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Negotiating room on $1 million Belltown condos?

By January 30, 2008


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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