property virgin - inital offer

To put it simply, no. You can ask (and it never hurts) but unless the situation is unusual (i.e., building has been done for a long time and the developer really want to unload the last units) it is virtually unheard to get a developer to cover your closing costs. To be totally honest, anything other than a full priced offer is unlikely to be accepted. I know this from trying to negotiate concessions on a number of new developments and didn't get anywhere - I wouldn't have believed this until I went through the process about 6 months ago.

Except that a lot has changed in the last 6 months, and a number of new developments ARE selling much slower than expected. Full closing costs, transfer taxes, etc., are unlikely, but some portion of them is worth trying for. Also, many developers would rather negotiate closing and transfer costs than actual selling price to keep the reported selling price up.

Tenemental, I don't agree. I'm at alot of open houses lately, and *alot* is being sold. NYC isn't Utah or Stockton, CA. xy_dude is right. You can ask, but prepare to be laughed at.

brooklearner, it doesn't hurt to try, though.

Everything is negotiable. You have nothing to lose by trying.

It has been on the market since June...

Really depends on the development. I have gotten a bit of a discount in one case, and none in another.

xy_dude said: "To be totally honest, anything other than a full priced offer is unlikely to be accepted. "

This is absolutely NOT true. The asking price is always negotiable, especially if the unit has been on the market since June, and especially now. If you know your comps and know the unit isn't selling, make your offer and be ready to counter. Properties sell at below asking ALL the time. Even in prime NYC. Get real.

Get them to cover the transfer taxes -- especially if you didn't use a broker.

Bluerain, thanks for the geography lesson, but I, too, go to open houses, and I haven't seen too many brokers laughing lately.

I agree w/ lita's points, and would add that given the op's screen name, she's probably looking in a borough other than Manhattan, where softening is already considerable in some neighborhoods (as is booming inventory), and outright drops have occured in others.

There were a few examples of Manhattan developers offering to cover closing costs here:

http://curbed.com/archives/2007/09/13/signs_of_slowdown_in_new_development_deals.php

Another helpful tip...you're going to make a BID, not an OFFER. Sellers make offers to sell, buyers make bids to buy. It's easy to remember; buy and bid begin with the same letter.

I would ask for closing costs, in this market you just don't know what they'll agree to. good luck.

My very limited experience: If you don't try to negotiate, you will feel like an idiot. If you do try to negotiate, the selling broker will try to make you feel like an idiot. Pick your poison.

billshiers, that is brilliant, and an excellent thing for any prospective buyer to be prepared for. I'd say the later is infinitely better than the former, as you can certainly bolster yourself up for the moments you deal w/ the seller's broker, but buyer's remorse hurts more and lasts a lot longer.

I think there's an ancient proverb that said it's better to err by commision than ommision.

My experience looking for 2 BR condos in LIC is that they are sold right out from under you (which happened to me.)

Your mileage may vary ;)

Just an update - the developer refused to pay transfer tax, but agreed to a 10K seller's commission. And when I let him sweat for a day, he went down another $2500. Total amount off listing - 19K. Not a windfall, but encouraging.

Good for you, brooklearner. Do you mind telling us what percent that $19k is off total ask? And please keep us posted.