How much is NEW worth?
Here are the some of the questions that my luxury buyers have asked themselves—and me— over the past few years:
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Do I renovate, or do I buy the brand new?
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Do I want the biggest apartment possible, or a slightly smaller, but nicer unit?
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Do I pay up to get more amenities in the building?
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Do I give up location to get a nicer apartment in a nicer building?
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Am I willing to wait for the new building to be completed to get the brand new apartment?
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Am I willing to buy a home off of a floorplan, or do I need to wait to walk through the unit myself before I sign on the dotted line?
These are important questions. We’re not talking about taking a flyer on a new piece of furniture. We’re talking about properties that can sell for more than $10mm. Our deal of the month put my Upper West Side clients in the center of all these questions. They ended up purchasing an $11mm property at 50 West 66th Street, Extell’s newest and most successful project of the last few years. Here’s their story:
What Do I Want?
This story started more than 2 years ago where most do, in the discovery phase. My customers were moving back into town, and knew the neighborhood they wanted to be in, but little else. Would a co-op work for them? We looked at penthouses all around the neighborhood. Nothing was new enough, little was where they wanted to live, and everything had something wrong with it. Co-ops faded from consideration.
So Which Condos Will Work?
We explored a number of resale condominiums, and quickly realized that many had mediocre amenities, most were dated (the apartment itself of the building physical structure in general), and the locations were just okay.
What About New Condos?
My customers started to zoom in on brand new condominiums. The amenities and quality of construction appealed to them, and everything else paled by comparison. The only problem? Some were in busier areas (along avenues, for instance). Others were not going to be ready for more than 2 years. And some were simply over-the-top expensive.
What If We Can’t See The Apartment?
One goldilocks situation beckoned. However, the buyers were adamant about seeing the property in person before they signed a contract. For months, we lingered around, hoping for a 5-10 minute sneak peek. The developer would not budge. And as time passed, the options for the unit style my customers wanted began to dwindle. The top floor sold, then the next floor below, and so on. Pretty soon, it became clear that they would sell out the particular floorplan before access would be granted.
Time To Decide
My buyers, despite their understandable caution, signed a contract to purchase a unit they had never seen in person. They had to trust the reputation of the builder, the finishes in the sales office, and the recommendation of their agent. Last month, we were the very first unit to close in the building.
Congratulations to our customers who will be moving into the building, and get to enjoy a great location, amazing amenities, and are getting a home they love! - Scott & Magnetic
