Price negotiation with real estate developers
GAME PLAN
The New York real estate market has tightened this spring, but buyers can still get good deals on new condos. Following are some tactics you might consider:
BE FIRST Developers want to kick-start sales to generate momentum, and they also need to sell a certain percentage of units to qualify the condominium as a functioning business entity.
BE LAST Especially if a project has been on the market for many months, the developer and brokers may offer discounts or incentives to unload the final few units.
ON THE MARGINS Smaller developments in emerging or out-of-the-way neighborhoods can be harder to sell. But if they meet your needs, there are bargains to be had.
BRING CASH Buyers who don't need financing contingencies in their contracts are a developer's dream.
RESPECT THE ASKING PRICE Developers are loath to offer price discounts because they lower the value of all other units. Instead, ask if some closing costs or legal fees could be covered.