Windsor Terrace - fair asking price for a new development condo?

$/sq.foot is usually the best measuring stick.

colonialrevival

in General Discussion 4 years ago

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katerina | 4 years ago

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We are looking at a listing for a sponsor unit in a new building in Windsor Terrace, wondering what people think of the asking price, and if I should think about sponsor units differently from other condos (I know about transfer taxes often being treated differently). https://streeteasy.com/building/49-east-4-street-brooklyn/3b

And should I think about approaching negotiations differently than a resale condo? We are not working with a buyer’s broker and feel confident enough to waive financing.

ceci | 4 years ago

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I recommend speaking with a friendly old time real estate broker, Mr. John Burke, John Burke Realty. He is very knowledgeable and might prove helpful in regards to your inquiry!!! Good Luck!!!

resident2 | 4 years ago

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If you need to get a mortgage never give up on the mortgage contingency, especially on a new development.
How many of the other units have been sold? are under contract? Are owners already living in the building? How many units does the sponsor still own?
How soon could you close & move in? Does the building have its final C of O? or just a temporary?
All of this & much more is needed to assess if the sponsor maybe open to offers. Typically they give concessions rather than a discount on price, but depending on the answers to the above …. Make sure you use a NYC Real Estate Attorney that does nothing but Condo & Co-Op closings.