A new trend in the market, «the primary»

28.09.2010 09:57
A new trend in the market, «the primary» In terms of distrust of the primary buyers to many developers had to abandon sales of new construction to commissioning of the State Commission. The situation has stabilized, but crisis strategy seems to have taken root, and gradually becomes a routine practice.

New trend
The crisis has taken a severe blow to the primary market. According to the study, "Trump Real Estate, about 80% of buyers are skeptical that the object will be delivered on time. As a result, the company encouraged developers to abandon the sale of apartments before the date of the State Commission. This practice has been implemented in some projects, where the Trump Real Estate Consultant acts such as LCD, "Vysotsky" (SEAD). However, this strategy has been applied on larger objects. For example, "Renova Story Group" all the apartments in its LCD "Academic" is sold exclusively in this way.
However, not all experts agree that it is a trend. "Few people can find a lot of money for the construction of a dwelling house without compensation at the expense of current sales. Building a business and elitklassa erected on average two to three years, while investments account for several billion rubles. Previously, the initial stage were mainly due to credit facilities and for commissioning, as a rule, all the apartments have been sold and the profits from sales extinguished interest "- says the marketer of" Relight Invest Natalia blank. According to her, sales to almost finished the house opened extremely rare, except in the luxury segment, where the apartment is small and the issue price is too high. However, the situation has changed. "Now developers do not often work through loans, and therefore not paying off interest. But still the old loans. And to find a few billion to build, but the apartments start selling in just two or three years, not everyone can, "- said the expert.

Possible Causes
Apart from the lack of new credit market participants cite several reasons for the refusal from the sale of apartments before putting the house. First, the regulatory risks. "Perhaps, the reluctance of some companies to sell the house under construction is one of the consequences of tougher legislation in the field of participatory construction. Buyers of objects that passed the Civil Code, are no longer the interest-holders, and their funds do not go to finance the construction itself, "- says commercial director for the City - XXI Century" Vitaly Razuvaev. Accordingly, he said, the developer in this case is not constrained by the framework 214-FZ, and may use any scheme, the relevant Russian legislation. Obvious and the benefits to customers: no risk or long-term construction under construction, that a good opportunity mortgage lending - banks will be very interested in such a borrower provided it is reasonable to pay.

"Refuse to sell nezavershenki can and developers who have received project funding under the facility - when he was delivered, it can be realized as much. However, one should bear in mind that if the market simultaneously released a number of prefabricated houses to the marginal cost, some may be unused ", - adds V. Razuvaev. According to general director of MIEL-New "Maria Litinetskoy, new projects originally scheduled to be implemented only in equity instruments. Some of the houses, shot with implementation in a time of crisis, the developers plan to re-enter the market after aligning with the 214-FZ. "If a building permit was obtained prior to April 1, 2005, came into force 214-FL, or the house is ready, got a conclusion on compliance (AIA) and put into operation - on such projects remain the lawful implementation of the scheme in force prior to the introduction of 214 -FL and its amendments, "- said the expert.

Under the yoke of the law

"The refusal of sales to commissioning - response to recent amendments to the 214-FZ. Act applies to building homes, so sales handed over the houses that are not regulated by legislation. Thus, developers have the right to sell its housing according to preliminary sales contracts ", - says head of marketing for the Quarter Estate Oleg Isaev. However, he said, such a policy can afford a few. As a rule, proceeds from the sales - the main source of funding, and if it dries out, it is necessary to attract bank loans or the availability of sufficient own funds. Another reason for the refusal Managing Director «Century 21 West Eugene Skomorovsky calls reputational risks:" Traditionally, real estate, sold in a semi as perceived by the buyer as the semis. It's not that the primary market is something worse, just if the developer agrees to wait for the completion of construction, it is additional evidence of its financial strength. Perhaps that is why the sales to date have refused in such a landmark project as the district "Academic".

Pros and cons

"This practice allows fund construction at the expense of current sales. Given the low purchasing power, reduced price - a significant competitive advantage ", - said N. blank. On the other hand, she said, the pluses of finished housing - the high price and profit. "Apartments in the completed house as expensive, but they also attract people because the risk is no longer visible and the finished result. But do not forget that now in great demand cheap economy class, snapping it very quickly and by the end of construction there is nothing left ", - experts warn. As recalled by the general director of real estate services Pavel Karasev, namely New ekonomsegmenta at an early stage "shot" on the Moscow market crisis. According to N. letterhead, consumer confidence to developers last year had improved. Risks have receded - and selling at the stage of excavation again not uncommon.

On the other hand, some experts believe the skeptics sale after the date of a future. Thus, according to the head of the analytical center corporation INCOM Dmitry Taganova is not a good idea as applied to Russian real estate market: "The fact that the sense of realization in the early stages is precisely to raise additional funds for construction. Then, as an alternative to sales after the passage of the Civil Code requires that all stages, from design to direct the construction and exterior finish will be at the expense of the developer. While not everyone can afford it. " A O. Isayev generally believed that the practice of dispensing could lead to an increase in average house prices: "The apartment is in the finished house is always more expensive. Hence, if many developers will find ways of building without fundraising holders, flat on the stage of excavation will be offered fewer and more expensive properties. "
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