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Pre-Registering for New Developments and Advertised Pricing


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#1 FirstTimeHomeCrier

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Posted 01 March 2017 - 03:48 PM

Would prices for new condos during pre-sale ever be below the advertised "starting at..."  amount on the websites? I've registered for a couple of places that are now advertising starting prices above what mortgage brokers will approve me for. These places are only offering price sheets to serious buyers who will meet with them in person. I don't want to commit a faux pas by asking to meet with the sales team to get prices if I know that I can't afford them. On the other hand, I don't want to miss out on an opportunity if there is a unit in my price range.



#2 Fat Tug

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Posted 01 March 2017 - 10:05 PM

Don't know the answer to the main question but want to chime in to say that I don't see why it would be a faux pas to meet with the sales rep, get the price sheet, and then decide after that meeting whether or not you have a legitimate interest in and financial ability to purchase a unit. That's the system they've set up for themselves. If they're going to insist on having a meeting in order to disclose basic details about what they're selling then they'd better be prepared to have a lot of those meetings, and should expect that most will not turn into sales.


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#3 LeoVictoria

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Posted 01 March 2017 - 10:57 PM

The sales teams job is to sell condos. Don't feel bad about using their time for that. That said I'm sure they will tell you if they have a condo in a price range if you phone them up and ask. They don't want to waste their own time either

#4 VicHockeyFan

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Posted 02 March 2017 - 09:45 AM

^ Agree.  I'm also not sure there is much handing out of "price sheets" right now.  More likely you telling the sales agent your price range and unit type desire (1br + den etc.) then them telling you a few prices.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#5 VicHockeyFan

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Posted 02 March 2017 - 09:47 AM

FTHomeCrier, are you steadfast set on buying new?  If you are not, I'd suggest you call Marko and see if he can advise on your situation.  If you work with him as agent, he knows what to look for in used stock, to avoid surprises.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#6 FirstTimeHomeCrier

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Posted 02 March 2017 - 10:07 AM

Don't know the answer to the main question but want to chime in to say that I don't see why it would be a faux pas to meet with the sales rep, get the price sheet, and then decide after that meeting whether or not you have a legitimate interest in and financial ability to purchase a unit. That's the system they've set up for themselves. If they're going to insist on having a meeting in order to disclose basic details about what they're selling then they'd better be prepared to have a lot of those meetings, and should expect that most will not turn into sales.

 

The reason I'm worried about it being a faux pas is because the starting price on their website is above what I can afford. If that price usually is the lowest price they would ever offer, then I will feel like an idiot asking to meet with them.



#7 VicHockeyFan

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Posted 02 March 2017 - 10:11 AM

The reason I'm worried about it being a faux pas is because the starting price on their website is above what I can afford. If that price usually is the lowest price they would ever offer, then I will feel like an idiot asking to meet with them.

 

I'd think in most cases that is the very lowest price.


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<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#8 FirstTimeHomeCrier

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Posted 02 March 2017 - 10:17 AM

FTHomeCrier, are you steadfast set on buying new?  If you are not, I'd suggest you call Marko and see if he can advise on your situation.  If you work with him as agent, he knows what to look for in used stock, to avoid surprises.

 

I'm not set on buying new. The reason why I'm looking so much at new developments right now is that I'm not actually ready to move at least until the summer, possibly longer. I like the timeline of getting a place in a new development and having that extra year or two to get organized and plan the move.

 

I am working with an agent and getting alerts when a resale condo comes up in my price range. If something absolutely amazing comes up, I would go for it. It would mean breaking my lease and dealing with the hassle of moving for the fourth time in three years (moved after my ex took himself and all the furniture from the apartment we were sharing, forced to move again one year later when the owner of my new place wanted to move back in and wouldn't renew my lease, and then very recently had to move all our stuff out of our place temporarily after our washing machine overflowed and the floors needed to be replaced). I am a bit worried that the market will only continue to skyrocket and prices will go up faster than I can save for, though.



#9 JanionGuy

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Posted 02 March 2017 - 10:27 AM

Viewing this issue from a different angle,  if you're talking about a pre-sale, you don't need to have financing in place.  The completion date is years from now, right?  By then, you'll be able to afford it, right?  Plus you will likely have made some money to boot.

 

Or default on your contract and get your deposit back and walk away.



#10 VicHockeyFan

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Posted 02 March 2017 - 10:51 AM

Viewing this issue from a different angle,  if you're talking about a pre-sale, you don't need to have financing in place.  The completion date is years from now, right?  By then, you'll be able to afford it, right?  Plus you will likely have made some money to boot.

 

Or default on your contract and get your deposit back and walk away.

 

Except if the market happens to go the other way.  Then you will not get your deposit back, you might be sued, and you still might not be able to afford it, or it appraises too low, and forces you to not be able to afford it.  And you are still getting sued.


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<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#11 jonny

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Posted 02 March 2017 - 11:57 AM

I'd think in most cases that is the very lowest price.

 

In my experience, those advertised prices are the very lowest price and are usually for one sorta crappy unit that sold within 30 seconds of the sales centre opening because it was such a good deal.

 

That's what happened at Legato, anyway.



#12 MarkoJ

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Posted 02 March 2017 - 11:21 PM

Would prices for new condos during pre-sale ever be below the advertised "starting at..."  amount on the websites? 

 

Almost never.  The lowest advertised price is typically the smallest/crapiest unit in the builder and that prices designed to get people into the showroom to upsell them.


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#13 MarkoJ

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Posted 02 March 2017 - 11:21 PM

Or default on your contract and get your deposit back and walk away.

 

Doubt any developer would give you the deposit back if you failed to complete.


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


 



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