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What’s a typical building delay?

By November 30, 2007

Veer Lofts

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