NYC: Buying Apartments Before They Are Built

Posted on Mon, 11-19-2012

With residential real estate inventory levels as low as they are in New York City, it seems that people on the lookout for luxury condominiums in Manhattan are now willing to put their money down for homes even before they are actually built. With the demand for apartments showing no signs of diminishing, and the number of actual apartments for sale still at a minimum, people are now putting their hopes for new homes in . Besides being very impressive in their design and architecture, these rising structures have also managed to command top dollar in an increasingly competitive real estate market.

As the year comes to an end, many of these construction projects are scheduled to finish as well, with 1,249 new apartments expected to enter the New York real estate market by the end of this year. While the competition in the sector is one of the key reasons for people investing so early in these condominiums, early buyers in these projects usually have an added advantage: they are often treated to lower prices on their apartments as compared to those who buy later down the line.

As these buildings are still under construction, most buyers of these new buildings see their future homes in the form on artist renderings, or in some luckier cases, they see floor plans as well. The New York Times reports that many of the projects that are currently enjoying a buzz in the city—such as One57, 200 East 79th Street and Chelsea Green—are all new condominiums under construction which had buyers asking to be notified as soon as these projects were announced.

For apartment hunters who are wary of putting their money in something that is not yet tangible, a few precautionary measures can go a long way in making one feel more confident about their proposed new home. For instance, understand the amount of square footage you will be seeing in your home—rather than going by just a number, find out how is that space is distributed in your apartment’s indoor and outdoor spaces, so that you know how spacious your home actually is.

Also pay attention to the floor plans and the furnishing details that you are told about—do not agree to substitutes, and the old-school adage of asking questions if you don’t understand something works especially well here. After all, these luxury apartments are significant —so make sure you are putting your money down on something you are entirely comfortable and sure about.

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