Developers make new moves to move last few units

At the Watermark, the developer is “flexible” on prices for the last twelve units and is offering market rate commissions for brokers.  Previously the developer was offering 1% commission to outside agents, a far cry from the 2.5% and now 3% commissions now that the market is moving into a buyer’s climate.  The “reasoning” behind the low commission rate was that all the monies were to be used to begin construction on the Cruise Ship terminal; Bovis Lend Lease pocketed their profits from the Watermark and walked away from their participation in the terminal project, which remains on hold.
The Beacon just announced on Monday they will now offer 3% commission into November for agents bringing buyers for their last few units remaining unsold.   The Beacon may be anticipating the opening of other projects in the area may slow their final sales, in addition to the general condo market slowing.  Also, keeping a sales office open with only a few units left in a large building isn’t a cost that makes sense.


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