 2:41 pm

I always find it interesting when developers or REALTORS® advertise a spring 2007 delivery for Center City condos and the project has yet to break ground. I’m thinking, it’s summer 2007 and your project isn’t even started!

Or. how about those large signs in the ground announcing a new development that got axed nine months ago?  Look around town. You can see a few.

I don’t know why delivery dates for new construction Philadelphia condos are so wrong sometimes. But I do have my theories.

Perhaps these developers are unaware of what it takes to get Philadelphia condos approved and built. Maybe it’s a bit of wishful thinking on the part of the REALTOR®: will an early delivery date increase the traffic through their site?

More likely, it’s a bit of both. 

Any buyer looking at pre-construction projects should be told of the inherent delays in new construction. Buyers must be aware of the countless pieces of the puzzle that need to fit into place in order for a project to come together. And they must be told the truth – that often, developers have zero control over the puzzle pieces. (Think city and state permit requirements, for example.)  Learn more about neighborhoods in the Center City area.

I think it would be difficult in most cases to adequately predict, some nine months in advance, an exact settlement date for your new condo. To me, promising a delivery date that clearly isn’t within range is a mistake. REALTORS® and developers of new Philadelphia condos lose credibility when they do this.

I started thinking about all this remembering a mistake I made. (I know, I know. I of all people should know better!) When I was moving, I actually messed up my calculations on a new construction piece. I ended up in corporate housing for six months. (You can imagine what a pain that was. Two extra moves…)

If you’re considering Philadelphia condos in a new construction project, be wary of the advertised delivery date. Allow for some grace time with your lease. Don’t make completely firm plans with your moving company. You’ll avoid a lot of headaches brought on by unforeseen construction delays.

Stop trying to comprehend today’s complex real estate market all alone.  Give me a call today at 215-521-1523 or drop me an email at mark@centercitycondos.com.  Together, we’ll find your perfect Center City condo or sell your Philadelphia condo…and have fun doing it!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors
530 Walnut St. Phila.,Pa. 19106

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