Price lists, offering plans and incentives: how new-condo pricing works
Buying from a developer is not like buying resale. A plain guide to how prices are set in a new building, what the offering plan tells you, and how to pitch an offer.
Lauren Castillo
Sales Manager, Timber Yard
Published
Reading time
2 min read
Buying a condo in a new building is different from buying one that has been lived in. There is no previous owner to negotiate with, the price list is set for the whole building at once, and much of what you need to know sits in a single long document. Here is how it works.
The price list
The developer, known in New York as the sponsor, sets a price for every home in the building before sales begin. Prices reflect the floor, the view, the layout and the outdoor space, so two homes with the same plan can be priced quite differently.
Prices usually rise as a building sells. The first homes released tend to be the best value, which is why we give registered buyers the first look at each new release.
The offering plan
Before a sponsor can sell a single condo in New York, it has to file an offering plan with the New York State Attorney General. The plan sets out the floor plans, the specification, the building's rules, the projected common charges and property taxes, and the terms of the purchase agreement.
It is long, and you do not have to read every page yourself. Your real estate attorney will review it with you and flag anything that needs a question. When prices or terms change, the sponsor files an amendment to the plan.
Where there is room to negotiate
New-development prices tend to move less than resale prices, but the deal is more than the number. Depending on the building and the stage of sales, a sponsor may agree to:
Closing costs. In New York City, buyers of new-development condos usually pay the sponsor's transfer taxes and some of its legal fees. Some sponsors cover part of these.
Credits. A credit at closing toward upgrades, furniture or common charges.
Choices. An upgrade to the finishes, or a parking space or storage unit included.
How to pitch an offer
Whatever the building, three things count as much as the number:
Your finance. A mortgage pre-approval, or proof of funds for a cash purchase, shows you can do what you say.
Your deposit. Contract deposits on new condos are typically 10% of the price, held in escrow until closing.
Your timing. If you are ready to sign quickly, say so.
When you make an offer on one of our homes, we put all three in writing alongside the figure. If several buyers want the same home, they often decide it.
buying, pricing, offering plan
Written by
Lauren Castillo
Sales Manager, Timber Yard
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