Negotiating on New Developments! Burnaby and Beyond
October 2nd, 2008
Photo Courtesy of MonkeyMyshkin
Well just when you thought things could not get better for buyers, looks like maybe they have. There are some great deals out there from some developers.
This is not the first time I have written about this, in a recent post I told you that you should always ask for things as you may receive them. Well that has come to a new level.
I spoke to someone today that has just purchased in a new development a unit that is completed but still held by the developer. It seems that some developers are itching to get rid of inventory with the uncertainty in the markets.
In this case, the person asked their agent to write an offer on the new unit at a price almost $100K less than a unit was being resold for directly above it. The agent at first was not willing to try but eventually put it on paper for them. The developer also at first rejected the offer but then came back and said yes, they just wanted to get rid of the inventory and move on.
So this unit sold for close to 100K less than others on the market, which in itself does not mean it is 100K less than it is worth, bit is is a great deal, it sold for about $390/sq ft. We haven’t seen this for Brand new for some time.
Bottom line is until some of the uncertainty is cleared up, there will continue to be great opportunities out there so don’t be afraid to ask. The only question right now is how long will this uncertainty last?
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