There is always a risk buying off the plan. Typically, that risk is off-set by getting a lower price -- i.e., buying at today's prices, but not having to pay until tomorrow.
That does not always hold true, if the initial pricing is too high. One example of an overpriced off the plan development was FKP's Vue, where a number of people appear to have sold recently for less than they paid off the plan.
Pradella is pricing its off-the-plan developments aggressively. One example is Flow at West End. Flow has been marketed off the plan for a number of years. Today's prices are about the same as one of the original price lists published over a year ago. A price list from 2006 is here. Settlement is in 4 weeks. There are some really nice apartments in Flow, and they are larger than normal. The better views are to the west, however.
This is one development where it looks like waiting until settlement (unless you got an insiders price or discount) would have been best in relation to price. However, most of the good apartments have sold, so waiting is not necessarily the best thing to do if that is where you would like to live!
Some Flow apartments listed for sale today (developer stock):
- Apt 31, 3 bed, 4th floor, river views $1,425,000 (price was $1,375,000)
- Apt 23, 3 bed, 3rd floor $1,405,000 (price was $1,380,000)
- Apt 57, 2 bed, 2rd floor $970,000 (price was $970,000)
- Apt 13, 2 bed, 1st floor $890,000 (price was $840,000)
- Apt 51, 2 bed, 1st floor $890,000 (price was $930,000)
- Apt 52, 3 bed, 1st floor $1,275,000 (price was $1,250,000)
- Apt 14, 2 bed, 1st floor, $695,000 (price was $685,000)