I wonder if you can help to offer some advice. My husband and I have been looking for an apartment for the last 18 months. We finally found something that we feel fits all of our criteria, except it’s a new condo development which is currently less than 20% sold.
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\nWe have read Brownstoner and various press over the last year or so \u00e2\u20ac\u201c and are educated about the risks of purchasing a new construction home \u00e2\u20ac\u201c however we are still considering it.\u00c2\u00a0\u00c2\u00a0The layout, space, and location really fit our needs.<\/p>\n
What is worrying us is:
\n1)\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0The development is just under 20% in contract. There are no sales records posted online yet as closings will begin in December. We are concerned that if we are early to buy, that prices will drop significantly for future sales.
\n2)\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0The developer will be releasing another identical complex of buildings in the summer just behind these buildings. (Another 50 odd units.) This is on a less desirable block so we assume the prices will be lower and we’re afraid the extra inventory will flood the market.
\n3) We will have trouble finding a non-FHA loan that will allow us to close with less than 50% under contract.
\n4) New Construction stigma? We used to have a strong aversion to new constructions but have since come around a bit. Do you think the attitudes towards new constructions are changing?
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\nIf any new development owners are free to chat, we would really appreciate some advice.\u00c2\u00a0\u00c2\u00a0
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\nDo you regret having purchased early?
\nDid the prices\/values for the other units in your building decrease after you bought?
\nAny other drawbacks?
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\nWe started out thinking we would buy in a pre-war or even purchase a 2 family brownstone with a rental but, we’re looking for a lot of space to start a family and can’t afford anything in the neighborhood where we want to live.
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\nThanks in advance for your advice!<\/p>\n","protected":false},"excerpt":{"rendered":"
I wonder if you can help to offer some advice. My husband and I have been looking for an apartment for the last 18 months. We finally found something that we feel fits all of our criteria, except it’s a new condo development which is currently less than 20% sold. \u00c2\u00a0 We have read Brownstoner…<\/p>\n","protected":false},"author":34072,"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":[104],"tags":[],"districts":[],"class_list":["post-51565","post","type-post","status-publish","format-standard","hentry","category-real_estate"],"acf":[],"parsely":{"version":"1.1.0","canonical_url":"https:\/\/brownstoner.com\/forum-archive\/2010\/12\/attn-owners-of\/","smart_links":{"inbound":0,"outbound":0},"traffic_boost_suggestions_count":0,"meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Attn: Owners of \u00e2\u20ac\u0153New Development\u00e2\u20ac\u009d Apartments.","url":"http:\/\/www.brownstoner.com\/forum-archive\/2010\/12\/attn-owners-of\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.brownstoner.com\/forum-archive\/2010\/12\/attn-owners-of\/"},"thumbnailUrl":"","image":{"@type":"ImageObject","url":""},"articleSection":"Real Estate","author":[{"@type":"Person","name":"bklyn11238"}],"creator":["bklyn11238"],"publisher":{"@type":"Organization","name":"Forum Archive","logo":""},"keywords":[],"dateCreated":"2010-12-03T10:50:08Z","datePublished":"2010-12-03T10:50:08Z","dateModified":"2010-12-03T10:53:50Z"},"rendered":"