Last week we told you about discounts on units at Lennar’s Library Tower. Now we hear that such discounts are becoming a little more prevalent in the currently cooler market.
“It’s not universal, but we are noticing some significant incentives to purchase in a certain building — anywhere from [$10,000] to $30,000 off the base price,” says Erik Doersching of analyst Tracy Cross & Associates. “It’s most common with developments that are trying to move remaining units.”
The first 10 people to buy a high-rise unit at RDM Development‘s Trio, 650 W Wayman St, in 2007 will receive a $10,000 discount. As the name implies, the 209-unit development is comprised of three buildings – two seven-story towers and a 22-story high-rise – but the discount doesn’t apply to the mid-rises. The high-rise building consists of one-bedroom (some with dens) and two-bedroom units, ranging from 747 to 1,353 square feet. After the discount, the homes are priced from $239,990 to $454,990. A sales agent for the project said that the discount was designed to “kick-start” the year, but the rate of sales has been healthy since sales got underway in November. Twenty of the 100 units are sold, according to the agent. Units in the two mid-rise buildings have been on the market longer, and the majority have been sold, he said.