New Developments

Buying a newly built condominium in the Bay Area usually means purchasing in a development project. In some ways, this is more like buying a new car than an existing house because:

you have lots of choices
the seller is trained in carefully orchestrating a sales technique to make         as much $ as possible
you are lured in by seemingly low prices, then shown models that are         typically in need of design center upgrades
the sales contract you will be signing is written primarily to benefit the         developer
you have little control over when your condo will be ready
once you move in, getting problems fixed can be difficult and
the price and terms of the contract are seldom negotiable.

Does this mean you should forget about buying into a new development? No. There are many advantages:

entry price per square foot is often lower due to supply
some developments have excellent amenities
less immediate maintenance and fix up work
lower utility bills and
if you appreciate order, newly written CC&Rs regulate many aspects of         community life.

Developers don’t want to pay a commission or referral fee to a buyer’s broker. When your first visit is without your agent and you sign in you give up your right to representation even if your agent was involved in every subsequent step of the purchase.

It is important to have a buyer’s agent represent you during the new home purchase process. The sales agents at the sales office only represent the developer and have no fiduciary duty to you. An agent is trained to look for possible pitfalls in the project and can be an expert sounding board and counselor. Most importantly, a buyer’s agent can review the massive binder with you and point out anything unusual or lacking that might need follow-up.

Make a day of visiting new construction with Katy and let her sign you in before you give up your right to representation.