As many people in the US have found out (including at least a couple of people in Boston …), buying into a condo development while it’s still under construction can cause you a lot of trouble.

Due to tightening credit (and a lack of buyers …), condo projects are being delayed and canceled, left and right.

In Lowell (or was it Lawrence?), a massive condo development lost its funding after the local paper erroneously reported that asbestos had been found in the building.

In Boston, of course, the NorthPoint condo development has hit turbulent times, with sales slow and the co-developers at each others’ throats, threatening to derail the project, which at one time was nothing but train tracks (pun intended). And, the developer is six months past due on closings.

How to protect yourself?

Experts urge buyers to do their homework before putting any money down:

* Check public records to determine the status of the project
* Look at the builder’s past projects and talking to past customers
* Request the builder’s timeline for each construction phase
* Ensure that down payments are placed into an escrow account and held until builders meet specific conditions

If you have the patience of a saint, you might be willing to wait six, nine, or twelve months (or, in the case of 45 Province, two years).

If you’re like a lot of people, though, when they want to buy, they want to buy and move, right away.

I’ve done both. Would I buy pre-construction, again? I’d think long and hard, and, honestly, the answer, at least right now, is no.

I guess if I owned a big home in the suburbs and was in no hurry to sell, I’d consider it. I’d put my home on the market today

Likewise, if I was a first-time homebuyer going from renting to buying, and wasn’t in a rush, maybe it would be a good thing.

But, again. Be careful. Use a lawyer and check the contract for due dates, etc. Have the contract written so that it gives you an “out” if you want one. Put down as little as possible. Push them on this, and don’t listen to any “we’re not negotiating with anyone …”.

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Updated:  1st Q 2018

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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