It’s been four months since 360 opened to the first residents and yet not one unit has hit the MLS. What’s up? Is there any way to get into 360? When will the units hit the market?
360 has been successful because it is tall, offers great amenities, is well located, and also because it’s priced affordably with the bulk of units originally priced between $200k and $500k.
While much has been made about the project’s sales — they have been very strong — we have received recent reports of units becoming available through the sales center. While 360 does have a wait list for some units, it’s still possible to get into the project if you are flexible when it comes to view, floor, and floor plan.
But, given that they have built 430 units, why have no resale units hit the market? The answer lies in specific rules put in place by the 360 developers:
– A non-refundable earnest money deposit is required at the signing of the contract and will be applied to your purchase at closing. At 360, we are offering a six-day rescission period on all contracts. After the six-day rescission period has passed, you may not terminate your purchase contract without forfeiting your earnest money. Also, resale of homes will not be allowed within six months of the first home closing.
– Unless it is otherwise approved in writing in advance by 360 (who has the sole discretion of withholding approval), you may not advertise your 360 home to a third party or offer your 360 home for sale until 6 months from the date of the first home closing.
– The contracts that buyers will be executing for homes at 360 are not transferable to 3rd parties. If you are unable to close on a home you have under contract, 360 will retain the home and earnest money.
– 360 Investor restriction: In total you may purchase two homes; one as a primary residence and one as an investment.
Because of these rules, the first resale units are likely to hit the market around Thanksgiving. Given the demand, it will be interesting to see if these first units carry a premium over the original units prices.