High numbers might be bad news

March 16, 2009 08:55AM

Lawyers for buyers of 328 condo units, new and existing, filed deeds with the Department of Finance last month, and average condo prices have improved since last summer. But the positive-sounding numbers might actually mean bad news, brokers said. High prices for the few units that have sold so far in 2009 have driven up the average and median condo prices for the year. And major banks have imposed restrictions on lending for new condos, said Dolly Lenz, vice chairman at Prudential Douglas Elliman, requiring that 70 percent of the units in a development be in contract before mortgages can be issued, jeopardizing newer developments.

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