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Trinity Pre-Construction:

There are many opportunities in the Trinity Real Estate Market today. Preconstruction condos in Trinity represent a large area of the Trinity real estate market. Whether you are looking for an investment or for a primary residence here in Trinity, you can put our knowledge to work for you to find the best Trinity pre-construction condo deal possible and the perfect preconstruction property.

With so many preconstruction condo opportunities in Trinity available, we can help you narrow down the choices and make an informed smart decision based on our years of experience in the Trinity Real Estate market.

More about Preconstruction In Trinity

PRICE
When a Trinity developer plans a new development of any nature, the firm has many hurdles to overcome, not the least of which is financial. Whether the developer is a major group or a local Trinity contractor,financial backers gauge interest in a project based on pre-sale reservations. Both commercial lenders and private investors ascertain the buying public's actual level of interest prior to funding a project. With adequate interest, funding has a strong potential for moving forward. This can translate into potential savings for buyers who are willing to reserve a unit or make a purchase at this earliest stage.

POTENTIAL APPRECIATION
Although there is never a guaranty, in many cases the "first day" price will be lower than the price for subsequent purchasers. In some cases, developers even offer additional incentives when the opening bell rings in the preconstruction properties. Of course, as the project progresses from imagination to reality, interest by end-users increases. Needless to say, with a more definite picture, pricing tends to increase. Again, although this has been the trend thus far, there is no guaranty that this will continue into the future.

ONGOING APPRECIATION
Many preconstruction homes are developed in phases, especially the condo towers . For example, the developer will build the first tower, followed by a second, and sometimes a third or even fourth. Of course, the first tower prices tend toward entry level and each new tower shows an increase , in some cases significant.

SUPPLY AND DEMAND
The economic rule of supply and demand certainly has been coming into play with South Florida real estate, especially waterfront and water access properties . At this point in time, the demand is very high . Due to restrictions by the various municipalities and counties involved, there are certain limitations in terms of the number of available properties. According to some analysts, over the next eight years, the baby boomer flood will start to peak. Demand may be even greater than it is now, and the overall supply will probably be more limited .

LIMITED UPFRONT CARRYING COSTS
Reservation Agreements: First, a reservation is nothing more than a Right of First Refusal. You, as a buyer, are under no obligation whatsoever . For this position, you will place a reservation fee of anywhere from $10,000 to 10% of the proposed purchase price of the preconstruction property. At the point where the developer is ready to sell the units, you elect to move forward with a purchase contract or to bow out. If you decide the purchase is not for you, the reservation fee is refunded in full . In other words, during the reservation phase, you have nothing to lose.
FYI: Though developers prefer to go directly to binding purchase agreement i.e. contract, Reservation Agreements are used when they choose to begin sales prior to having all permits in place, and prior to condominium documents approval by the Florida State Government.

If you decide to go ahead with the purchase agreement, payment of the balance of the first 10% will be required . You will then be granted a 15-day (calendar) rescission period (for CONDOS only) during which buyers may obtain an attorney to review the contract and condominium documents, or at the very least do so themselves. Once the rescission period is over, buyers are committed and any defaults will result in a loss of the deposit.

When the building site preparation begins, a second 10% deposit is generally required . From this point forward, the purchase remains on hold until the development is complete and the property can move forward to closing in which case either a cash payoff or mortgage will be required.

SELLING EARLY
There are two options in terms of selling out prior to closing.
Assignment of contract. Nowadays, the majority of developers prohibit assignment of contracts in preconstruction properties . It is a possibility, rare as it may be, in some complexes. The second option becomes possible, when builders will “resell” preconstruction units once the entire development is sold out. If choices one or two are not offered, there is the option of a simultaneous closing.

With pre-completion resales, the units are made available to the public as the current pricing – as determined by the developer and/or original buyer. Buyers can list their properties with the developer who will then make them available for purchase. The exact percentage of price and costs involved vary. Buyers may also obtain the services of a real estate company to promote their unit, though as a rule, MLS listing before closing on preconstruction state property is prohibited by developer .

A simultaneous closing occurs when the developer closes on the property with the original buyer who then immediately sells the property to an end-user. To ascertain availability and costs for either of these programs, consult us.