According to an email I received this morning from the developer, Spring condominiums will complete it’s vertical construction soon and is on pace to be ready for move in by this summer. Word on the street is Spring has more than 60% of the units under contract.
From the announcement…
“Expect to see a tree on the top of Spring Condominium soon. The tree is a tradition, symbolizing a building has reached the top floor of its construction. Spring’s glass envelope will also soon be complete. Once the painters have completed the exterior color coating, most of the tower’s exterior elements will be complete.
Interior work continues with installations of finishes reaching level 25. Over 400 workers are on-site working simultaneously on all aspects of the construction of Spring. From work on the structure to installations of glass windows and walls, flooring, tile, cabinetry, electrical and mechanical to the finalization of the pool deck and lobby design, Spring’s team is combining efforts to complete the building by Summer 2009.“
But how many of Spring’s owners won’t get financing? I’ve heard 15 of Austonian’s 25 owners have already backed out of their contracts (leaving 10 sold!). I’ve heard 50 of Shore’s 150 owners couldn’t get financing. We’ve all see 360 sellers trying to get out at below cost. How many of Spring’s won’t be able to? Spring at least required 10% down while the Shore was only 5% down.
Sure, there will be contracts that cannot close. Smart buyers will negotiate. Smart developers will make deals.