Offcer Price

We just bought a condo in Harlem and got a slight discount on the asking price and got the developer to pay transfer taxes. It's negotiable if the apartments are not in a prime neighborhood (although we think Harlem is up and coming) and if the apartments are not selling quickly. However, when we looked at a luxury condo in a prime neighborhood a few months back (sellers market), the developer would not budge on these points.

#2 just curious which condo did you buy into in harlem that had a slight discount?

Hi #2 here - I can't tell you which condo we boutht into (it's a smaller building and I'm afraid I could be identified). Suffice to say, it's in East Harlem where there's quite a lot of new condo inventory, which may be one reason why the developer is willing to negotiate.

we bought a 1 BR in a new development in East Williamsburg and got 5% off the asking price but no negotation on transfer taxes.

My experience is that it's not easily negotiable in a new condo development. The reason is, the payment of transfer taxes (by buyer) - in addition to a whole lot of closing costs - is usually in the offering plan. People are really unwilling to go against the document that's filed with the A-G. You'll have more luck negotiating a break on the purchase price.

I got a reduction of over 3% on a place going for close to $600k....However, it was during the early phases of construction. I think that timing is everything and if you get in early, thus taking a an increased risk, you may be able to shave some $$$ off the initial offering price.....Harlem here I come!