Great NYTimes article on the risks vs. rewards of buying new construction condos
The article is at http://bit.ly/d4vbi5
I posted a while back about the 1,805 sf 3BR that is the last large unit the developer owns in the Neapolitan in SW Hoboken. The Neapolitan is 2.5 years old, has 2 elevators & heated indoor parking, and has a completed transition engineering study plus $100k in reserves. The unit is really large for Hoboken and qualifies for the $8k homebuyers credit since it will sell for under $725k (the asking price).
The unit is in fantastic condition and has nice finishes (travertine marble bathroom, brazilian cherry hardwood floors, granite/stainless steel kitchen). The building has a ton of families living in it and is more than 90% sold. The resident kids shovel snow & ride bikes in the gated courtyard.
The NYTimes also reported a while ago that a lot of buyers are opting for almost-new construction like the Neapolitan to avoid the financing and construction issues of new construction. http://bit.ly/97jc9u
The developer is flexible on pricing b/c he is selling it FSBO. If you want to take a look, the floorplan and photos are at http://bit.ly/neapolitan3C
