WHY BRAND NEW IS BETTER THAN RESALE?
The transaction volume for brand new developments are usually higher than resale market. Why?
1) Humans love new things. Everything is brand new with modern, state of the art facilities. Fresh and beautiful looking façade. 1 year defect liability from developer.
2) New developments will usually see higher price appreciation compared to from those in the resale market because everyone will sell higher than what they first bought.
3) When you buy from the resale market, you have little margins for profit. When the building starts to get old and problems start to appear, it becomes less appealing to buyers.
4) If the lease is 99 years, the remaining lease will become shorter and shorter as time goes. This means the asset is depreciating and reducing the profit margin and appeal.
5) Lesser renovation cost for new developments compared to resale.
Out of so many new launches, only 5 developments have 3 bedrooms that are below $1.2M. That is a very good deal. Don't wait till they are sold out.