Report: Declining New Condo Sales Could Mean a Bargain for Buyers Developers Are Cutting Prices and Offering Discounts to Lure Apartment Hunters

(istock.com)

If you're looking to buy a new condo in New York City, perhaps now is the time to do so.

According to a Wall Street Journal report published yesterday, sales for new condominiums fell during third quarter 2018—a drop of 30 percent compared to the same quarter in the previous three years--based on an analysis of sales records.

Developers are now looking to make deals to entice buyers, such as cutting asking prices and offering discounts, with new condo sales in a holding pattern this year.

For instance, several listings for the 100 Barclay condo development in lower Manhattan were purchased slightly below their asking prices, and that the discounts have become more steeper in the past year, based on information from StreetEasy.

Some developers, according to the Journal, are willing to pick up the closing costs, including the city and state transfer taxes that new buyers normally pay to finalize a deal.

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