Almost new is the new brand new

TRD New York /
Jun.June 01, 2009 08:30 AM

Many buyers interested in modern buildings are looking for homes that are a few years old rather than units in brand new developments, brokers say. Developments erected earlier in the boom, before 2007, are getting the most serious consideration. Brokers say an advantage to a nearly new building is that it is likely to be sold out, so there’s a better chance of securing financing. Many banks aren’t issuing mortgages in buildings that are less than 70 percent sold. Buyers also don’t have to worry about ongoing construction in a building that might not be finished, or if a sponsor is going to rent out unsold apartments. “Everybody I’ve sold to this year has been looking at brand-new and decided they prefer to do nearly new,” said Karin Posvar-Picket, a senior vice president at the Corcoran Group who has sold seven units this year in the Metropolitan, a five-year-old building at East 90th Street and Third Avenue.

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