Real estate writer Jack Hagel reports Ram Development is cutting prices on its 140 West (Lot 5) condominium project in light of the soft market and increased competition (Greenbridge, East 54).
The Florida developer launched pre-sales last year, hoping to break ground once 25 percent of the units were under contract, and complete the project by 2012. Lenders have since tightened up on projects, often requiring developers to sell about half the units before construction.
Ram's goal is to lure 10 more buyers by offering:
- Almost 10 percent off three-bedroom units, bringing the price to $470,000.
- Almost 11 percent off two-bedroom units, dropping the sticker to $375,000.
- About 8.5 percent off one-bedroom units, bringing the price to $215,000. Less than a year ago, Ram had hoped to fetch about $350,000 for those units.
Read Jack's story here.
