Another Condo Update

I haven’t given an update on the condo for a while, so here goes… Everything is still on plan for the November 2007 completion, yes you heard right November 2007! Yeah, it’ still a very long ways off, but it’s slowly coming along. The only negative about this long completion date is the inability to lock in today’s mortgage rate. I was able to lock in a 30 year fixed rate mortgage of 7% for this project, but I had to pay 1.5 points for this lock. It’s expensive, but it’s an insurance against rates going through the roof. I still have the ability to lock in at a lower rate within 6 months of closing. So I’m hoping that rates plummet when it’s time for me to close. Anyways, here’s the construction update:

• Underground plumbing is complete.
• Structural slab-on-grade is complete.
• Forming and placement of foundation walls is in progress and approximately 50% complete.
• Completion should be by first week of May.
• Start of structural steel is now targeted for May 8th.
• Façade mockup complete except for caulking.
• Projected building completion date is 11/11/07.