{"id":34915,"date":"2009-08-06T09:45:16","date_gmt":"2009-08-06T09:45:16","guid":{"rendered":"http:\/\/www.brownstoner.com\/?p=34915"},"modified":"2009-08-10T10:19:58","modified_gmt":"2009-08-10T10:19:58","slug":"risks-buying-ne","status":"publish","type":"post","link":"https:\/\/www.brownstoner.com\/forum-archive\/2009\/08\/risks-buying-ne\/","title":{"rendered":"Risks Buying New Condos"},"content":{"rendered":"<p>Wondering if people can elucidate their thoughts\/experiences with purchasing new construction condos.  We are considering a purchase that we are very excited about and can afford.  Our lawyer is warning us though that there are many pitfalls associated with the purchase:  the building can begin closings with as little as 15% in contract (currently there are 30% with accepted offer or contract), and if we were to close and the remaining units not sell, we risk low owner occupancy in the building if it goes rental, and low appraisals if they reduce the prices.  In both instances, resale and\/or refinance due to low owner occupancy or low appraisal could be problematic when it comes to financing the unit in the future.  Not sure how to evaluate this risk&#8230;.we are excited to be in a position to buy something we love, but do not want to be rash and get &#8220;caught&#8221; in a tough position in 5 years.<\/p>\n<p>Any suggestions for evaluating this risk?  Experiences good or bad?  <\/p>\n<p>Thanks in advance!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wondering if people can elucidate their thoughts\/experiences with purchasing new construction condos. We are considering a purchase that we are very excited about and can afford. Our lawyer is warning us though that there are many pitfalls associated with the purchase: the building can begin closings with as little as 15% in contract (currently there&#8230;<\/p>\n","protected":false},"author":12467,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"schneps_byline":"","schneps_post_style":"","schneps_post_source":"","schneps_syndicated_read_more":"","schneps_post_source_sitename":"","schneps_syndicated_thumb_html":"","schneps_syndicated_thumb_src":"","schneps_post_source_shortname":"","schneps_post_source_url":"","schneps_post_source_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[76],"tags":[],"districts":[],"class_list":["post-34915","post","type-post","status-publish","format-standard","hentry","category-appraisals"],"acf":[],"parsely":{"version":"1.1.0","canonical_url":"https:\/\/brownstoner.com\/forum-archive\/2009\/08\/risks-buying-ne\/","smart_links":{"inbound":0,"outbound":0},"traffic_boost_suggestions_count":0,"meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Risks Buying New Condos","url":"http:\/\/www.brownstoner.com\/forum-archive\/2009\/08\/risks-buying-ne\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.brownstoner.com\/forum-archive\/2009\/08\/risks-buying-ne\/"},"thumbnailUrl":"","image":{"@type":"ImageObject","url":""},"articleSection":"Appraisals","author":[{"@type":"Person","name":"mcteague"}],"creator":["mcteague"],"publisher":{"@type":"Organization","name":"Forum Archive","logo":""},"keywords":[],"dateCreated":"2009-08-06T09:45:16Z","datePublished":"2009-08-06T09:45:16Z","dateModified":"2009-08-10T10:19:58Z"},"rendered":"<script type=\"application\/ld+json\" class=\"wp-parsely-metadata\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Risks Buying New Condos\",\"url\":\"http:\\\/\\\/www.brownstoner.com\\\/forum-archive\\\/2009\\\/08\\\/risks-buying-ne\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.brownstoner.com\\\/forum-archive\\\/2009\\\/08\\\/risks-buying-ne\\\/\"},\"thumbnailUrl\":\"\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"\"},\"articleSection\":\"Appraisals\",\"author\":[{\"@type\":\"Person\",\"name\":\"mcteague\"}],\"creator\":[\"mcteague\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"Forum Archive\",\"logo\":\"\"},\"keywords\":[],\"dateCreated\":\"2009-08-06T09:45:16Z\",\"datePublished\":\"2009-08-06T09:45:16Z\",\"dateModified\":\"2009-08-10T10:19:58Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/brownstoner.com\/p.js"},"jetpack_featured_media_url":"","print_hed":"","photo_gallery":[],"print_subhed":"","print_slug":"","syndication_thumb":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/posts\/34915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/users\/12467"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/comments?post=34915"}],"version-history":[{"count":0,"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/posts\/34915\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/media?parent=34915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/categories?post=34915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/tags?post=34915"},{"taxonomy":"districts","embeddable":true,"href":"https:\/\/www.brownstoner.com\/forum-archive\/wp-json\/wp\/v2\/districts?post=34915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}