Q. are price reductions unfair?
Here’s a timely question being asked of Elizabeth Rhodes in her Homes Forum blog, Developer’s discount price riles others:
A few months ago I helped my son buy a condo in a small, newly refurbished building. He got it for about $10,000 off the asking price, and the developer paid his closing costs. A month later, the developer sold an identical unit on the same floor for $30,000 off. This seems quite unfair to my son. What can he do about it? Shouldn’t the developer have disclosed he was desperate to sell?
Short answer: No.
(Wouldn’t you all like to know which conversion this is? I do.)
Maybe with Olive 8 leading the way with a price guarantee and Trio following suit more developers will offer this without buying asked and those who don’t offer it will have it demanded of them by buyers.
Sidenote: Wendy, I think you went easy on Trio in that post. They’ve been on the market over two years and haven’t yet sold 50% of their inventory? For a downtown project that’s unacceptable. No matter what the initial issues were they should have been able to react much quicker. They also still need to work on their marketing (see last post re: $80k price reduction and sub-par MLS listings.)