As part of Whale Week 2013, we've snagged us a real-life real estate whale to answer your questions about buying, selling and renting at the topmost of the Hub market. This particular whale once bought in one of the Curbed Boston 76 and now rents in one of the priciest apartment towers in Boston. Have a question yourself? Email us (anonymity guaranteed).
Question: What were the financials of your Back Bay condo deal? How much did you pay? What was the down payment? What were the negotiations like with the seller? What was expected of you financially?
Answer: My most recent purchase was for right around $1M. The developer required a clean P&S (no contingencies whatsoever) but did not require the disclosure of any of my financials. Negotiations were a bit painful; it was clear the developer had an absolute low number in mind and would not go below it. Can't really blame them, I would do the same thing if roles were reversed. Ultimately, I ended up paying far less than their asking price.
Often with newer construction, you need to use a private lender since the building might not meet FHA requirements early on. My lender required a minimum of 20 percent down and reviewed pay stubs, three years of tax returns, current bank statements, investment account balances, etc.
· Our Whale Week 2013 archive [Curbed Boston]