Are the prices on condo hotel units negotiable?
Although there are some properties that will take a firm position on their asking prices, there usually is some wiggle room. As a broker with CondoHotelCenter, I have a better chance at negotiating a slight discount for our clients because of the relationships we have and volume of deals we've done with most of these developers. The discount number could be anywhere between 2%-5%.
Doesn't it ultimately cost more for me to have you negotiate the deal because of your commission?
Absolutely not. A real estate commission is always figured into the selling price and is not something a buyer who deals directly with the developer can use to reduce his price. The developers are pretty strict about not breaking price for fear of angering other buyers who paid more for identical units. A real estate commission is already figured into the selling price. It will be paid to the developer's sales staff or to an outside broker, like me. The difference is that I am looking out for your best interests and the sales staff is looking out for the best interest of the developer.
The above question was submitted via e-mail by a visitor to www.condohotelcenter.com. The answer was prepared by Joel Greene, a licensed real estate broker with Condo Hotel Center which specializes in the sale of condo hotel units and fractional ownerships in private residence clubs.