New Construction Sales Data Not Always True

Real Estate Agent with Berkshire Hathaway Home Services Fox and Roach Realtors

You Claim your building is 70% Sold ...and I claim that you have a problem telling the truth

     So there I was last night at some little gathering of well heeled city folk, many of whom are "In the Know", along with a few hanger-on'ers, and me. And someone that knows who I am drops a BOMB- a certain new construction condo building in town is 44% sold. Oh how I love a good story. Especially when it appears to be true, and contrary to what the PR machines have been putting out. I understand the motive. Every new Philadelphia real estate condo building loves to put on a good show, and appear to be a success. I get it. But don't you, Mr. Sales Staff for any given new condo building, feel any sense of remorse or regret when you convince a buyer to buy in your building, under false sales stat quotes? I certainly would.      Philly condo buyers should not believe everything they hear. Especially from developers sales staff who claim that their buildings have this much, or that percentage sold. The numbers are secretive, not displayed in the MLS, or in government records, and sometimes the numbers are bogus. And what recourse might you have? I would suggest very little. When you walk into any new construction condo building, without a buyers representative (aka- me) with you, you possibly are going to get one side of the story.       Many new condo developments have a policy and it reads- "Agents must accompany on buyers FIRST visit"....or,  they (that sales staff) will not allow me to come in with you visit #2, or anytime thereafter. I personally feel this policy is bullshit. If you visit a building, then meet me, I cannot be your agent for THAT building.      So wise up here folks. IF you want buyer representation...see me first. Then let's go visit some new construction high rise buildings. Because if that building is spewing BULLSHIT, I am going to tell you. And again, I am kinda' "In the know".....

Mark Wade

Prudential Fox and Roach Realtors

Comments (1)

Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Mark-most lenders require a condo questionare be completed by a third party before they make a loan on a condo property.  They might lure you in with inflated numbers but my experience is you won't get a lender to pony up if the real numbers can't be confirmed.  Doesn't discount the need for a good buyers agent to confirm all of the information you hear but certainly is another piece of the puzzle.

Oct 17, 2009 02:25 AM