Auburndale, MA · Member since 2015 · 2 posts · 0 votes
Hi BP family!!
We are trying to buy our first ever property for primary residency.
We visited newly constructed condo town (more than 250 units) today and found a charming unit. But the sales person said the price is fixed and non negotiable.
Is it common for a newly constructed condo?
Here are some details.
1. Area: Boston Metro
2. We pay 5% now and pay 95% at closing. The unit is still under construction and expect to be completed September/October 2015.
If we hire a realtor, would we able to negotiate purchase price?
Real Estate Broker · Shirley, MA · Member since 2014 · 305 posts · 211 votes
11y
Hi Jay,
It is hard to say if you would be able to negotiate. I think it is just a function of the extreme seller's market. The owners are probably confident that they can get full list price and are telling the sales person that the price is not negotiable.
If I were you, I would definitely use a real estate agent. Their commission is taken from the purchase price so there is really no reason not to have one. They may be able to help you negotiate.
Real Estate Broker · Shirley, MA · Member since 2014 · 305 posts · 211 votes
11y
Hi Jay,
It is hard to say if you would be able to negotiate. I think it is just a function of the extreme seller's market. The owners are probably confident that they can get full list price and are telling the sales person that the price is not negotiable.
If I were you, I would definitely use a real estate agent. Their commission is taken from the purchase price so there is really no reason not to have one. They may be able to help you negotiate.
Investor · Cornwall On Hudson, NY · Member since 2014 · 77 posts · 25 votes
11y
Hi, I am an agent and while many times they can help, I doubt it would matter in this case. If the buildir is selling units without an agent they will not be inclined to negotiate and pay a Realtor's commission. Usually, these projects under construction appreciate quickly so they will be worth more when you close than now. If it is a nice project and a good builder, and the price is fair to the market I would say go for it. If you buy with the language "YOUR NAME and or assigns" as the buyer you can possibly flip it if you find something you like better between now and closing. Where in Boston is it? I've done a lot of due dilligence in neighborhoods there, there are fewer and fewer bad areas.
Real Estate Broker · Shirley, MA · Member since 2014 · 305 posts · 211 votes
11y
Just to follow-up, negotiable may not mean lowering the price. As Betty mentioned, the developer will typically not want to lower the price in fear of screwing up comps.
However, you may be able to negotiate upgrades to some of the items in the unit e.g., paint, carpet, tile, other flooring and/or finishes for free.
It's hard to say whether they would be willing to do this unless you, or your Realtor, ask.
Real Estate Investor · Boston, MA · Member since 2009 · 2k+ posts · 542 votes
11y
@Account Closed Welcome.
Betty's right, they like to keep the purchase price up for Comparable Recent Sales that justify an Appraiser's estimate for financing new purchases. But the amenities can usually be negotiated.