We may be a little link heavy with the Sun today, but hey, they're bringing the heat. In a story that's sure to get your pulse racing, Bradley Hope writes, "the first concrete signs of a slowdown in the city's residential markets are appearing." Those concrete signs include developers paying closing costs, and offering brokers bigger commissions for sales. While we're not quite ready to sound the alarm just yet, but there are some fun examples of buyer incentives:
1) 517 West 46th Street: Developer is paying city and state transfer taxes as well as the sponsor's attorney fee, about $30,000 in total. We haven't had much to say about this Hell's Kitchen development, but it's from the same people who brought you Lower East Side curiosity 154 Attorney Street, and it shows. Here are the listings.
2) Lenox Grand: Developer is covering the closing costs in this East Harlem fav, as well as two months of maintenance and the first month of common charges and insurance. So they've sweetened the deal a little.
3) Maspeth Condos: We thought this 24-unit Williamsburg/Bushwick building was on fire? Maybe not. In addition to the $10,000 down payment, the developer will pick up the closing costs.
Any other buyers' deals out there that you know of? Don't be afraid to share.
· Market Tilts to Buyers of Real Estate [NYSun]