Normally I don’t post twice in one day, but this was just too good to keep to myself. I attended a Cousins function today at the huge penthouse I featured a week ago in my penthouse series. There was a large number of agents and interested parties in attendance and the news Cousins CEO Tom Bell gave was music to my ears. Finally we are seeing someone stand behind their product to give buyers the piece of mind they need and deserve.
I can’t tell you the number of clients asking me why developers are not offering any type of buyers protection, especially in today’s market. Now we have it. Cousins is taking the risk out of buying for the first 25 purchasers at 10 Terminus Place.
Cousins owns 10 Terminus Place free and clear, so they are able and willing to guarantee the equity in a buyer’s condo for the first three years of ownership. I do not know of any condo building in Atlanta that is offering this type of assurance to it’s purchasers and I have asked for this in many contracts. Additionally, I don’t know any developer that owns their condo building without any outstanding construction loans.
Here’s how the Cousins Assurance Program works:
- Because Cousins owns 10 Terminus free and clear, the company will guarantee the equity in a buyer’s condo for the first three years of ownership
- While banks require down payments of more than 20 percent on jumbo loans, Cousins will finance the condo with an initial 5 percent down payment
- While banks offer interest rates between 6 percent and 7 percent, Cousins will finance the condo for a 4 percent interest rate
- Because it’s difficult to sell homes, Cousins will offer homeowners the opportunity to move in immediately with 20 percent down and no payments for a year while they sell their current homes.
- If your home appraises for less than the purchase price after 3 years, Cousins will refund your equity.
Cousins Properties is the first developer in the U.S. to guarantee a condo buyer’s equity for three years while providing a financing option with a low down payment and a low interest rate. While it has become commonplace for developers to place a block of unsold condos up for auction or to drastically reduce prices, Cousins has resisted both approaches – which bring down the overall value of the condominium.
“Simply discounting the product doesn’t help,” Bell said. “If you discount 15 percent, the buyer will wait for you to discount 30 percent. Some buyers are trying to time the bottom of the market and I don’t want to chase that ball downhill. We believe in the quality of 10 Terminus and have resisted lowering its market value.”
The Cousins Assurance Program is an innovate approach that differs significantly from lease-to-own programs. With the Cousins Assurance Program, buyers enjoy the full tax benefits of owning their homes from the start. And buyers can leave the condo in the first three years without facing foreclosure and negatively impacting their credit reports.
To better understand how the program works, buyers are encouraged to visit http://www.10Terminus.com to learn about the program details and use an online calculator that compares the Cousins Assurance Program to conventional mortgage financing options. If you are renting somewhere, you can also compare your rent to purchasing at Terminus.
There is more information to share, so if you are considering Terminus, please call me and I can go over the fine details with you.