Friday, June 30, 2006

Sold Out! Now Selling, Please....

Envy the marketers that sold 100-unit condo projects almost overnight, able to walk away with quick profits...and then start over. While many condo projects sold out quickly during the boom, the changing market has led many hesitant or remorseful buyers to renege, leaving developers to remarket the property post-marketing blitz and sales centers. The Crescent in Silver Spring saw 11 of its 143 units come back on the market when buyers became wary of the condo market, and Jenkins Row on Capitol Hill saw numerous contracts rescinded as sales slowed in 2005. Often foregoing their 5% security deposit and security for upgrades, anxious buyers sometimes see breaking their contract as less costly than paying taxes and closing costs on units that may have declined in value, and in some cases have purchased in another building where better incentives justify losing $20,000 or $30,000. The Rhapsody on Florida Avenue (pictured), sold out last Summer and now fully built, is offering units that failed to close, and now has to compete with several nearby projects offering incentives and the opportunity to select builders’ options. While having a defaulting buyer is not new, several developers say the rate has risen as home buyers now have more opportunities and the market and time to shop.


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