Real estate question

[Demon-Xanth]

There's a new development going in near me, and I picked up a price list. Thier townhouses are about 20% over my price range. I was wondering if the prices of places like that are negotiable, or take it or leave it?

 

[RKS]

Originally posted by: Demon-Xanth
There's a new development going in near me, and I picked up a price list. Thier townhouses are about 20% over my price range. I was wondering if the prices of places like that are negotiable, or take it or leave it?

I would guess that the developer could give you a more definative answer than ATOT but I think it depends on the demand/market.

 

[Whoozyerdaddy]

Originally posted by: Demon-Xanth
There's a new development going in near me, and I picked up a price list. Thier townhouses are about 20% over my price range. I was wondering if the prices of places like that are negotiable, or take it or leave it?

Make an offer for what you can afford. If they say no, you'll know.

 

[Capt Caveman]

Depends on how the market is in your area. If they've just started construction, there will probably not be any flexibility in price. As the construction goes on, if the unit's aren't selling then they'll be more likely to negotiate the price.

 

[Demon-Xanth]

I think I'll have to wait a bit then. They're just now finishing the first buildings, but the housing market's been taking a huge fall here lately. Huge as in places that were listed for $190k two years ago are (back) down to $110k

 

[markgm]

Buy the demo unit. It'll be built better and have all of the options!

 

[sjwaste]

Originally posted by: Demon-Xanth
There's a new development going in near me, and I picked up a price list. Thier townhouses are about 20% over my price range. I was wondering if the prices of places like that are negotiable, or take it or leave it?

They usually dont like to budge on price, from what I hear, but new construction sitting unsold is a bad thing. They'll first try to tack on free upgrades rather than move the price, so you'd just end up with something a lot nicer at the same asking price.

The problem is, if they drop the price for you, everyone else on the fence about buying is going to start asking for the same. Suddenly they've made a lot less than projected on the development. Adding a $10k kitchen that costs them $5k to put in is better on their books.

 

[Demon-Xanth]

Originally posted by: sjwaste
They usually dont like to budge on price, from what I hear, but new construction sitting unsold is a bad thing. They'll first try to tack on free upgrades rather than move the price, so you'd just end up with something a lot nicer at the same asking price.

The problem is, if they drop the price for you, everyone else on the fence about buying is going to start asking for the same. Suddenly they've made a lot less than projected on the development. Adding a $10k kitchen that costs them $5k to put in is better on their books.

Thanks. In my case, unless they start adding on suitcases full of cash. It's out of my range. In theory I can afford the bottom end. But then it's ramen and dialup for the next 30 years, and if I get sick I have to pay the doctor with internal organs.

 

[Capt Caveman]

You have two kidneys for a reason. 12

 

[vi edit]

Originally posted by: Capt Caveman
You have two kidneys for a reason. 12

Heh.

My suggestion is to wait it out for a bit and see if any of them go up FSBO. You know you have about 7% negotiating room then. Condos/townhomes are usually very high turnover types of housing and there is almost always one or two for sale in a given development.

If the builders are still building them you have leverage against the sellers because you can simply tell them that you can buy a new one for $X,XXX more.