Do you think the developer will sell a $500k 2bd/2bath condo in today's market under $400k? The building is

Asked by Croapino, Mon Sep 29, 2008

only 30% occupied and according to the sales agent that the developer is very motivated and will entertain all offers. Am I wishing the impossible?

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Corey Grushin’s answer
Corey Grushin, Agent, East Brunswick, NJ
Mon Sep 29, 2008
Dear Croapino you're asking the builder to take over a 20% reduction in price and at the same time really stick it to the people who have already bought their Condo's and possibly give reason to any others who may have a contract to purchase to renegotiate. I don't know if you are wishing the impossible but you are basically asking the developer to cut their own throat.
0 votes
Kenneth Verb…, Agent, PRINCETON, NJ
Thu Oct 2, 2008
you have nothing to lose, go for it. With all the uncertainty in the market and mortgage industry you never know.
0 votes
Will Nesbitt, Agent, Alexandria, VA
Tue Sep 30, 2008
I concur. Check prior sales and then make an offer. $100k is a tough hit to take but it might be better than bankruptcy.
0 votes
Bill Eckler, Agent, Venice, FL
Tue Sep 30, 2008
C,

The key may be finding out what the most recently units in there sold for. Find an agent to get this information and then decide where your offer should be.

In this market anything is possible....

Good luck
0 votes
Laura Gianno…, Agent, Manahawkin, NJ
Tue Sep 30, 2008
If the developer says they will entertain all offers, then offer. You'll never know unless you ask.
0 votes
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