New York City’s slowing residential market means more gifts are dangled in front of buyers and brokers to get deals over the line.
Perks tend to rise as the market falls, and gifts are mostly being distributed by developers of new properties trying to set themselves apart from the luxury glut, the New York Post reported. But Redfin’s lead economist Taylor Marr told the outlet what’s going on now is unique.
“We’re seeing an unprecedented number of these incentives out there,” Marr said.
In the U.S., 46 percent of sellers have recently offered a gift with a sale, according to an analysis by Redfin. That’s the highest mark in the past decade. In New York, one in every six sellers offered a gift, averaging between $5,000 and $10,000.
Serhant tried to raise buzz for sales at Quadrum Global’s 171-unit The Huron at Greenpoint by offering brokers the chance to score a set of Swift tour tickets. On top of a broker boat party, the raffle was part of an effort to inspire agents to score signed contracts before official sales even launched.
But most incentives are targeting buyers, who could score a wide variety of offers from mortgage buydowns to expensive gifts.
At CPPC Development’s Three99 in the East Village, a $2.8 million condominium comes with a $6,000 Vespa. One bid for the three-bedroom unit came directly as a result of the perk, according to co-listing agent Malessa Rambarran of Brown Harris Stevens.
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The gift of $25,000 in flexible furniture from Bumblebee could be swaying some buyers at NOVA, a Long Island City condo project developed by SB Development. More than half of the units have been sold and many have praised the perk, according to principal Joe Stern.
Other gifts being offered include gym memberships and WeWork access to those at One Wall Street, 2 percent annual mortgage buydowns for three years at Extell Development’s Brooklyn Point and One Manhattan Square, and luxury gifts for homes at the high-end of the market, such as $25,000 Amex gift cards and in one off-market Hamptons sale, a Lamborghini.
— Holden Walter-Warner