Alexandra Clough
Jeff Ostrowski
Linda Rawls
Home > Real Estate > Archives > 2007 > February > 21 > Entry
Free (First Year) to a Good Buyer
Oh, for the good old days, when people fought for the right to spend their life savings on new condos and townhouses.
These days, you can’t give new deals away — or maybe you can.
One residential project, Latitude in Delray Beach, has decided to go for broke and give away the first year’s mortgage on new units.
With the real estate market in the doldrums, buyers want big incentives, and we don’t mean all-granite countertops. So Latitude’s developers are thinking maybe cash will do the trick. The first-year mortgage promo is worth up to $40,000.
Flyers advertising the offer were handed out at last week’s Garlic Fest in Delray Beach. (BTW, loved the headliner Alan Parsons. He gave an energetic concert full of fan favorites. And you can’t beat paying ten bucks for a concert!)
The Latitude promo has elicited some nibbles from buyers, according to Robin Perotti-Torres, Latitude’s sales manager.
She said the offer is attracting buyers who might be shut out of the project’s price range, or else have to settle for something not as nice.
Time is of the essence for Latitude developer Savion Companies. Only about 30 percent of the project’s 114 units are sold, even though construction is underway. This might work in Savion’s favor, since the since the days of buying pre-construction seem to be over. After hearing horror stories about shoddy new construction, many buyers seem to want to see and touch what they’re buying.
Latitude, a mix of condos, townhomes and penthouses, is the largest new housing development in east Delray. But even with the discount, units aren’t cheap. Prices range from the mid-$300,000s to $600,000s (although the first-year discount could bring the lowest end down to the $200,000s).
That kind of money buys you a roomy unit with plenty of recreational amenities, including a putting green. Not much of a view, though, unless you love trains. The 7.5-acre property is sandwiched between Federal and Dixie highways, near the FEC railroad track.
What’s the next big offer to come down the developer pike? Buy One Unit, Get the Second Free? Ladies Night at the Sales Center?
Permalink | Comments (23) | Categories: Alexandra Clough
Comments
By maxmoose03
February 21, 2007 3:37 PM | Link to this
IMHO, Alexandra doesn’t have a Clough.
I believe sex with beautiful, skinny young women would make a much more effective sales incentive.
This being South Florida, nobody would object on a moral basis, and the technique would work equally well with men and women buyers.
I would consult my attorney to see if there isn’t some way around these antiquated vice laws, especially as the hospitality workers, so to speak, would not receive compensation from their clients.
Unless of course you count tips.
By maxmoose03
February 21, 2007 4:37 PM | Link to this
CAVEAT LECTOR
Uncle Moosie can not be here forever.
While I am here I am more than happy to expose:
The scumbag land promotors like Rich R. - who supposedly lives in and loves North Carolina, yet is here every day on a PBC blog.
The sadists like RCA, whose only joy in life is to get you to worry about the property you own.
The nuts like Mike Fink, who will lie almost as badly as Rich R. and RCA to achieve his ends — convincing you there will be a real estate crash. Why? Because as an IT worker, he has neither the money nor stability to buy a house.
The remorseful sellers like “Prices” who wants nothing more than for prices in South Florida to drop so he can recover what he gave up. Another nut, somehow he feels filling the columns with classified ads and old scripts from Bogart movies will do the trick.
The ordinary schizphrenics, like “easyasabc,” who in one day may play himself, his adolescent impression of a Mafia Godfather, a Mafia lawyer (Sam), an FBI agent (LOL), Internet Madame and who knows who else.
The bitter renters, who would feel a lot better about being the failures they are if they could just convince themselves that everyone else was losing money.
The Yellow Journalists of the PB Post, who dismiss several months of rising prices with imagined crises and headlines such as “Sales Plunge…”
All the other amateur economists, high school students, nut, crackpots, liars, lunatics and apostles of destruction.
Please watch out for these nuts, and when you hear an extreme point of view, consider the source. Here, agrumentum ad hominem is a valid and valuable friend.
By Mike Fink
February 21, 2007 6:24 PM | Link to this
What a great idea. Take a 20-40K sales incentive on a home, and set your tax basis at the higher level for good.
