1. YES. Move-ins for these new developments are routinely delayed. My original move in date given to me when I accepted the unit was October. I did not move in until the following April so thats about 6 months off on the timing. It could be shorter but it could also be longer. Just keep in mind that you will have to remain flexible about your living arrangements for as long as you can.
2. YES. When my unit finally closed I did have to pay the NYS transfer tax (the building pays this up front but you pay them back at closing) and NO as far as I know it cannot be negotiated.
3. YES, you can sell the unit for as much as you want but the income restrictions of your buyers will remain. So in theory you can try to sell the unit for 500,000 but it's probably unlikely that two people making 102k can get a mortgage for that amount of money. You can though hold out and try to get as much money as possible if you take your time and do some number crunching to see how high someone in that bracket can realistically go.
Hope that helps
- Yes usually you will have to pay your cost and the closing cost.
- Closing costs can be negotiated BUT it all depends on your competition.
- Banks do not usually loan inNew development with more than 49 percent owned by the sponsor.
- Some banks will even be pickier than that.
You should be careful when buying new development since the apartments and views from the apts
Can differ from the rendering of the architect.
A fern Hamberger
Feel free to get in touch directly if you have any questions. There are other HDFC apartments available nearby that I believe to be a better value.
Douglas Elliman Real Estate