How long does it take for a new condo building to close?

In a new development, it could be 12 to 18 months before the building is ready to close and you can move in. While the sponsor can give you a target date, even the most experienced developer who runs on schedule can hit delays which are out of their control.

Is there an oversupply of condos in New York?

There’s been an oversupply of high-end condos for many months and according to Douglas Elliman’s report for the last quarter, new development condo sales in Manhattan fell more than condo sales on a year-over-year basis. This means negotiability has reached its highest level in more than five years.

What’s the best way to negotiate a price for a condo?

Listing inventory has risen annually for the seventh consecutive quarter, according to Douglas Elliman’s latest report. For the buyer, that means there’s room to negotiate. The best way to ask for a price cut is to come armed with information and comps to use as supporting evidence.

What to ask when buying a pre construction condo?

Either way, if you’re in the market for new development or a pre-construction condo, it’s more important than ever to know what questions to ask so you can make the most informed decision about your purchase.

Are there any unenforceable rules for condos?

Three Unenforceable Rules 1 Any rule that prohibits children under a specified age from swimming in the community pool. Because children are… 2 Any rule that bans, or effectively bans, all satellite dishes. Federal law makes any rule that bans, or effectively… 3 Any rule that bans members’ business use of their units. More

Can a condo association ban children from the pool?

1) Any rule that prohibits children under a specified age from swimming in the community pool. Because children are vulnerable to pool accidents and so could be a source of liability for the association, you might be tempted to ban them from your pool. This is the wrong approach, warns Nadeen W. Green, senior counsel for For Rent Magazine.

Is the third rule of a condo association enforceable?

The third rule may or may not be enforceable, depending on your county or city zoning laws. If it’s in your documents, check with your attorney to see if it’s enforceable under the current laws of your governing entity. Here are three rules to look out for.

What happens if you don’t close on time?

Once the closing date passes, the seller can choose to extend the closing deadline and charge you a per diem, or daily rate, not only for the inconvenience, but to cover the additional mortgage, tax, and insurance payments the seller still needs to make as a result of the postponed date.