Concessions by Manhanttan condo sponsors/seller

What neighborhood are you buying in?

>paying for some of common charges,

oh, not Manhattan, nevermind

New condos are different than resales by private, non-real-estate expert owners. The refusal to budge you're noting could be baked into the plan for profiting from the project. In other words, the sponsor expects it to take 6 months or a year to sell at that price. Price determines time on market. A good, savvy, experienced real estate agent---a rare one, in other words---could ask you when you want to sell, and then could tell you the listing price to meet that goal.

With private resales the seller has other motivations going on, usually, although that can go either way. In markets with a lot of vacation homes, sellers will take a year to sell. Otherwise most sellers have a time frame in mind and they will adjust to meet that time frame quite commonly.

There is still a lot of foreign money floating around Brooklyn right now, I'll tell you, and that results in competition to buy the best properties.

At 400 Park Ave South - a new upscale condo project - it looks like a lot of the asking prices were cut down, as much as 15%. Is this an exceptional case? I thought the seller's market was mostly over.

I just had a client's offer accepted today for new development on the east side below the asking price and with the sponsor paying its own closing costs.

Dan Gotlieb
Digs Realty Group
www.digsrealtynyc.com

>At 400 Park Ave South

This is not an ownership neighborhood.

We have also been successful negotiating concessions on several new development buildings in both Manhattan and Brooklyn. The market is shifting, I would say we are seeing a trend toward 'normalization' , not quite a buyers market (yet). It has been welcomed by us as well as our clients. Also for the first time in 3 years listing agents are following up regularly after one of our clients attends either an open house or private showing . It's a nice change (;

Keith Burkhardt
The Burkhardt Group

our new development in Brooklyn has seen sponsor willing to pay closing costs. Small price reductions only in non-prime neighborhoods. Market seems to be headed back for an upswing... March/April will tell.

Streeteasy is a great way to see where your market niche(ultra luxury, luxury, entry level, mid range, condo, coop etc) is heading. Price adjustments on listings upward, downward or flat says alot. Combine that with UrbanDigs supply charts and you'll have a pretty good assessment of your market