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Did someone know that it takes about 4 to 5 years in between 80 to 150 million dollars to build a condominium apartment building
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The condo development is not as easy as it looks to the Passerby who one day see a parking lot and next to a flurry of construction and what seems like a few months later a tall glass building. For simplicity’s sake, the development process can be summarized into five major steps.
Opportunities to buy good development, land are few and far between especially in some areas, the selling price of land is largely based on its allowable density but developers frequently face sellers with very high price expectations.
The development phase includes a lot of planning and the coordination of a small army of the consultants that are needed to contribute studies for a city planning application.
People may need to apply zoning and density changes and it is often a challenge to satisfy the demands of key stakeholders including city planners, counselors, and ratepayers.
This is where sales start. The majority of buyers 65 to 75 percent of them purchase old apartment sight unseen. Buyers typically need to provide 15 to 20 percent deposits with those purchasing on opening day getting the lower price. In the real estate industry, we call it the VIP price since most people don’t buy a condo three to four years before they plan to move in, many of the early purchasers are investors.
Anywhere from 12 to 24 months later it’s time to build working up to this point there’s been a lot of engineering and costing work done to ensure that the building is constructed safely. Profitably as it was marketed to purchasers at this point the developers required a bank loan to finance the hard cost of constructing the apartment building. It will take about 24 months to build. Working closely with the designers, architects, mechanical and civil engineers surveyors, and lawyers all overseen by the developer.
The building is finished before the project can be considered complete. It must register its purchasers by transferring title to each buyer and allowing them to occupy the building and that’s how the condominium building gets built. It’s a long challenging process but we love it.
Real estate developers create real estate packages through a process that includes planning, financing, building, and selling residential, commercial, or industrial properties. A developer buys land and builds for subsequent sell or lease houses, apartments, business parks, shopping centers, or other business structures and manufacturing facilities.
Thus we have good relationships with architects, contractors, loan officers, government officials, and a host of other individuals, all necessary to accomplish the huge task of developing a real estate project.
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