Purchasing new construction to resell upon completion?

[Ben Kirchner]

My wife and I have been tossing around the idea of investing in a new construction in a growing area where we live (Durham, NC).  The construction would not be complete until 1-1.5 years.  Therefore, the idea would be to lock in at the current price of the construction, providing a low cost initial investment.  Then, when the construction is completed 1-1.5 years from now, the price of these constructions would have risen, as well as values in the surrounding area.  We would then look to likely resell the new property.  

Has anyone done this?  It seems like such a simple strategy, but perhaps there are a handful of things that we are not considering?