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January 26, 2010

Inflexible Sellers of New Construction High Rise Condos

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 11:00 am

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 him 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 pocket?

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 building the building?

Interested in buying a new construction condominium here in Philly? Give me a call at 215.521.1523 and let’s chat.

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

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1 Comment »

  1. Condos are also popular for those entering or are in the midst of retirement when the children have grown up and moved out and there is less of a need for all that space in a large family home. Condos are full of advantages for older people seeking to absolve themselves of total residential maintenance. Since condominiums are purchased as units in a building and are thereby the sole responsibility of the owner, all tenants commonly own the rest of the building, which relieves the owner of having to manage hallways and foyers.

    Comment by Panama condos — January 27, 2010 @ 6:46 am

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