Developers Sweeten the Deal for Buyers
Seller financing for 90% of purchase price; 4.875% interest rates; covered transfer taxes and lawyers’ fees; free common charges for half a year; and free parking: these are a few of the deals developers are offering these days to lure buyers in the shaky market, reports the NY Times. They’re dangling bigger carrots before brokers,…
Seller financing for 90% of purchase price; 4.875% interest rates; covered transfer taxes and lawyers’ fees; free common charges for half a year; and free parking: these are a few of the deals developers are offering these days to lure buyers in the shaky market, reports the NY Times. They’re dangling bigger carrots before brokers, too, raising their commissions as high as 6%. One couple bought one of the Belltel Lofts for just under $1.5 million, about $85,000 below asking price, and got a mortgage tax assignment, saving them another $20,000. Most developers don’t advertise their incentives, alas — looks like it’s up to the buyer (or their highly commissioned broker) to put on a negotiating hat and see what they can squeeze out.
Gifts for Skittish Buyers [NY Times]
Photo by ApramSi.
I thought those blood sucking parisites that call themselfs brokers had all dissapeared. Evedently there are still one or two around still trying to survive on other peoples blood, We need a better rouch killer.
Oh they got a deal alright. A bad one.
I thought it was funny that the people who purchased in the Belltell thought they got a deal. They could have got 85K off the asking 6 months ago.
I’m thinking a bit less, about 20% off.
$85K off is nothing. I think you’re going to see developers accepting $600,000 offers on $850,000 apartments very soon.