The condo market is currently depressed by corporations that are doing conversions and HAVE to sell their units. You’ve seen the sign flippers. These condos will continue to be reduced in price and the incentives offered will increase until the condos sell. These corporations have no intention of becoming landlords.
As a seller with options I am choosing not to compete with these corporations in the condo market.
As an aside: according to my loan broker, the incentives provided to condo buyers by these corporations are being hidden from the lenders – an appraiser is supposed to inform the lender of anything that materially affects the value of the transaction – for example if the property comes with a brand new car or $30K worth of other incentives – there are also laws that address how much a seller can give the buyer in the way of closing costs so the incentives being offered instead of, or in addition to, closing costs are legal in the strictest sense – any lenders/appraisers care to comment?
