04-13-2025, 04:56 PM
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#34577 |
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Join Date: Nov 2012 Location: YVR
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| Quote:
Originally Posted by spacemanrick  I had an interesting conversation with a friend this week. His brother recently bought a new build condo in South Vancouver that was listed for $1,080,000. The realtor for my friend's brother said the developer was offering a $130,000 discount credit on the purchase of the $1,080,000 property. The $130,000 credit was made through a separate addendum to the purchase agreement so the sales transaction shows up as $1,080,000 on the purchase records and I assume MLS. How common is this done by developers to artificially inflate the selling prices of their properties on the MLS? | Its one of their bank covenants for construction loan for the developer. they have a set price. They can use an addendum to give discounts and get around it.
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