The Presale as an Act of Faith

When a buyer signs a contract to purchase a presale, it’s an act of faith. Think about it!  Here sits a little piece of dirt, and over here a line drawing of a floor plan. The buyer puts money down and signs a contract, with hope and faith that in the fullness of time a house just like the drawing will appear on the piece of dirt.  And most of the time, it does!

Rebecca Galloway put her money down on something even more ephemeral. She signed a contract to purchase certain cubic feet of air — a condo unit on the fourth floor of a developer’s intention, in a building yet unbuilt. That was in April. We visited the site in September and watched the fork lift for a while.  One floor down.

Rebecca is smiling.  She has faith that, come January, her new home will be ready to welcome her.  Three more floors to go ..