If you’re thinking about buying at Savina, you need to read this. I’m going to attempt to summarize the main point you need to know about buying at condo at Savina, by Bosa. Please note that things may change and Bosa Development is ultimately in charge of the show. Please contact me at 858-242-2092 or [email protected] for the latest information (I’m not able to update my blog as much as I’d like to).
- SALES BEGIN THIS WEEK. Bosa “Loyalists” (those who have purchase directly from Bosa in any previous project) and VIPs (friends, family and others who have connections with Bosa) have selection appointments this week. If you do not fall into these categories, but did register by 5pm on May 31st, your appointments should begin next week. If you still haven’t registered, please click here and I’ll register you asap. Appointment dates (essentially condo selection order) are now established by a first come first served basis – the order in which you submit your registration (if they weren’t in by 5pm on the 31st).
- ALL SALES ARE FINAL (sort of). Like most new home sales, buyers are expected to review all contracts, CCRs, disclosures, etc before selecting their condo. Unlike resale purchases, you have to have done all your due diligence prior to signing your contract. At the time you select your condo and sign the contract, you’re committed. I’m not an attorney, but for all intents and purposes, your 5% deposit (due at the time you select your unit and sign the contract) is non-refundable. *You do have a 3 day recession period.
- NO CONTINGENCIES. In case you didn’t read above, there are no contingencies. Your expected to have done all your due diligence prior to signing your contact – this is NOT like a re-sale purchase. You do not have 17 days to do your inspections and investigations. You also have NO LOAN CONTINGENCY. It is up to you to make sure you can qualify for this loan. Bosa is also not taking any offers contingent upon selling your current home, or any other properties.
- DEPOSITS. 5% of the purchase price is due when you sign your contract. Then an addtional 10% is due by February 28th, 2018 (this is also my birthday incase you want to send me something). The balance of your down payment (whatever that may be) is due when the building is completed and you close escrow (around early 2019 or so). A total of 15% is due by 2/28/18. For the initial 5% deposit, a personal check is ok, however, a it must be replaced by a cashier’s check or wire transfer (preferred) within 1 business day of your purchase.
- CLOSING COSTS. According to the Savina Purchase Agreement, they anticipate third party (escrow, title, etc) closing costs to be between $3850-10,050 (the actual amount will depend upon your final purchase price). Any lender fees will be on top of this, as will property taxes, supplemental taxes, etc.
- NO REASSIGNMENT. You cannot transfer your purchase/reservation to someone else. In other words, if you change your mind, or want to sell to someone else, you cannot simply assign your condo (that hasn’t closed escrow) to someone else.
- UPGRADES. Currently, the only upgrades you can make through Bosa, are adding a wine fridge in the kitchen, replacing the bedroom carpet with wood floors and you can possibly make some electrical upgrades. These requests must be made after you’re under contract. Currently, buyers are able to select their condo color scheme; Coastal (lighter) or Urban (darker). However, this is likely to change as they get further along in the construction process.
Those are in my opinion, the most important things to know if you’re seriously thinking about buying a condo at Savina. If you haven’t registered, please contact me asap. Registering simply gives you the opportunity to purchase and does not require any financial commitment. Other than that, here are some of the best condos to purchase at Savina. For more information about Savina, or any other real estate in San Diego, please call Denny Oh at 858-243-2092 or email [email protected]