Coming soon | 12 New Downtown Walnut Creek Flats

A condo project in downtown Walnut Creek is still just a big hole in the ground, but buyers are already starting to snap up the planned luxury homes. One of the twelve condos — which have prices starting between $1 million and $2 million — has already sold, and the developer, Lenox Homes, has a list of interested potential buyers, said its vice president of sales, Dan Zwicker. The project, called Three, is slated for a site on Trinity Avenue within walking distance of downtown and BART, where excavators are currently preparing the site and working on what will be the condo property’s garage.

One of the twelve condos — which have prices starting between $1 million and $2 million — has already sold, and the developer, Lenox Homes, has a list of interested potential buyers, said its vice president of sales, Dan Zwicker.
The project, called Three, is slated for a site on Trinity Avenue within walking distance of downtown and BART, where excavators are currently preparing the site and working on what will be the condo property’s garage.
Homebuyers are increasingly making offers on homes they’ve never seen, according to a survey by real estate site Redfin, which found that 44 percent of new homeowners in the San Francisco metro region surveyed in late 2017 made at least one offer without ever setting foot on the property.

 

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Walnut Creek condo sells for over $1 million before it’s built

It’s a sign of the times and how competitive the housing market has become. In a year, a dirt and gravel-filled lot on Trinity Avenue in Walnut Creek will transition into a 12-unit luxury condo development called Three by Lenox Homes. And although construction is at the beginning phases, the developer Daniel Freeman, who is the President of Lenox Homes, says one condo has already been sold. “Everything is between a million and two million,” Freeman said. “So, we start in the low millions and then the penthouses will be up to $2 million.

Freeman has been running this business for 10 years now. And he says ever since taking over, he’s been looking into the business model of pre-selling homes.

This is something he did with this development on Cole Avenue in Walnut Creek.

All 12 units were sold before construction was complete with buyers being included in the design process of their homes.

“You see Tesla pre-selling their cars; you see other auto manufacturers pre-selling,” Freeman said. “You see Amazon, everything comes to your house right when you order it, and we’re behind.”

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