Sometimes buyers are wary of purchasing a home that has not yet been constructed. It can be difficult to make a big-ticket purchase off of plans. However, savvy condominium buyers know that pre-construction condos are a great opportunity and that buying early is the key to getting the best residence at the best price. Here are three reasons why.
Get Your Pick of Floorplans and Residences
Buyers who wait until a building is completed will find that the best units have already been sold. If you have your heart set on a Penthouse, corner unit or particular view, buy early before these popular residences sell out. Penthouses with rooftop terraces at The Beacon at Garvies Point moved quickly and are now nearly sold out. When sales commenced, prices started at $575,000 and now begin at $700,000.
Ability to Customize or Combine Units
If you buy early enough, some developers will work with buyers to customize or combine units to create larger residences. For instance, at The Ritz-Carlton Residences North Hills, an RXR project, 14 buyers chose to purchase adjacent residences and combine them into larger residences. Depending on when you purchase, you may be able to customize fixtures, closets, lighting, audio/visual, appliances etc. Buyers at The Beacon have an opportunity to work with our design team on customizing their home. Customization is often not possible, or very costly, once everything has been installed.
Take Advantage of Price Increases
Many buyers do not realize that prices of pre-construction condominiums rise as construction progresses. Residences are often discounted towards the beginning of a project. As real estate values rise, so do the prices of the residences. At Garvies Point, we have raised prices 4 times and the residences are on average 18% more expensive than when sales commenced. Some residences have increased up to 30% more than when our offering plan was approved. Early buyers were able to lock in their residences at a lower price and are already enjoying increased equity on their investment.
Another benefit of buying early is staggered down payments. At Garvies Point, 10% is required at contract signing and 10% six-months later. In contrast, buying close to completion of construction will require a 20% down payment.
In conclusion, buying early gets you the widest range of choices, the most flexibility and the best prices. To date, we have surpassed $65 million in sales at Garvies Point and are over 40% sold. Construction is expected to finish in late 2019. At this time, we still have a good range of inventory and it is still early enough to get good pricing.
If you are interested in buying a residence in one of New York's most exciting developments, please visit our Welcome Center to learn more about waterfront living at Garvies Point. Don't delay, residences are selling quickly!
Related Article: Top 10 Reasons to Love Living at Garvies Point.