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Redfin Real Estate Forums :
Boston :
Re: New Condo Development
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Re: New Condo Development
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Alex
Redfin Market Manager
Posts: 106
Registered: 08-06-2007
Message 2 of 4
Viewed 2,709 times
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jnguyenk,
In my opinion and most likely many others out there, everything in life is negotiable, especially real estate. That being said I have seen this tactic before but it was back a few years ago when pre-construction units would sell out in a day or a week at most. You are correct they would save some money since you don't have an agent (most likely around 2.5% the typical cobroke amount) but a developer is not likely to look at it that way. If the prices are competitive and perhaps priced low because they are pre-construction they might have reason but without specific knowledge I can't say. I would suggest looking at comparable units to determine if the price is competitive at asking price. You might mention to them that you are not looking for an enormous reduction and any competitive analysis and reasoning you can provide might make a difference. Please feel free to contact me directly if you want to look into the specific property so I may be able to help with understanding the developers thought process on this property. Thank you for your interest in Redfin.
Alex Coon
Market Manager
alex.coon@redfin.com
(617) 877-2255
Alex Coon | Redfin Boston Manager
alex.coon@redfin.com | 617-648-3883
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04-07-2008 11:13 AM
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Re: New Condo Development
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Nick_Warren
Visitor
Posts: 1
Registered: 04-14-2008
Message 3 of 4
Viewed 2,568 times
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Hi Jnguyenk, I own a real estate brokerage here in Boston's Back Bay and have plenty of experience with new condo developments. The main reason why developers do not want to negotiate pre-construction pricing is reputation. If you were one of the first few brave people who decided to reserve a unit when they first came to market, how would you feel after units began to close and you realized that you paid 2-3-4-5% more than your neighbor. A developers job is to keep the value of their product not just to make more money, but to protect early buyers. This doesn't mean that they won't negotiate after the product is finished and there are more units to sell. Oh, and developers usually don't give deals to people for not using an agent. Their reason behind this is that they sell a lot of units through brokers so why would they reward people for not using an agent. This would lead to brokers boycotting their development and pushing their clients towards other product. I hope this helps. Good luck with your purchase! Best regards, Nicholas Warren
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04-14-2008 08:00 PM
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