Seller financing for 90% of purchase price; 4.875% interest rates; covered transfer taxes and lawyers’ fees; free common charges for half a year; and free parking: these are a few of the deals developers are offering these days to lure buyers in the shaky market, reports the NY Times. They're dangling bigger carrots before brokers, too, raising their commissions as high as 6%. One couple bought one of the Belltel Lofts for just under $1.5 million, about $85,000 below asking price, and got a mortgage tax assignment, saving them another $20,000. Most developers don't advertise their incentives, alas — looks like it's up to the buyer (or their highly commissioned broker) to put on a negotiating hat and see what they can squeeze out.
Gifts for Skittish Buyers [NY Times]
Photo by ApramSi.
Developers Sweeten the Deal for Buyers
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