An article in today's NY Sun describes various tactics used by developers to offset the slow but evident effect the mortgage crisis is having on residential real estate in Manhattan.
For months, industry experts and local NY developers have thought they were insulated from the residential crisis blanketing the rest of the country. With various new incentives being offered to try and lure buyers to new developments, this insulation seems to be getting thinner.
Some of the incentives 3dwalkthroughs.com has seen offered by NY developers include: The promise to cover buyers' closing costs, offering brokers higher commissions, paying two months of maintenance and the first month of common charges and insurance, etc.
It will be interesting to see if brokers react to potential higher commissions by investing in marketing tools such as 3D Walkthroughs and Interactive 3D Floor Plans or they simply rely on the "sweeter" deals that can be offered by these new developer incentives.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment