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Some Developers Offer $8,000 To Entice Buyers

2010_06_cash.jpg Since the federal tax credit for first-time home buyers expired and interest in buying has declined accordingly, the Wall Street Journal looks at how some NYC developers are offering their own $8,000 "tax credit" (concession) to appeal to buyers However, instead of, say, $8,000 to go to closing costs, one Williamsburg building is offering "move-in bonuses" like "a $2,500 voucher for cleaning services; one year of free parking, a $2,500 gift card to Ritz-Carlton Resorts and Hotels, $2,500 toward closing costs or a free designer-created terrace setting that includes plantings, furnishings and décor." David Maundrell, who helped developed the concept, explained, "While it's easy to offer people an $8,000 credit, it's kind of dry and there's no excitement about it." Yeah, who wants $8,000 compared to $2,500?

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Comments [rss]

  • Dan

    It doesn't technically expire until June 30, 2010 as long as you were in contract before May 1, 2010 and close on or before June 30, 2010.

  • John L

    How about lowering the price of your over priced developments?

  • Gotham Extremist

    Nice trick, I will hook you up with 8 G's if you sign a contract for 1.5 mil, 750k of which is over priced.

    Who's dumb enough to bite? Plenty of douche bags.

  • Ritchie

    "a $2,500 gift card to Ritz-Carlton Resorts and Hotels"

    that you can only use on Tuesdays...in the rainy season

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