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Comment du Jour: Does sold mean sold?

Sophie on Millennium Tower…”:

Close of Escrow [for units at the Millennium Tower] is scheduled for Spring of 2009.

I have a question. Close of escrow is when title is given [for] a big chunk of money. Right?

So if they advertise “58% sold” what does that mean? That you can buy an “option” lasting about 18months? What is the cost of an option in % to the total price of the unit?

Is the “option” money in the builder’s pocket in the mean time (I would guess so as he needs money to build the thing).

Please explain – risks, advantages, or anything else related to that type of new development (same goes for the Infinity etc).”

Anyone?

Millennium Tower going up…” [theFrontSteps]


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alexclark

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4 thoughts on “Comment du Jour: Does sold mean sold?”

  • kenny

    October 2, 2007 at 9:39 am

    In this instance, I believe “sold” means that the individual has placed a down payment to reserve and lock up the property. I don’t know how the financing works for these properties, tho. There may be some sort of rate lock too.

    Reply
  • Sophie

    October 2, 2007 at 10:32 am

    I went surfing.

    Dont visit the millenium website. Pure crap. BTW, they let you enquire only if you are in “computer, finances, biotech, retired or teacher”! 🙂

    The infinity website is not better… you’re thinking they try to book you an apt for a spa. Once you quiet the music (top left the little waving bars), I liked the rotation view of the towers. And for once, I found a floor plan I liked (as in no wasted space, and somehow fonctional): 24E.

    (anyway. both sites are malfunctioning… – and there was no selling info)

    Reply
  • condocontessa

    October 2, 2007 at 11:07 am

    No one wants lawyers in their building, Sophie! 😉

    Reply
  • james

    October 7, 2007 at 12:39 am

    kenny is correct. never trust anything the sales and marketing folks say about percentage sold in a new development. it just means enough poor schmucks have handed over a non-refundable deposit. it should be illegal to say they are closed vs ‘in contract’ but that would be too logical for such a corrupt business as is real estate.

    Reply

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