Here’s a clip from my interview with Barbara Corcoran where we talk about the benefits of buying in a “new” versus “established” community. The discussion centered around 55+ buyers.
Ms. Corcoran suggests that “cautious” personality types are better off buying in a community where all amenities are in and “you really see what you get.” This is a big reason why established communities have an edge over “new” communities because most of us become very cautious when considering a six plus figure $$$ purchase.
When it comes to buying in a new community, the early bird catches the worm, according to real estate mogul Corcoran; “if you’re there early, you can get a better deal.”
When new communities are under construction, marketing is at an all time high vis-à-vis dollars spent and marketing expertise focused 100% on promoting the community to a defined buyer profile in defined feeder markets. This creates excitement and urgency to buy in the new community and, of course, everything is brand spanking new.
Last words of advice from Ms. Corcoran when considering a new community where amenities are not yet in place, “be sure the reputation of the development company is what they say it is. It’s very easy to check out and should be done every time.”