I cannot fathom why anyone would take an incentive on a home with our tax system down here. Do you really want to pay property tax on that cash back deal for the rest of your home’s life (and maybe your life if portablity passes).
No thanks, I will pay the mtg, just lower the price by 20-40K. Thx.
By BIG ROB
February 21, 2007 7:31 PM | Link to this
LOWER THE PRICE. The idea of the first year paid is a joke the average person is now educated on all these cheesy shell game tricks.lets work the problem!
By The Truth
February 21, 2007 7:42 PM | Link to this
BIG ROB = little napoleon
By John (Boynton bch)
February 21, 2007 7:59 PM | Link to this
Looking at the Numbers from January 07 from ipre.com it seems as if Iventory is climbing from December levels… Could it be even more than 150-200 families a week (PBC school district) looking for a way out of PBC since the school year is winding down and time to sell the house?? Looking at February’s numbers on melissa data so far they are looking very badly….Of course the cheerleaders are gonna argue “well there are three less days in the month” blah blah…3 days whoopdie doo. With 3-3.50 gas this summer, unemployment rising, loans resetting, hurricane season, inventory climbing, sh*%s really gonna start hitting the fan…….
By To John
February 21, 2007 8:12 PM | Link to this
John, I’ve been tracking inventory using other tools and I’ve seen the same trend you noticed. By my calculations there are over 16,000 PBC single family homes listed on realtor.com and if you figure 15% of all homes are for sale by owner, it would make the existing inventory over 18,800 which is well over 2 years worth of inventory at last year’s pace.
So while the rest of the nation is starting to see things leveling out, SFla still has some room to go down.
By maxmoose03
February 21, 2007 8:30 PM | Link to this
Yes, yes, children, Uncle Moose sees the absurd comments being made by Fink and John.
John’s comments are so far out there I won’t even bother, and Fink, as usual, is making assumptions not present in the evidence, so to speak, and again, just not worth it.
“The Truth” sounds a lot like Steve on good behavior.
By maxmoose03
February 21, 2007 8:50 PM | Link to this
BTW, John’s data on Melissa has houses in my zip code more than doubling in price from January to February 2007, so I do thank him for that highly useful information.
By Housing Collapse
February 21, 2007 9:28 PM | Link to this
And what zip would that be? I know a friend who got into a bitter fight with her roommate and they are trying to sell the house. She’s dropped the price 120K in the past couple of months!! Max you are full of crap…Your zip in North Carolina?? Go play in traffic..
By maxmoose03
February 21, 2007 9:38 PM | Link to this
HOUSING COLLAPSE -
Your brain collapsed long ago. I am telling John his Melissa data is nonsense.
God love you, are you stupid.
By maxmoose03
February 21, 2007 9:43 PM | Link to this
Folks - I swear to you the above exchange with HOUSING CRISIS was for real, as was Rich R.’s reaction to my note to BIG ROB (No MAX — he only went to the movies ONCE).
I could not invent this stuff. I don’t know whether to laugh or cry that these people are walking around apparently unassisted, driving cars, making fundamental life decisions. My God, in some cases they have kids. Can you imagine?
By Data?
February 22, 2007 9:15 AM | Link to this
I noticed the IPRE data also. You can see it here http://www.ipre.com/trendg/index.htm
Does anyone know why the IPRE data differs so much from FAR data? Are they mixing SFHs and condos/townhouses?
One other thing, this data is only marginally useful. If you want to know what the market is doing, you have to track prices in neighborhoods yourself.
By mardi gras
February 22, 2007 9:35 AM | Link to this
i’m betting the farm easy is in new orleans throwing beads and drinking way too much.
he’ll stumble back here when mardi gras is over.
imagine that slobbering drunk trying to be your friend and selling you on the benefits of south florida real estate over a couple of tall, double hurricanes (the drink)?
By maxmoose03
February 22, 2007 9:44 AM | Link to this
Folks, there IS no such thing as “IPRE” data unless you work for that particular realtor. For two days now these people have been sneakily trying to push you toward their web site. You haven’t even met them, and you are already being ripped off. I think you know everything you need to know about them. Let them pay for advertising if they want it, and let them be honest about who they are . Tricks like this indicate a real estate agency that should be avoided at all cost.
By max is right
February 22, 2007 10:05 AM | Link to this
Max, that is the first thing I thought of by reading those posts. They are trying to advertise.
