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February 24, 2009

Inflexible Sellers of New Construction High Rise Condos

Filed under: Center City Real Estate,General Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 2:11 pm

Do they, or do they not negotiate?

Sometimes developers of new condo buildings here in town will negotiate price. Sometimes they won’t. At times, sales staff will casually “leak” a phrase like- “make us an offer”, or “the seller is getting motivated”.

   

As someone who sells a fair share of new construction condos in Philadelphia, I can pretty much tell you that each seller is different, and each offer varying, disguised degrees of flexibility.

Here is how I describe the range of seller flexibility in new construction:
 
1) Seller will not budge an inch. This approach protects the values, for those who have already purchased in this piece of Philadelphia real estate.

2) Seller will not budge on price, but may throw in some free upgrades- from hardwood floors, to a Smart Car, to a free parking space.

3) Seller is very flexible on price. Make an offer, and perhaps a quick settlement, without interior cosmetic alterations, will do the trick

4) Seller is very flexible on price, and if you want changes to the interior, plus free parking, then make the offer.
 
Every seller is a different. And many factors may be pulling the seller into one camp, or another. Consider-
 
1) Does the seller have really deep pockets?

2) Is the seller perhaps nearing the very end of the sales in that building, and is that a motivator for him or her?

3) Is this project fresh off the drawing boards, and does the seller need to establish a predetermined number of sales, in order for him or her to get bank financing to build the building?
 
Give me a call at 215.521.1523 or drop me an email at Mark@CenterCity.com if you might like some help in finding your new Center City condo!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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530 Walnut Street, Suite 260
Philadelphia, PA 19106
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Email: Mark@CenterCity.com
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