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Downsides of Pre-Construction Purchases

Regarding yesterday's item on rising prices at The Gretsch years before the doors open, a Curbed operative reports on the downside of pre-opening purchasing at last Wednesday's building of the day, 60 Spring St.:

60 Spring was suppose to be inhabitable March 2004 but now will not be completed until August at the earliest ? a long wait for buyers who signed contracts last fall. Those extra six months are especially problematic in light of sharply rising interest rates, since mortgage sellers will only lock in rates for up to 90 days.

The developers blame construction delays on "bad weather" but amendments to the condo docs show that two new apartments will be added to the building, taking over part of the lobby's double-height commercial space. One of these apartments will even have its own private elevator. Should it come as a suprise then that the development company has increased common charges for all apartments?

Interesting note, the amended condo documents list apartment prices higher than the actual selling price of the apartments. hmmm...

· SPRING: 60 Spring [spring-home.com]
· Building of the Day: 60 Spring Street [Curbed]