Folks, ignore blatant advertising on a blog and especially ignore from sneaky advertising on a blog.
It’s just good common sense.
By Correct
February 22, 2007 10:28 AM | Link to this
I agree, as a Realtor I do not want you to see that data either. Please ingore all data which indicates further housing collapse in PBC! Move along now, nothing to see.
By maxmoose03
February 22, 2007 10:48 AM | Link to this
“is right” -
Your middle sentence hits it right on the nose.
I couldn’t say it any better myself, so thank you.
“Correct” -
naturally you are not a realtor, but a “faketor.” Another liar desperate to invent a housing collapse.
For those who want to see real FAR data, go to media.living.net and click on “downloadable data.”
Don’t forget all the public (government) data is available free to everyone anytime, on pbcgov.com/papa
If that’s not enough data for you, you are either Albert Einstein or Mike Fink.
By Rich R
February 22, 2007 12:40 PM | Link to this
Once again Max, you didn’t read the post.
I paid $149K for my home and posted that I pay $965 per year in Prop tax.
Then I posted that “Even at $300K, my taxes would be only $1,200 per year. Never said I paid $300k; no need to pay that much here.
I breed dogs that are over 200 lbs, and rural works for me.
You do not read the full post and only pick up what you want to.
You come on this blog and present yourself as an expert, and bash anyone that posts anything that’s not inline with your thoughts. Allot like EAsy.
You are nothing more then a Realtor, sniffing for your next prospect.
Why else are you here. Don’t you have any leads?
You are full of it Max.
Learn to read and respond to what’s posted, not your fantacy.
Get real and say your sorry.
You are wrong AGAIN!
Now that we coverd that. I’d still like to know where I lied. Bring it forward, use the archieves and let’s see what you have. You have nothing on me. I’ve been posting here for over a year, and I’m not a REaltor. Your motives for being here are not in good faith. I hope the folks that come on there realize that.
By Max, you idiot
February 22, 2007 5:10 PM | Link to this
max, you have yet again proven yourself a fool.
I refer to the IPRE data b/c its a shining example of what a disaster investing in residential property here in PB County can be. Take a look at the numbers, and even you can figure our that things are not going well here.
By the way, in Tuscany in Abacoa a 3/2/2 that was going for about 525-550k at the height of the market just sold for 380k last month. I don’t know what you call a 30% drop, but I’d call that a burst bubble, hard landing, r/e disaster, etc.
By maxmoose03
February 22, 2007 8:11 PM | Link to this
“max you are…” (a.k.a. Mike Fink):
There is no such thing as “IPRE” data. If I put together a bunch of BS figures and stick it one of my many websites, that does not make it “MaxMoose Data”. There are no words for idiots like you.
BTW - YOUR “IPRE” data has my house as doubling in value since last month. Do you think that is correct? Either that is correct, or your idiotic data is wrong, so which is it?
I wish you would get off the guys in Abacoa and leave their private lives alone. If it is the house I am thinking of, two gay gentlemen bought it together, split up, and one wound up going back to his wife. This could happen anytime. Now will you get your stupid f—— nose out of other peoples’ business, and stop exposing peoples’ private lives on the Internet? Idiot.
Rich R, again you
LOL
again you prove you are the single stupidest person on these blogs. I will back that up in court.
Not only am I not who you think I am, I do not even work as a realtor. Why don’t you come see me (since you really live in PBC, not NC, another of your lies), and tell people what you found. Get it on tape when you “expose” me.
You poor, pathetic fool.
By NotMaxorRich
February 24, 2007 12:08 PM | Link to this
Attention all of you wannabe real estate moguls: You are wasting your money investing down here. Check out this RE add I saw in my hometown paper.
4brm 1.5 bth all brick 2 story colonial hardwood floors w basement 2 car garage 2140 sq ft only $65,000! No, I did not forget a zero. That is $65,000 for an all brick 4brm home w garage. I have the address too. 2281 Atkinson Detroit, MI. Come on all of you investors. You could buy ten houses in Detroit for the same amount as one over-priced empty 3brm condo down here. North Carolina nothing. You gotta go to the REAL North to find the bargains!
By Bobby Charles
February 27, 2007 9:34 PM | Link to this
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