Walnut Creek condo sells for over $1 million before it’s built
July 10, 2018
By KRON4, the Bay Area News Station
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.”