Developers Add Features, Lower Prices to Sell Condos|ABC 7 News

text size: A | A | A

Developers Add Features, Lower Prices to Sell Condos

posted 3:53 pm Thu November 01, 2007 - Washington

tags: condo • developers • prices • amenities

ABC 7 News - Developers Add Features, Lower Prices to Sell Condos

related stories:

The increasing number of foreclosures and the jittery housing market have many developers rolling out incentives to attract buyers.

The condo market is experiencing a glut, as units begun during the real estate boom come on-line after the housing market's dip. That reduced demand and increased supply translates into lower prices for those willing to take a risk. "Developers are paying condo fees, buying down the mortgage," said realtor Jeff Lockard. "We're seeing developers doing things we've never seen before-it's pretty terrific."

Other developers have taken a different tack. Instead of reducing prices, they are adding extras.

"Flat screen TVs, iPod docks in every room, free parking - just about anything you can think of," said realtor John Mahshie.

New buyer Meera Wolfe says she has gotten plenty of considerations.

"They gave me two years no condo fees, a reduction in price - they paid for all the shades," she said. "The incentives have been incredible and I couldn't be happier."

At the Metropole condominiums in Logan Circle, developers called in an interior design firm to provide buyers with pointers and even just the right furnishings for lush living.

"It's the projects that have the good design," said realtor Sheila Simkin. "It's the truly luxury, unique finishes that make the projects that sell stand apart."

You need to be a registered member of
ABC 7 News to leave comments on news stories.

Not a member yet? Click Here to sign up.

Please leave your comments below:

Messages that harass, abuse or threaten other members; have obscene or otherwise objectionable content; have spam, commercial or advertising content or inappropriate links may be removed and may result in the loss of your posting privileges. Please do not post any private information unless you want it to be available publicly. Never assume that you are completely anonymous and cannot be identified by your posts.

The 'RUNNING MAN' icon is a registered trademark of America Online, Inc.