considering buying a condo that is under consruction - Advice please????

**MIke C** · 03-23-2008, 04:16 PM

Hello - I am new to the Nashville TN area, and new to home buying. I have come across a new set of condos that are still under construction. There will be 150 total, and they are about to finish with the first 40 of them in the next three months. Of those 40, there are only 2 flats left. I want to buy one of those flats, and will likely need to act quickly to get one.

I am wondering a few things.

1. Should I expect to pay the full asking price for a new condo? They seem to be selling fast, but I also don't know if it is normal for me to pay the full asking price or if I should be able to expect to have the chance to negotiate downward.

2. Are there any pitfalls I should be aware of in buying condos under construction? Any tips you would suggest in approaching the buy?

3. The name of the Builders is "Regent"....in case anyone knows anything good or bad about them.

Thanks for any comments or perspective you can provide.

**Mike Taylor** · 03-24-2008, 05:45 AM

I do not know if it is a good or bad idea as I do not know the Nashville area or the builder, but I would be a little timid buying on the front end of a project like that considering the current market conditions.
Are there really only 2 units left or is that just sales talk to create urgency to get you to buy?

**carlam** · 03-24-2008, 06:51 AM

Not sure of the condo market there, but here in Tampa, FL it is pretty flat with an exception of a few key locations.

Is this condo in a highly desirable area that would attract buyers later down the road when you need to sell it?

Do you have your own representation; an agent to negoiate the contract for you? I would!

Then there is the new construction noise, and traffic you have to deal with until the whole project is completed.

Are there any promised amenities? A gym, pool, social room? Make sure they are done so that if you are paying a monthly fee for them that you have access to them at the time you move in. Why would you want to pay for something that isn't there?