Outside observer
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| 04/12/2007 11:46 AM |
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| As an informed observer, I would suggest that you do a litle Due Diligence and ask some of the surrounding neighbors about their experiences dealing with the developer and the general contractor after escrow closes. |
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Caveat Flippor
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| 04/12/2007 9:16 PM |
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It's also noteable that The Mark has a quite a few unsold units that aren't even on the market. I would not have an expectation of flipping any of these units into a hot market unless the phase I pricing a great relative to the current market.
That said, does anyone have a price list from the sales effort from a few years ago? |
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Anonymous
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| 04/14/2007 12:53 PM |
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Regarding construction defects I was involved in a 30 story building once that had a major issue with the skin of the building, everyone sold their units back to developer and the building closed for a few years for repair. The big financial loser on the project was an insurance company that loaned the money to the developer. Pretty ugly.
The original owners had first choice when the building reopened but only a handful did. |
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Jon
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| 04/14/2007 1:05 PM |
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All the more reason to buy a resale condo a few years after the building is constructed. That way, you'll know that it's been fully "broken-in."
With the glut of inventory Downtown, and the slowing market, there's no reason to buy from the builder.
Now that people do interest-only loans (where the loan is never paid-off), it might be smarter to rent at a much lower cost of shelter.
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Smith
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| 04/14/2007 3:43 PM |
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In the "old" days of 5-10 years ago new condos sold at a discount relative to other properties particularly when they were under development. This was due to the dual unknown risks of buying into an unsold building and issues with the building not being "good" in the sense that it could turn out to be a lemon for any number of reasons.
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