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i have heard that some people have bought units in luxurious new condo buildings in the downtown metropolitan areas for about 30% of the market price. $ 1million dollar units sell for about $ 300,000. is this true? and if so, how is this possible? how can i get in on this?

3 Thoughts on is it true that condo buildings sell units before the building itself is built at huge discounted prices?,?
  1. Reply
    Steveshawna Ford
    August 25, 2013 at 8:06 am

    And many others have lost their shirts as condo developments took a dive. Carefull.

  2. Reply
    backandforth
    August 25, 2013 at 8:30 am

    Developers often sell condos “off the plan” and the condos sold earliest tend to be the cheapest. There’s a risk involved for those buyers, because construction could be delayed or even halted completely, but of course if all goes well then there’s certainly a bargain to be had. This both increases cash flow for developers, and inspires confidence in other buyers to get in on the deal.

    Keep an eye out for buildings that are in the earlier stages of construction (or pre-construction) to get those prices. Just be aware of the risks.

  3. Reply
    Simpson G
    August 25, 2013 at 8:59 am

    It’s possible, but around here, they can’t fill condos so all these people that paid before the place was built are seeing other units sit on the market at 30-50% less than what they paid.

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