Old condos, new buyers

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While new condominium developments can be attention-grabbers, real estate experts say that “almost new” condos — those that have been around for about five years — are gaining traction among buyers, according to the New York Times. The economic climate has made some New York City new construction look risky, and many buyers say they aren’t willing to take the leap. As a result, experts say buildings like 505 Greenwich and One Beacon Court, which both debuted in the mid-2000s, are retaining their popularity. Jonathan Miller, an appraiser with Miller Samuel, said that many homebuyers see recently-new developments as having the same benefits of new construction without the pitfalls. “It’s seen as an alternative for people who want new construction,” Miller said. “Almost-new has all the amenities that were widely touted during the boom, but they’re already established. All the kinks have been worked out.” [NYT]

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