Purchasing Pre-Construction Condos

Due to several new PRE-CONSTRUCTION luxury condo projects in Scottsdale, we are here to share some tips on the disadvantages of working directly with the developer and/or an agent who is inexperienced in selling real estate in projects during the pre-construction phase. This is even MORE IMPORTANT for projects that take a couple of years to build. Several of these types of projects are either underway or soon-coming to Scottsdale. These projects include: Optima McDowell Mountain Village, FENDI Private Residences, ICON at Silverleaf, Ascent at The Phoenician, Portico, and the upcoming project Ther Parque. Purchasing the wrong way can lead to all kinds of nightmares. Additionally, you can lose out on KEY ADVICE when working direct or with the wrong agent.

We have been seeing CONCERNING CLAIMS online from real estate professionals making FALSE STATEMENTS. These false claims include being able to get their clients free parking spots, free storage units, and lower interest rates from the developer (all are false). Why would 'outside agents' say these things? To get you on their personal reservation lists with the developer so they can try to claim they were the PROCURING CAUSE for your registration. That way, when sales start, you MIGHT be trapped into working with them. With 150+ years combined experience selling pre-construction luxury condos, WLH doesn't use “questionable tactics“ to make sales.

Ascent At The Phoenician

Let Us Be Clear...

On-site sales teams work for the DEVELOPER. Their fiduciary duty is first and foremost owed to the developer, not the buyer. And that is where DUAL AGENCY comes in. When you're condo hunting or selling your place, you might come across a situation where the same real estate agent or firm is REPRESENTING BOTH you and the other party in the deal. This is what they call a dual agency, and it's a bit like having a coach that's cheering for both teams at the same time. Now, this isn't always a bad thing, and it's above board in some places, but it's worth knowing that it can get a bit tricky. The agent is supposed to be your champion, fighting for your interests. But when they're playing for both sides? Whose corner are they really in? And during the PRE-CONSTRUCTION phase at luxury condo projects? They are on the DEVELOPER'S SIDE. We even recommend you ask your attorney, should you like.

Also Read: Primary Risks Of Buying A Luxury Condo During Pre-Construction

ICON At Silverleaf

Questions To Ask An Agent

If you're thinking of buying a unit at a project such as Optima McDowell Mountain Village, FENDI Private Residences, ICON at Silverleaf, Portico, Ascent at The Phoenician, or The Parque (a long ways off), you need to be REALLY CAREFUL with not only going direct to the developer, but also which agent you work with. We all know that Greater Phoenix is LOADED with real estate agents (many part time or very inexperienced). You know what everyone else knows? That real estate agents are AGGRESSIVE with their marketing. The internet is crammed full of misleading marketing.

Here are some of the questions you can ask to determine if an agent is qualified to represent you at a pre-construction luxury condo project.

• How LONG have you been selling real estate?
• What do you know about concrete and steel construction?
• Have you EVER SOLD a pre-construction condo? Did it close escrow?
• Have you ever sold a project that got DELAYED during pre construction?
• What happens to my hard-contract deposit if I don’t close escrow?
• Can I ASSIGN MY CONTRACT if I choose not to close escrow? If not, why?
• What happens to my hard contract deposit if my spouse does? Etc.

There are MANY other questions to ask that will reveal if an agent is a TRUE expert. Use common sense.

The Land For Fendi Private Residences

Advantages Of Working With WLH

As of March 2024, WLH's William Lewis and Aaron Auxier are the TOP AGENTS at Optima McDowell Mountain Village (91 registered) and FENDI Private Residences (46). Even with that? The developers will NOT GIVE our clients special perks. Why? It would be unethical and angering to all other agents in 'The Valley'. So WHY WOULD YOU use William and Aaron? And why would you want to reconsider going direct? Below are some great reasons.

• Hundreds of millions in sales of pre-construction luxury condo
• We give an UNBIASED OPINIONS on pricing, quality, builder rep, location, and more.
• Dozens of luxury condos and penthouses SOLD and CLOSED.
• We also help with proper unit selection (ones with best resale value).
• We are happy to provide price-per-square-foot analysis compared to COMPETITOR projects.
• We can attend your closing with you should you want us to.
• The developer will NOT attend your closing.
• We will help you with understanding MOVE-IN RULES such as reserving the freight elevator and more.
• We know the market VERY well and tell it like it is.
• Should you want, we will educate you on COMPETING projects' highlights.
• We will tell you what units don’t do well in resale.
• We’ll keep you updated THROUGHOUT the construction process.
• We will help you choose what upgrades payoff most during resale.
• Not all luxury condo projects are built the same. HOW WILL YOU KNOW who builds what quality? Will they tell you?

Optima McDowell Mountain Village

In Closing

It is VERY IMPORTANT to us here at Williams Luxury Homes to protect the BEST INTERESTS of our clients. We haven't sold over $1 billion in real estate by being unethical. When we see agents going around making FALSE STATEMENTS about luxury condos in Scottsdale? It bothers us. This is what we do for a living. It's not good that agents get away with such BOMBASTIC and FAKE claims. We believe the Arizona Department of Real Estate needs to crack down. But that likely won't happen. This is a RUTHLESS industry. Are you protected? We hope our reputation and the fact we go out of our way to EDUCATE the public shows the type of passion and professionalism of which we work.

Thank you for reading LUXE BLOG. See you next time.