What’s a typical building delay?
A reader asks:
I was just wondering if you have any statistics, or just general knowledge about building delays. I bought a unit at Veer, and am trying to figure out when I want to get a rate lock for my mortgage. The rate lock offered expires after 12 months, and Veer is slated for completion in August (9 months). I think 2200 is the only other Vulcan project that has been completed, and I’m not sure if it was delayed at all. Do you think a 3 month buffer is reasonably safe?
Sadly I haven’t been tracking building delays (or the difference between first announced opening and the actual close date.) One of these rainy days I might dig into the statistics but in the meantime what would you recommend?
I imagine one strategy would be to lock with one mortgage vendor today and then lock with a different one six months from now. Locks really aren’t that expensive.
Bonus link: For Seattle landlords, ’07 is sweet