The current flow of supply and demand in the downtown Boston highrise condos makes vertical development a necessity. Whenever regional economies go through prolonged periods of prosperity, sellers’ markets ensue and demand for brand new construction increases. In the case of downtown Boston, building high-rise new condominium towers is a sensible housing solution for this growing metropolitan area, but prospective buyers should be aware of the complexities of vertical development. To this effect, here are five questions prospective buyers of new construction of Boston highrise condos should present to their real estate agents and developers.
1. When Will the Condominium Documents Be Ready?
Prospective condo buyers who make their deposit payments before reviewing the association bylaws and related documents are taking on substantial risk. The developers may mention they plan to allow pets or include basic cable television in the association fees, but such statements are only official when they are part of the documents that dictate the occupancy and maintenance of the condo. Boston high rise condo investors who intend to flip or rent their units may not be as interested in reviewing the documents ahead of time, but this should be very important for buyers who intend to occupy.
2. Is the Developer Experienced?
The track record of the Boston condo developer will give buyers an idea of what they should expect in terms of architectural styles and ability to complete.
3. Can I Thoroughly Review the Offering Plan?
Before Boston highrise condo developers are allowed to break ground on their projects, they must file offering plans with county and state officials. These plans tend to be very detailed and can easily run longer than 100 pages. However, everything condo buyers should know about the building, units, and amenities is contained in this document. The offering plan should be made available to buyers before contracts are presented. In some cases, the developers may request a small refundable deposit from prospective buyers who wish to take a copy home so it can be reviewed by an attorney. If copies of the offering plan are given to listing agents, no deposits should be required.
4. What About Concessions and Additional Closing Costs?
Buying a new construction condo means becoming an investor in a housing project, and buyers may face closing costs beyond those typically associated with detached single-family residences. At the same time, concessions or enticements may be offered to early buyers to offset additional closing costs.
5. Are There Any Special Risks?
As previously mentioned, urban condo development is an economic activity filled with complexities, which means plans can deviate, things may change, and new actions must be taken. For this reason, a large section in the offering plan may be dedicated to special risks. A careful review of this section is essential for buyers who are curious about how much of their deposit they will get back if the building is never completed, but there could be various other risks to consider.
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