Stella has a great mom, but what is her moms name?

You have some good answers below.
There isn't a set percentage that you can come in and take off the price, it doesn't work that way. You have to consider the building, number of units available, number of units sold or are in contract. If there are only few apartments remaining the developer may consider paying your transfer taxes and closing costs, but that will all depend on the price of the apartment and developer. If he isn't money hungry and can sit on the building you probably won’t get very far in negotiations. Some developers want to make a deal, others don’t. You can to go and ask.
Also keep in mind that many condo buildings are being converted into Rentals.
Know many apartments sold, the building will need to be between 50-70% sold for a bank to approve your loan.

Get all the facts before you go in.
Where in Brooklyn are you thinking or purchasing?

Hi Stellasmom

You asked a simple question...I will give you a simple answer.

Yes, it is possible to negotiate the asking price. You can't assume, however, that every builder will be open to that!
No one can tell you how much of a percentage you can negotiate. The builder may be firm on his price, or anxious to move his condo sales along.
If the price is firm, often they will included various upgrades, or give you a dollar amount for upgrades, as an added incentive.

Good luck...speak to your agent..............let him or her guide you. If you are dealing directly with the builder, then give it a try......the worst he can say is no. There is no magic formula....each builder will respond differently.

Best wishes.....
Debbie Rose
Prudential NJ Properties

Dear Stellasmom:

Everything in life is negotiable. Submit an offer in writing to the developer along with a pre-qualification letter from a good bank if you are getting a mortgage. If you do not offer the full price you may lose the property. If your not worried about losing the property, do whatever you feel is best. Beauty is in the eyes of the beholder and you have to offer what you feel it is worth for YOU.

I have learned through experience that when a buyer looks at a property and thinks it is a good deal, it is fairly certain that many other buyers who view the property will feel the same way. This happens especially when the property is priced right, then everyone thinks it's a great deal and the seller will get many offers.

If you are making an offer simply because you like the place but not because you perceive it to be a great deal, then by all means try to negotiate and see what happens. If you are making an offer because you perceive the property to be a great deal then you may want to offer the full price.

Also bear in mind that with new construction the developer usually will require you to pay his (or her) closing costs.This can be 2-3% of the purchase price on top of the other traditional closing costs you will incur as a buyer (typically 5% of your mortgage amount). Sometimes you can negotiate with the developer so as to not pay those additional closing costs. You should speak to your attorney about that.

Also, many times if a developer is not willing to give any concession on the price, they may be willing to give you upgrades or add-ons to the kitchens, bathrooms and/or appliances.

So as far as how much you can or should negotiate, only you can answer that questions as it depends on how badly you want the condo! ;)

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com

There isn't any set percentage, it will be up to the builder to decide if they want to give any concessions on the price. Sometimes it depends on how far along the construction is as to whether or not the builder will negotiate the price. Everything is negotiable. All you can do is try. Good Luck