Pre Construction Condos in Gulf Shores AL
Gulf Shores Alabama Pre-construction developments normally require a 20% letter of credit, therefore NO CASH down. Compared to Florida and other neighboring states, that is a great advantage.
A Pre-construction condo is the opporutunity to purchase a condo direct from the developer of a condo development.
What is the advantage to purchasing pre-construction?
When purchasing a condo from a developer, the buyer does not put any cash down, a 20% letter of credit is required to reserve the condo. The buyer then has the opportunity to choose the particular condo they want to reserve. Thus, you are reserving a condo to purchase when it is complete or sell / assign before the development is complete. By purchasing at pre-sale you are able to buy at a reduced price, and coupling this with the appreciative expectations upon completion makes it a very wise investment.
Many people have purchased pre-sales then have sold their units even before the building is completed.
Why developers Pre-sell condos?
Most developers are unwilling or unable to place all their funds into construction of a development that is not assured of success. Also, most construction lenders want to be assured the construction loans can be repaid in a timely manor. The answer for the developer is pre-selling the development. If for some reason it does not sell then the developer is out only a small investment. Pre-selling of resort condominiums has become a standard process, and virtually every condominium is pre-sold today. Once the required pre-sales have been reached and construction has begun it is a sure sign of a successful development.
Should a buyer use the services of a realtor when purchasing pre-construction condo properties?
Yes, a realtor/broker has set up relationships with developers that can be beneficial to the buyer. Generally, in the Gulf Shores/Orange Beach area, a developer will hire a particular real estate company to market and pre-sell the condos. The agents can negotiate the terms of the contract for you and advise you on the best course of action depending on your needs. The realtor is also in a position to inform you when new pre construction opportunities arise before they are even made public. This means the buyer may have an exclusive opportunity to get in on the ground floor of pre-construction prices. Furthermore, the developer compensates the realtor, so in effect you are obtaining the services of the realtor for free. Since the purchase price of the property is the same with or without a realtor, it makes sense to have a person who is not just a real estate agent advise you, but a real estate consultant.
I will keep you updated on all Gulf Shores Pre construction condo developments
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