Property Q&A in New York>Question Details

Prete  Toner, Home Buyer in 10024

There is a 2 br 2 ba 1360 sqft condo in the Kalahari listed at 900,000. What would be an acceptable offer?

Asked by Prete Toner, 10024 Sun Feb 8, 2009

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This question is about this property: http://www.trulia.com/property/1073805909-40-W-116th-St-New-…

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Prete,

Often it is the small percentage of units in the building that are still unsold that now are having a hard time selling as the market has changed so much. What was true regarding negotiability yesterday can be a different story today and again tomorrow as prices are coming down. Many new developments even if they were succesful are now ready to come down in price and that is especially true in less established neighborhoods that are having a harder time in this down market. It is not expected to get better anytime soon with more job losses and potential sales losses to come. I say put your best foot forward and try to negotiate. Buyers are coming in with offers sometimes 30% below asking these days,in the expectations of the market to still come down in the near future...... This is not to say they get that price or price reduction ........or that you will be able to get a major price reduction here.....However what have you got to lose ?..This is a developer so you dont have to worry about hurting anyone's feelings either. Strictly business. Often they may not want to negotiate the prices that much but will be willing to cover closing costs or throw in additional perks and you get your discount that way. I hope this helps.
0 votes Thank Flag Link Sun Feb 8, 2009
The Kalahari has been a successful development, and while there may be some room for negotiation, they aren't too flexible with their pricing. This is priced at $661 per sf, which is fair, so they aren't going to come off that much, but your odds improve if you are offering with a large down payment or all cash so you can close quickly. Hopefully you are working with a good agent who can negotiate the best deal for you.

Richard Daub
Prudential Douglas Elliman Real Estate
917-657-6532
richard.daub@elliman.com
0 votes Thank Flag Link Sun Feb 8, 2009
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