Developer not working with me-

Asked by Mr. DukeQuell, NY, Fri Apr 4, 2008

I'm looking at buying In a new condo off of 7th ave and park place in park slope. The Developer just brought the price down from 1,075,000 to 975K (before i even saw this space) . The apartment is nice but the view from the living room is partially blocked by a billboard. I want to offer 930K but the developer wont budge claiming that he came down from the original offer. Still unresolved is a tax abatement for the building and who picks up transfer tax. Any advice on how to proceed with negotiations. Should i be buying now with this environment.

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Jim Winters’ answer
Jim Winters, Agent, Brooklyn, NY
Fri Apr 4, 2008
Hi Mr. Duke,

It looks like the developer's counter-offer is firm. I'd start looking for another place, but... I would call back periodically - say once a week - and very nicely, very politely, make your $930K offer. Stress how much you like the place, how great you think it is, how good of a buyer you are, etc. Just stay positive (i.e. don't mention the billboard) and be persistent. If you do this, something will shake out on this property or another one.

As to, whether you should be buying now in this environment? You are safer if 1) you are buying this condo for a home. The price is very high for any kind of investment; 2) you plan on living there for no less than 5 years, and can live there longer if you have to ride out a housing slump.

Hope this helps,

3 votes
John Reinhar…, Agent, New York, NY
Fri Apr 4, 2008
Hi Mr. Duke,
That's an interesting question and one that needs some careful consideration. I have seen developers all over the map on this one. Some would list high and take offers, while others will price to sell today and not budge much at all. What it comes down to as a buyer is to really figure out what the place is worth. Asking price and how much some budges off of it is a false barometer of value. I suggest looking around and looking at comparables that are on the market now (look on Trulia) and see what has recently sold. You can also contact a local real estate broker that would be happy to help you out.
Once you establish price range , it all comes down to how emotionally attached you might be able to be to the unit. If you love it, and it's in the fair market range...go for it. If it's not in the range, wait and be patient.
I think that there are really some special buys out there today and the smart buyer will be finding them.
Congrats on looking. I hope you find your dreamhome.
All the Best,
0 votes
Mr. DukeQuell, Agent, NY,
Fri Apr 4, 2008
Maybe bad time is wrong question, obviously i'm looking to buy. What i meant to ask is that in this market shouldnt they be more open to negotiating to get the house sold... Everyone is teeling me to move on if i dont absolutely love it.
0 votes
Zack, , Westchester County, NY
Fri Apr 4, 2008
"then there is no "bad time" to buy. "

I'd think that if you bought Bear Stearns stock at over $100, that would've been a bad time to buy. Or if you paid over $700 for Google, or over $9 for Sirius Satellite Radio, those would've all been bad times to buy. Houses are the same. If you pay $975 for something you could pay $900 for in a year, then it was definitely a bad time to buy.
0 votes
James Norton, , Somerville, MA
Fri Apr 4, 2008
The developer is banking on your interest in the unit to justify his "holding firm" - at the end of the day, a unit is only worth what it is worth to the average buyer. If the billboard obstruction is external influence that detracts from the marketability of the property or lowers the value, then so be it. Don't let your interest outweigh reality - make your offer, use a buyer broker - and stay firm. It will either be yours or not - or just move on.
The issue of whether it is a good to to buy, has little to do with your main question, but, I would say this without knowing much of your situation/motivation - if you want to move from wherever you are now, can afford to move, won't be putting yourself in a high-risk loan or other situation - then there is no "bad time" to buy.
Hope that helps.
James Norton
ERA The Norton Group
Somerville MA
0 votes
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