According to a recent article by Brick Underground, the luxury condo market is slowing down. As a result, developers are willing to make more and more concessions to facilitate the sale.
For example, one of the largest developers in New York, Toll Brothers sometimes agree to the requests from buyers asking them to pay for the transfer tax and mansion tax for unit sales in their new buildings. These advantages that are oftentimes not assisted by a broker allows buyers to purchase under better conditions.
In fact, the developers’ goal is to never touch the selling price and thus maintain an upscale image, attracting buyers by conceding many benefits. Another possibility is getting the developer to cover all or part of your legal fees.
It’s also possible to get part of your condo fees taken care of or to negotiate free storage space. In some cases, it’s even possible for the developer to modify the apartment plan to satisfy buyers by moving a wall and/or using different materials.
To conclude, if you plan to buy in a new development, you’ll have to play a game of strategy. Promoters generally do all they can to keep the original price intact, leaving important concessions to the time of the negotiation.
We have advised buyers for over 15 years and remain at your disposal for advice.