(NYC) Any red flags with a sponsor unit condo that’s been on the market for more than 2 years.

Hi, I’m looking to purchase a condo in Williamsburg, Brooklyn. There’s a condo that I’m interested in but it’s been on the market for more than 2 years. The condo is a sponsor unit, so the builder hasn’t sold it yet. It’s one of the last 2 units in this building that the sponsor hasn’t sold.

We walked through the condo and it looks great, there’s nothing perceivably wrong with it. We asked our real estate agent about what could be potentially the problem but they didn’t really have any answers.

The listing history shows it was listed from

4/19 to 7/20 then delisted then listed again from10/20-2/21 then finally now from 3/21 to now.

We’re trying to understand if there are any red flags here and where we can look for more information. At the very least we want to use this as leverage for more negotiating power, but I’m worried that we are missing some critical information that others have had for passing on this place.

EDIT: I’m also a first time home buyer so I can be a bit inexperienced. Thanks!

submitted by /u/MoMonay
[link] [comments]

Hi, I’m looking to purchase a condo in Williamsburg, Brooklyn. There’s a condo that I’m interested in but it’s been on the market for more than 2 years. The condo is a sponsor unit, so the builder hasn’t sold it yet. It’s one of the last 2 units in this building that the sponsor hasn’t sold. We walked through the condo and it looks great, there’s nothing perceivably wrong with it. We asked our real estate agent about what could be potentially the problem but they didn’t really have any answers. The listing history shows it was listed from 4/19 to 7/20 then delisted then listed again from10/20-2/21 then finally now from 3/21 to now. We’re trying to understand if there are any red flags here and where we can look for more information. At the very least we want to use this as leverage for more negotiating power, but I’m worried that we are missing some critical information that others have had for passing on this place. EDIT: I’m also a first time home buyer so I can be a bit inexperienced. Thanks! submitted by /u/MoMonay [link] [comments]

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