Brompton - Financing

Are you talking about The Brompton or all new construction financing? I just got an appraisal on a new construction (The Caledonia) and the value was the same as the contract price which was signed exactly one year ago. Portfolio lenders have not had a problem with NY as a declining market (not yet anyway). They also offer a free long term day rate lock on new construction.

Who is your lender?

Appraisal values have been varying. Appraisers are looking for 2 comps outside the building close t the area and 2 inside. So for the Brompton theyre looking for buildings in Yorksville and trying to find the best comps. Some units may come in at purchase price and some may not. I got the Brompton approved as a warrantable condo and waiting for my appraisals to be done for some of the unit purchasers. As an approved lender we do offer long term locks with float down options and dicsounts. sunny_hong@countrywide.com

We use several lenders that can get these types of loans done. Feel free to email me at mcohen@panamloans.com if you would like to discuss a specific scenario.

Sunny, What % sold is the Bromton right now? Does anyone know?

Theyve sold very well compared to most other condos. Theyre above the Fannie threshold.

I actually just read on another post that 90% is in contract but the actual number that closes could get interesting.

Have you done a walk-through yet?

bububoy, just rhought it through. On a 3 bedroom you must have paid more than $3mm. Are you going to walk away from your $300+K deposit?

I live in the neighborhood and really like the Brompton (so much better than the Lucida). Are they willing to negotiate?

By the way, I saw that some of the larger units just entered into contract. There must still be buyers out there.

check out nycondoblog.com where their post a month or so ago on new developements suggested that Related is negotiating on Brompton and Harrison... there is also another thread on this board where a broker is trying to organize others Brompton buyers to perhaps collectively approach Related for concessions. In general, i believe their negotiating room will only be at current price levels and this may already be higher than your own depending on how long ago you went into contract... they, like Lucida, have had a number of pricing amendments upwards since sales started... it has also been discussed that sales in the last 9 months has probably ground to a halt as many of the same units have been listed for sale on their own website and NYTimes... if a price reduction isn't impactful to you, ask if they will pay closing costs which they would likely want to do more than cut prices anyway... good luck and please keep us updated.

bandanco on this earlier thread is your contact/broker i mentioned to try and organize for concessions...

http://www.streeteasy.com/nyc/talk/discussion/7754-the-brompton

they are giving nothing. no lower price , noclosing costs, no time of day. for those who don't know the down payment is 20% not 10 and they have made it know they are willing to keep it.

bromptonbuyer, 20% down. Wow! What are you going to do?

Not sure if this helps anyone:

90 LTV - $625,500
80 LTV - $1m
75LTV - $1.5m
70LTV - $2m

mcohen@panamloans.com

Brompton Buyers can organize here: http://finance.groups.yahoo.com/group/bromptonbuyers/

uppereast: 20% in ADDITION to what's been put down, was the original downpayment 20%?

Bromptonbuyer, Not sure of your exact situation, but typically even if a condo requires 20% down, you can still finance 90% at the closing. This is assuming there is a bank who will lend 90% on your scenario.