New construction direct sale - how?

Find the lot on ACRIS, and read the deeds and mortgages. Those will confirm the name and give you an address. Then drop him a note and tell him you're interested.

Thank you!

The next step would be:
Assuming the guy's receptive, what's the best way to proceed going about a direct deal? Any suggestions or tips? What should I be on the lookout for? Things to avoid or make sure of? How much of a negotiating factor is the fact that there's no broker involved?

Sorry to say UE98, but this is a hot market, so the "negotiating factor" is probably zero.

UE98, you might get a negotiating factor - to be allowed to buy the unit because you contacted them so early. Getting some money off, not as likely.

Hello everyone,

Thanks for the responses. This property is in Queens, do you think price negotiations are more realistic here? Also, this will primarily be (although maybe not exclusively) an investment property.

But more importantly:
I have now been in contact with the owner, and I have even done my own little walkthrough of the construction site with the project manager, who is very nice.* My next step is to meet with the owner face to face (we've talked on the phone several times). I am compiling a list of questions and various points to go over with him. Does anyone have any advice on things I should cover, know, ask, or make sure of? Of course, I will be asking him about property taxes, any abatements (although I dont think there are any), etc. What else should I be informed about? What would my next steps be in this discussion process?

*As we walked through the site, I took many pictures (with their consent of course). Is there anything I should be on the lookout for structurally? Or in terms of workmanship? Red flags in terms of build quality?

Also, I have brought up the idea of purchasing my own appliances for the particular unit I'll be getting (still undecided which one). I'd like to do this (a) to make the unit a little more unique and desirable, and (b) to try to keep costs down. What do you think?

Thanks again for any insights.

If construction isn't finished, and you're considering entering into a contract to purchase prior to completion, you need to consider what you're going to do if construction never gets completed (developer goes bust), is delayed (inspections, C of O, offering plan is not approved, etc.). You need to speak to a lawyer.

I would also suggest that the terms "to make the unit a little more unique and desirable" and "to try to keep costs down" are usually mutually exclusive terms.

Couldn't the contract (or an accompanying rider) stipulate such? For example, if the unit is not completed, I cannot purchase said "unit"? Similar to mortgage contingencies, etc.

Of course the contract could stipulate such, and it should. That's why I said you need to speak to a lawyer. Everything you've said to date indicates that you've never bought new construction before, and are in need of professional advice as to how to proceed. Ergo, speak to a lawyer.

Yes, I agree, and of course I will be hiring an attorney, as well as an engineer to inspect the building, and all that. But at this early stage, I am really just wondering what information I can glean from a conversation with the sponsor. It will be our first meeting, and aside from obtaining an offering plan (is it customary to ask for one at this point?) I'd like to be prepared with some good questions (before we get into the whole "protecting my bases" part at the point of sale). If anyone has any good questions or stuff I should know beforehand, I'd love to hear about them :)

You could ask for an offering plan, but if it hasn't been approved it's not worth reading a draft copy. You can start by reading up at
http://www.ag.ny.gov/real-estate-finance-bureau/physical_aspects, and other detailed rules about offering plans at Part 20 of Title 13 NYCRR (link from the previous web site).

If I were the developer, I'd be salivating, as I'd know I have a 'live one', and can price accordingly.