Come On and Take a Free Ride (at Northside Piers)
As Curbed picked up on yesterday, The Real Deal reported that Toll Brothers is now offering potential buyers at its Northside Piers project on the Williamsburg waterfront a free ride for the entire first year. That’s right, the whole kit and kaboodle: Mortgage payments, common charges and real estate taxes. The offer’s good through the…
As Curbed picked up on yesterday, The Real Deal reported that Toll Brothers is now offering potential buyers at its Northside Piers project on the Williamsburg waterfront a free ride for the entire first year. That’s right, the whole kit and kaboodle: Mortgage payments, common charges and real estate taxes. The offer’s good through the end of August. Too bad the days of 95 percent financing are behind us!
BHO, for buyers on sidelines, this crash is going to be good (albeit not great due to potential collateral damage in the form of job risk)
“free ride for the entire first year…offer’s good through the end of August”
This crash will end very very badly.
***Bid half off peak comps***
Exactly m4l.
DH, we can afford to wait but those developers cant – creditors need to be paid.
400 sq ft – that means studios would be approx 200K. i’d jump on that in a second.
from what i hear though – nsp2 and the edge aren’t budging much on their offering prices.
Why play idiotic games instead of just plain lowering prices to the point where your condos begin to sell? I guess they are not very interested in selling their properties or hoping 2006 is coming back. $400 per sqft sounds about right as a starting point for negotiations.
price it cheap enough and idiots like me will show up to take the bait. Think $400 sq ft will get me biting
My understanding is it is a free year of mortgage payments. Even so, this is only equivalent to dropping the asking price by about 5% when you do the math. Another way to look at it is $12,000 off of a 1.25MM apartment (the amount of equity you would gain after putting 25% down and making 1 year of mortgage payments) and a year of free rent. Of course the cost of that is the lost return on your $250,000 down payment, and the fact that there is a good chance you will be underwater by the time you make your first payment
jeez – well if that’s the case i stand corrected.