There are new construction condo buildings constantly being built and sold here in Northern Virginia. There are some important things you should know when considering whether to buy new or not:
New Condominiums
1. Most condominium developers mandate a 1 year before before you can sell your condo. They want to avoid fighting with resale units as they try to get through their own inventory.
2. Developers control how the building is run, rules, costs/budgets, etc. until 75% of the building has been sold. Once sales have hit at least 75%, the Condo Association is formed and control is turned over to the residents. It's at this point when many associations will cut or add services that may affect the monthly dues, and/or pet restrictions.
3. Buying new gives you more bargaining power. Developers have SO many millions invested in these buildings, (depending on the market) they're willing to work with special requests to get the unit sold. Have a 120lb Rottweiler you want to keep in your unit? Ask them to grandfather your puppy in. Buying a floorplan you like, but would love if they added an extra wall here or there? Put that request in your offer. Need a 2nd parking space and don't want to pay the extra $30-$40k (in Arlington), ask them to include that with your unit? There is so much you can ask for when you're paying the prices Arlington and the rest of Northern Virginia commands.
4. Free and clear title. Buying new means that the title search VA requires for the past 60 years, should come back free and clear - i.e. insurable and marketable title. **Just make sure all of those mechanic's liens have been paid off before you settle!
Here's a list of the current buildings thare are being sold by developers:
Liberty Center (Ballston)
The Phoenix at Clarendon Metro (Clarendon)
The Wooster and Mercer Lofts (Courhouse)
Vista on Courthouse (Courthouse)
Turnberry Tower (Rosslyn)
The Waterview (Rosslyn)
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