We have an exciting update to share. Williams Luxury Homes recently represented a buyer of a significant penthouse condo unit. Most importantly, because our client knew not to go directly to the developer’s sales team, we were able to negotiate $500,000 off the sales price (as well as get some upgrades included). This is because we not only know the current luxury condo market well, we know the sales teams well. This penthouse unit is under construction and priced well above the $5 million mark. We don’t want to be too specific on the price nor which project. We will say that there are just a few main Scottsdale luxury condo projects currently selling new inventory. These include ICON at Silverleaf, Ascent at The Phoenician, and Portico. Other projects, such as Optima McDowell Mountain Village and FENDI Private Residences, have yet to go on sale.
In most cases, buyers think they save money by going directly to a developer. It is NOT true. In fact, some laws and rules prohibit brokers from enticing buyers to not use their own agent by offering money off the purchase price. In the United States, individual representation is ENCOURAGED. Of course, real estate professionals want to “double end” deals. Does that sound good for either party? It can be in some resale cases. But if it’s FREE to have your own agent, especially one who SPECIALIZES in pre-construction luxury condo sales such as those coming up at Optima McDowell Mountain Village, wouldn’t you want the perks that come with that experience?
When it comes to using your own outside representation at a pre-construction project, there are many advantages.
We could go on and on and on. But we won’t. Instead? We will be blunt. It isn’t always so smart to buy directly from a developer.
You will be putting HARD MONEY down to buy a unit. And then have to wait for the property to be built. During that time, all kinds of things can happen. We’ve seen projects delayed for half a decade. We’ve seen construction costs double. General contractors have quit. Buildings have had rebar built wrong and had to be destroyed 1.5 years into construction. In fact, projects have closed escrow in markets where the current value is less than what buyers had agreed to in the pre-construction phase. What happens then?
Additionally, the sales team MIGHT hold prime units back for later in sales. It’s almost a certainty they will. Should you wait? Should you buy now? What do you think THEY will tell you?
We have a lot of experience helping clients avoid Dual Agency when buying pre-construction inventory. And we want to make sure you understand why that is so important. Also, we have close relationships with sales teams and, in many cases, directly know the developers. They know we are passionate about what we do. And we want you to know that as well. To date, we’ve sold over $500 million worth of luxury condos. A few of us began our real estate careers 20 years ago. Do you believe we’ve learned a trick or two?
Don’t forget; there are new projects coming down the line. In addition to ICON, Portico, and Ascent at The Phoenician (now selling), Optima McDowell Mountain Village and the Fendi Private Residences are expected to start sales in the future. Also, for those who want something now, there are some good resales out there at Optima Camelview Village and Optima Kierland.
At WLH, we’re all about creating unforgettable luxury real estate experiences. We cover some of Greater Phoenix’s most sought-after locations, including Scottsdale, Paradise Valley, Phoenix, Cave Creek, Gilbert, Chandler, Mesa, and Tempe. Our versatile approach truly sets us apart. We represent buyers, sellers, investors, and developers with unwavering passion. Our group offers divisions from Celeb & Sports to Property Management, Project Sales, and WLH Studios (our in-house marketing agency). We aim to deliver “A Luxury Experience For Everyone.” And, of course, we love our blog (which we call LUXE BLOG). It’s here we eagerly share valuable insights from the world of luxury real estate. We hope you enjoyed this post.