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Buying a condo unit during the preconstruction phase might seem to be a straightforward proposition. Future unit is bought from the architectural drawings at the developer’s sales site. However, in real life, buying a unit before it’s constructed may work out to be anything but straightforward.
To understand how important it is to buy at the right time, just think of condominium units that, only a few years ago, sold at very high prices but lost their value — many of them as much as 50% or more — as a result of the real estate collapse of 2007.