The Me Too Clause

The Me Too Clause

For the last 5 years buying a new development condominium in New York City was a sure fire way of seeing a great return on your initial investment. If you bought in at the early stages of the initial offering, you waited and as the building went up, so did the prices of the available units. So by the time you actually closed on your apartment your exact same unit would probably sell for 10-20% than what you bought it for. This was one of the big reasons why there are so many new development condominiums in Manhattan.

Now that the piping hot real estate market in New York City has cooled off many of the new developments are struggling to find willing buyers to purchase the new product.

A recent buyer said, “Why should I buy now, when condo prices may tumble over the next year?” That’s a great question and this is what some of the developers are doing to handle that objection.

They are adding a price protection guarantee. So if a buyer signs today and if the developer drops prices while you are still waiting to close, you will be guaranteed the lowest price other buyers were able to negotiate.

This “me too clause” is not a universal offer for all developments, but for the developers that are employing this guarantee they are hoping to entice some of these nervous new development buyers who are concerned about the direction of the real estate market in New York City.

I think this incentive will help some of these new development condominiums. If I had a first time buyer purchasing one of these new development condominiums with this “me too clause” I would be very interested to see how the attorney’s write into the contracts how this clause will actually work.

If you are a first time buyer looking at a new development and want to know which buildings are participating in this new incentive, click here and we will email you the new developments that are offering this incentive.

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Gramercy Starck Condominium in New York City with Amazing Buyer Incentives

Unlike the rest of the country New York City has just turned into a full scale buyer’s market. We were riding a meteoric rise in prices and now we are in the eye of the storm of the financial market crisis. The New York City real estate market and Wall Street have such strong ties that when Wall Street succeeds a lot of that wealth flows into the real estate market. Now that Wall Street is restructuring itself, a lot of prospective buyers are sitting on the sidelines waiting to see what happens.

I just took a new listing with a very motivated seller and am asking for your advice on what you did to sell your listings in this type of market. The apartment is in fantastic condition, it’s in a brand new building and has barely been lived in. There are 6 other units available in the same building with the exact same layout, but on different floors. We are priced very competitively, and are trying to set our listing apart other than price with different incentives.

Our seller will pay for your moving costs, or they will pay for a year’s worth of your groceries, or help buy down your interest rate. We are trying to think outside the box, inside the box, around the box, destroying the box, throwing the box, anything we can do to expose this property to the highest number of qualified buyers and secure a highly qualified buyer.

To look at our listing click here!

Open House this weekend or call us to schedule a viewing.

What will it take for you to make an offer? What can we do to sweeten the deal?

Let us know!