In the new development world, buying a condo early in its sales cycle will likely get you the lowest prices. But just because the early bird supposedly gets the worm doesn’t mean it’s the best one. In fact, there are plenty of reasons to make your purchase after other buyers have already staked their claim. Here’s why:
• An offering plan does not a building make.
Sometimes, condos don’t actually end up getting built. One of the first steps a developer takes when launching a condo is getting the offering plan—the document that spells out the specifics of a project—approved by the Attorney General’s office, a lengthy revision and approvals process that must happen before a developer can start making deals with purchasers. But a developer is only required to build as planned once 15 percent of the units are sold and the offering plan is thereby “activated.”
