A reader on the Redfin Forums asks about negotiating room on expensive downtown condos:
I’m looking at several new construction condos in belltown ranging from 800K to 1.1 million.
I think these price points are a bit overinflated.
It goes without saying that I would never agree to buy any condo unless I get a bunch of significant upgrades upfront. But, does anyone have any opinions on how much i should offer, for say, a property priced at 1 million? Can I go down to 950K? 900K? Or is that simply not done on new construction?
If the builders is not willing to budge on the price, would it be crazy to ask for a large percentage back towards closing costs (say, 5%) to build in a “hidden” cost break so they don’t have to reduce the price on the rest of their inventory? I think they’d have to offer something significant to get me to buy in this market.
How much are people asking for paid homeowners’ dues nowadays? Is 2 years reasonable in this market?
Does anyone have any success stories of negotiating on new construction?
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4 responses so far ↓
1 newbuyer // Jan 31, 2008 at 7:44 am
seattlecondoreview.com has a great post entitled: “The White House and Your House” that deserves a read.
2 nitsuj // Jan 31, 2008 at 3:34 pm
If I was personally in the market for something in that price range I’d probably just hold off awhile. My gut tells me that it seems like the market of people who would buy units like that probably did in the first wave of new construction and/or were early in on the RE run up. I can’t foresee these units a) appreciating or b) selling out. Just my $.02, and I”m prone to receiving refunds when I give it…
3 Matthew // Feb 1, 2008 at 5:08 pm
Wait 2 years and offer 600k…
4 alex // Feb 6, 2008 at 2:29 pm
What if they drop prices and then you’re stuck with the presale price or risk losing your earnest money…or perhapse finding a way to tie it to a comparable unit if that units price drops than the developer has to honor the new price for you
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