New Construction Condominium Projects…Do you really know what you are buying?
I get the shivers when I think of people investing in new Philadelphia condos that are still on the drawing board. Do these people have some kind of condominium ESP I lack?
After almost 3 decades selling Center City condos, I know one thing for sure: there’s a big disparity between finished condo projects and the drawings that started them.
Let’s take a couple of Philadelphia condo projects as an example. Any two projects…line them up side by side in terms of resale ability, quality of finishes, the overall fit, the light, the views, etc.
In both instances, buyers are asked to plunk down money, site unseen. It’s quite a gamble, isn’t it? Doesn’t it just make sense that there will be winners and losers? Some people will get the Philadelphia condos of their dreams. Other people will get a nightmare.
You also have to ask yourself about the resale factor. Some Philadelphia condos simply do not resell well. Other Center City condos are at the opposite end of the spectrum – buyers are reselling for a good deal more than they originally paid a few years ago and have little trouble doing it.
So do we really know what we’re getting into when we buy Philadelphia real estate that is not yet built? Unless you have condominium ESP, you can never know for sure. But it does help to know a bit (or a lot) about condos and Philadelphia and buyers in general. That’s the best way I know of to determine whether un-built Philadelphia condos will ultimately be successful. Learn more about Center City planning for growth.
Ready to stop relying on condominium ESP? With my years of experience representing buyers and sellers of Philadelphia and Center City condos, I can guide you through today’s real estate maze and help you come out a winner! Give me a call today at 215-521-1523 or drop me an email at firstname.lastname@example.org.
Prudential Fox and Roach Realtors
530 Walnut St. Phila.,Pa. 19106