Condo Market is booming world wide
Looking to purchase a condo, well look no further because baby I got what you need.
Welcome to condo investing in the real estate market. As many already know the marketing is sizzling at the moment, low inventory is creating a high demand and pricing is going through the roof. Many investors have been securing pre construction units as quickly as developers can pump them out. This strategy has been where useful and investors have been seeing some great return on investments with their properties.
So you as how is this actually done? Well for starters you have to have the ability to purchase before the general public. The developer has their own sales team and first access is given to friends and family. This is followed by platinum brokers which have close ties to the developer and are chosen based on their prior sales record. The next phase is VIP real estate agents who have registered with the developer to gain access to the project. Then the project is released to all realtors that are interested in the project, and finally condo units are offered to the general public.
Sales of these condo units really depend on the location, the builders reputation, and the price per square foot. Many of the hottest projects sell out way before they ever reach the general public. For example condo units at M City Condos sold out during the friends and family sales event, in this case there really isn’t anything you can do unless you know someone with the developers close circle of friends. For that condo development there were 225 units available and 1015 worksheets were submitted the first day that project was offered to friends and family. As you can see there were four times more work orders than there were actual units available. If you were one of the lucky few to acquire a unit you are surely given an edge. This in the future will result in some terrific return on your investment.
In today’s real estate market you want to purchase one of these units as close to the initial offer as possible. This will give you access to a wider range of floor plans, the best deposit schedule, and the lowest possible price. At each sales level the price of the units go up, and the highest price will be paid once and if they reach the general public offering.
Not to worry, in today’s real estate market developers are pumping projects by the dozen, so keep your eyes peeled to a specific area that you would like to live in or potential invest. Contact a real estate agent that has access to the project and cross your fingers that there are still units available to purchase.
Hope this little tidbit helps you with your real estate needs. If you have any questions do not hesitate to give me a call.
Cheers and enjoy your day