New construction condo buys?
I’ve been looking for the better part of a year to buy my first place. I’ve mainly been looking at studios since that’s what’s available in my price range. I’ve noticed some new construction condos lowering into my price range (and no I’m not talking about anything in DoBro). Has anyone here bought into a…
I’ve been looking for the better part of a year to buy my first place. I’ve mainly been looking at studios since that’s what’s available in my price range. I’ve noticed some new construction condos lowering into my price range (and no I’m not talking about anything in DoBro). Has anyone here bought into a new construction build? Do they have any advice about the process? I’ve seen places sit on the market for a while and I’m wondering how much lower I could get from asking. Any advice would be great.
IMHO the charm of Brooklyn is in its old world charm.
Every new construction apartment I have seen in the past 10 years makes my skin crawl with the shortcuts, shoddy construction, cut corners, and that’s only what is visible to the casual looker. If what you see is that bad, I can only imagine how bad the construction quality is of the parts you can’t see.
If I were you (but of course, I’m not) I would be looking at conversions of older buildings into newer condos. You’ll get the more modern amenities you may be looking for in new construction yet the bones of the building are more likely to be solid old world construction.
Pick your neighborhood carefully to match your lifestyle needs. It frequently is just as important as the actual space you live in.
apparently, my real estate connected friend tells me, there is a floor on the price of a new construction condo set by the bank, a minimum price that the bank will allow the unit to be sold for in order for it to release the lien it holds on each unit. that is why a developer may be willing to throw in all kinds of extras if you are willing to pay its listed price.
Still, doing this is a major crap shoot. I walked past the Forte this week going to BAM. There were like three lights on in the whole building. Do you want to live in a ghost town like that? Also, if the building gets really screwed up financially, you are a part owner and some of that grief is going to be headed your way. Be very, very careful buying new construction. If it were me, I wouldn’t do it.
I meant bohuma’s last sentence.
check out streeteasy.com — and input addresses of particular bldgs new construction that interest you.
Sometimes you can deduce info on reduction of asking price
to sell price and changes and asking price info. Some of the info requires you to subscribe though.
(p.s. Your last sentence not gonna win you any friends – implying that Brooklyn neighborhoods are 2nd rate).
It’s a buyer’s market at the moment. Developers don’t like to see the official sale price go too far below the list price, but you can get them to throw in a lot of extras to make you pay the list price. That said, there’s still a pretty healthy market for the less expensive studios and one bedrooms, so you may not have as much bargaining power as someone willing to pay close to list for a two or three bedroom. The worst that can happen is that the developer says no. So consider offering 95% of the list price, with the developer kicking in for closing costs, and maybe throwing in a 52″ plasma screen TV or a parking space. Ask for Manhattan, you might get a slice of Brooklyn.