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We all know change is inevitable and we would say that change is not always a bad thing. Right now no matter where you live change in the real estate market is happening and the one thing that has always rung true even when change might seem bad is...
We all know change is inevitable and we would say that change is not always a bad thing. Right now no matter where you live change in the real estate market is happening and the one thing that has always rung true even when change might seem bad is that it gives us opportunity. One of the opportunities right now is in new development, so today we wanted to talk to you about buying new development and how to use this changing market to your advantage.
Many buyers are under the impression that new development is more expensive than resale. Although this can be true with certain properties, what guides a seller in this case the sponsor is very different than what guides a seller in a resale market. They are under pressure with bank loans and deadlines so they may be more amenable to making a deal. Sponsors have to hit certain deadlines imposed by the banks. There is a lot of leverage riding on the property and potentially they could have other projects going on at the same time. All of this can serve you well when trying to make a deal. The deals are out there so figuring out creative ways to make a deal that is good for you is where you need to start.
Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com or you can email us at deniseandsharon@compass.com
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