Making an Offer: New Development vs. older apt

older apts. new developments is highly unlikely to bargain unless you are buying at its primitive stages of development... just gravel and dirt on the land... no building, etc. the developers know you are taking a substantial risk, but they are more likely to take a decent offer below the asking price. my friend just purchased a 1-bedroom (estimated at 750sqft) in times sq for $500K. The developer hasn't start building yet.

Having lived in Theater District for 17 years and currently looking to buy where does one get a 750 square foot one bedroom for 500K? There is nothing under 750K and that is low floor with no view. Most new developments in this area are $1,000-$1,250 per square foot.

did you read the poster's message clearly??? he said new development that is in its planning stages. He's probably trying to say --->>>> NO BUILDING THERE YET... ONLY SCRAPS OF DIRT AND A BLUEPRINT WITH PERMITS TO BUILD.

There is a low-rise new development on 39th and 9th ave that was sold prior to construction phase for less than $500,000 for a 2-bedroom! 1-bedroom was going for $390-420K. Now, the building is almost done and only 2 bedrooms left going at $850,000.

There's another low-rise building on 46th and 10th. They started marketing it prior to construction. It went for below market price last fall. Now, it's going for market price.

This is the original poster. Thanks for the imput. Any other opinions on the matter?

Also does anyone know how to find out about new developments that are in the planning stages?

I assume one of the risks would be having your money tied up for a year and then something happens and you don't get in, but are their other risks?

Thanks!

input

We bought the first apartment in a new dev. Went right after the sales office opened-were familiar with the nabe and the school district is great. Our friends told us about the dev, the layout was nice (they allowed us to choose any unit) and the pricing was great. Basically you have to check that the developer is well known and has a good rep and you like the plan, the price and the location