Asked by Phillip Rosen, 11210 • Mon Aug 25, 2008
(1) It seems that many condos if not most are sold in Williamsburg prior to the completion of construction. What is the rough ratio of this?
(2) This practice seems incredibly risky for the buyer especially considering that developers are likely feeling crunched by the liquidity crisis. Delays and possibly compromised quality seem possible if the banks make money tighter. Is there some major factor mitigating the buyers risk that I am missing?
(3) Just how will eliminating pre-construction condos from our consideration effect our negotiating position and choices? We frankly feel that the investment is too large to be buying site unseen. How will this hurt us?
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