As the economy continues its free fall, buyers’ concerns about purchasing in once coveted new construction condos are increasing. On today’s Webcast, The Real Deal’s Jen Benepe talks to Jessica Armstead of Corcoran and to Lauren Baker of Halstead Property about what buyers should be looking for when they opt
for new construction and what risks they face. Baker says looking into
public records and researching how a developer is leveraged are just
two things buyers should do to protect themselves. Both brokers say
buyers should shop carefully. “Buyers should be looking for some sort
of deadline for completion and delivery, and if certain deadlines aren’t
met then the seller should be giving some concessions,” Baker said. Looking for a
building that is over 50 percent sold is also important, she said.
