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June 18, 2009
Pls help first-time buyer!
Hi Brownstoners!
I'm been looking to buy an apartment in Brooklyn for a bit and think I may have found something off of the Graham Ave L stop. It's a condo, new development, and on the first floor (but not facing the street). The apartment is approx 1300 sq feet, with a garden, and priced at $575,000.
My question is - do you think I can negotiate with the developer for a lower price and, if so, what do you think a reasonable first offer would be?
Thanks so much for your help!
Comments
Am sure I am the first of many that will say
YES YES YES!at 20% off taht asking price!
but also hire an ace lawyer who will draft a contract that protects you in case this developer goes under. You don't want to lose your deposit. Also, Make sure you have some contingency clause that if the condo building can't sell it's units you can back out at any time and get your full deposit $ back.
Check out some of the condo threads. Most people here are weary of them, however you can probably get a great deal - but just protect yourself
Good luck!
Posted by: gemini10 at June 18, 2009 1:32 PM
I would be VERY careful about buying anything in a new development, and I wouldn't offer anything close to the asking price. Is the building finished? C of O? Are people living there? Try talking to some of them to see how they like it.
My experience is closing and moving into these places can be delayed for a long, long time by problems you have nothing to do with, and no way to solve. Advice on hiring an ace lawyer is spot on.
Remember, you are in the driver's seat right now, and the seller is in the back, handcuffed, bound head to foot and stuffed in a padlocked chest. I wouldn't budge an inch on anything.....
Posted by: slopenick at June 18, 2009 1:52 PM
You are free to offer anything you like. You are not bound in any way by the offer price. Try to get an idea of what things are worth by looking at comps. As other posters have said, buying a new construction condo right now is very risky.
Posted by: mopar at June 18, 2009 7:52 PM
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