New lofts recently went up for sale. Thousands showed up to see the new lofts. The first release of 15 lofts sold out in less than two weeks. The highly anticipated completion of these new lofts were shown to real estate brokers and their clients. These lofts are located in one of the hottest up-and-coming urban neighborhoods in the country. Out of the 5,000 units under construction, the new loft units for sale only represent about 1% of the total! Given the low supply and the pent-up demand for new condos/lofts, you can only imagine the buyers’ interest this is bringing.
The developer’s marketing hype was extraordinarily effective. Many of the buyers overpaid, and were not informed about all issues, pro and con, related to the building an developer. They joined previous buyer who paid too much 5 years ago, many of whom are still upside down and unable to unload their overpriced lofts.
Often times, important information is often not provided to buyers of new lofts. This is particularly true if the buyer does not use a buyer’s agent, or if the buyer uses an out of area agent. Most buyers should use a Downtown specialist realtor at no cost to the buyer to represent the buyer in their purchase of new lofts.
Also, there can be previous issues with the developer with previous buildings, related legal issues, potential health hazards of neighborhood, lowest offer likely to succeed, lowest final sale amount likely to succeed, recent unposted comps and sold prices. Our team offers disclosure of strategies and tactics used by the developer, pricing strategies of seller, tactics and strategies to counter the seller’s strategies and to obtain the lowest price and best terms for the buyer.
The number one tip is you must bring a downtown loft specialist to your very first viewing. Sellers often require it and you need an agent representing your interests.
Our free home buyer consultation is your first step to a successful home purchase. Because we specialize in Lofts, we can tell you what to expect, both the good and the bad. While being enthusiastic and energized is a good thing, and buyers may not want to hear bad news for fear of loosing enthusiasm, we believe that understanding fully what is going to happen in a purchase will fight against buyers remorse and help a person be fully satisfied with a purchase of new home.
Call Corey Chambers to make an appointment to see the new lofts (213) 478-0499