In a sign of the times, real estate developer Rockrose is offering potential buyers of its EastCoast condo in Long Island City a money-back guarantee. The NY Times reports that Rockrose is promising ("at least to the next batch of buyers who step up to sign contracts...to buy back apartments in five years at 110 percent of the sales price." Rockrose executive Kevin Singleton explained, "I believe in the product, I believe in the marketplace, I believe that value will increase and I am willing to put my money where my opinions are." However, the buyer is responsible for closing costs and other fees and there's "no bond or other security" that guarantees the guarantee--buyers will have to trust Rockrose to make good. And another sign of the times: Some developers offers buyers battered by the credit crisis rent-to-buy options, with some rent money going towards the purchase price. One building owner said, "I’m happy to have renters and monthly income in lieu of a sale.”
Developers Offer Money-Back Guarantee, Rent-to-Buy Options
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