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Where to start - looking for new developments??

Started by jeahp
over 17 years ago
Posts: 14
Member since: Mar 2008
Hi All, I'm looking at various new developments in LIC and would like to know if I need a broker or if I can directly visit the sales offices of the condos which I like? Do I need a real estate attorney during my search to negotiate with the developers? Any help will be much appreciated. Thanks!
Response by kylewest
over 17 years ago
Posts: 4455
Member since: Aug 2007

A real estate attorney isn't going to do much during the early negotiations, but before you sign a contract your attorney will do what is called "due diligence" on the building and review the contract terms and discuss with you what, if anything, should be negotiated further. I'm guessing by your question that you are new to NYC RE. I strongly suggest you do all you can to educate yourself about its workings and the market by reading blogs such as www.urbandigs.com and www.curbed.com , studying listings on this site, speaking to friends and coworkers about their experiences, reading the NYT Real Estate section on Sundays (FWIW). Arm yourself with info if you don't want to get completely beaten up in the process.

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Response by front_porch
over 17 years ago
Posts: 5316
Member since: Mar 2008

I have started some threads on www.wirednewyork.com that deal with this too, specifically "buying a new construction condominium."

You do not need a broker to deal with a sales office, but some buyers find it advantageous to use brokers because they like the services, and it is very tough to recapture the buyers' brokers' side of the commission -- running at about 3% in Long Island City -- just by asking for it.

I am saying this as a real estate agent who does not work Long Island City: if I wanted to buy into a new development there I would definitely get a buyers' agent on board.

Also, make sure you check out the piece that Lisa Keys did in NYP Home a couple of weeks ago, she is a Queens-based writer and she did a good roundup of the buildings.

ali r.
{downtown broker}

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Response by jeahp
over 17 years ago
Posts: 14
Member since: Mar 2008

Thanks for the information - I will defn check out the links and do further research. Any advise on where I could find reputable real estate attorneys so they can review the contract prior to signing? I'm currently looking at a number of brokers in LIC so I am sure they can refer me to real estate attorneys.

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Response by poorishlady
over 17 years ago
Posts: 417
Member since: Nov 2007

It's better to find an attorney on your own or through friends. Asking a broker for the name of a lawyer is not a good idea.

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