[CondoGuru]

[QUOTE=thewatusi;2667223]"Trend" (the local MLS) definitions of status

I dont think it could be Pending because by definitition all contingencies must be satisified, which would include the buyer being able to obtain a mortage (i dont think a lender would issue a mortgage committment on a building not completed)

Actually in new construction lenders extend mortgage committments all the time. They typically offer committments with "rate-locks" throughout the duration of construction (usually 1 to 2 years max). But the catch is, relatively few developers offer any contingencies at all in their agreements when the delivery date is so far out. So the actual unit can be under agreement and listed as pending even if it does not yet exist, because the Agreement has been executed and deposit monies delivered without a mortgage contingency. It just depends on the terms of the agreement set forth by the developer. They really hold the cards when it comes to new construction...it's definitely more of a risk than buying an existing home. But when you're talking about $3.5 Million or more, those people are more than likely not concerned about contingencies anyway. They know they have the money, they know they'll qualify.