Monday, December 8, 2008

Rockrose Offers Innovative "Price Protection Guarantee" At "The View"

I had heard rumblings that this may be happening, but I was actually stunned when I heard that that they are moving forward with it. Rockrose Development is currently offering price guarantees on the next 20 apartments that it sells at "The View" in LIC.

Here is how it works: you buy an apartment at "The View" and on the 5th anniversary of your closing, you have 90 days to exercise an option to sell the apartment back to Rockrose for what you paid for it, plus 10%. So, if the world comes to an end, you get your money back (assuming the long solid Rockrose is solvent), get 5 years of tax benefits, and you'll be the only person in NYC to legitimately claim to have made money on real estate. For the same 20 buyers, the developer is also throwing in 5 years of free parking.

This is clearly a bold and innovative move on the part of Rockrose. It shows great confidence in the LIC market, and also allows buyers in a skittish market to sleep at night. Impressive!

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