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Developer assists buyers with selling their homes.

Developers of a luxury townhome community on Saratoga Lake in Saratoga Springs, New York, have launched an innovative program for prospective home-buyers unable to sell their existing residences.

Under the program, developer Nelson Construction & Development Company (an affiliate of Manhattan-based Nelson Equities) will list a new home buyer's current home for sale, and have it bought independently, if the buyer cannot sell it during a 120 - day period.

The program is featured at Water's Edge on Saratoga Lake, notes Robert Nelson, vice president of Nelson Equities.

"We've enjoyed spectacular sales by buyers who appreciate the lifestyle, location and amenities offered at Water's Edge," said Nelson.

To qualify for the program, a prospective buyer signs a 120 - day contract both to purchase at Water's Edge and to sell his/her existing home to a third party, arranged through the developer.

The successful buyer pays a commission on the sale of the existing home, plus legal and other administration fees totaling 1 percent of the sales price.

Despite the economy, Water's Edge has sold more than $4 million worth of homes in the last nine months.

Water's Edge on Saratoga Lake is a luxury development of townhomes and single-family homes with sweeping views and access to Saratoga Lake. The community offers special year-round amenities, including an athletic pavilion with indoor and outdoor tennis court, indoor and outdoor swimming pools, sauna, whirlpool, fitness room, racquetball court, outdoor basketball court, private beach, 175 boat slips and a boardwalk.
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Title Annotation:Nelson Construction and Development Co.
Publication:Real Estate Weekly
Date:Sep 9, 1992
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