Bubble Wrap

Mint Condition, Low Miles

The New York Times observes the many reasons buyers are choosing nearly new buildings over brand new buildings. One of the main reasons is that many banks are not lending in buildings with less than 70% of the units sold, which includes numerous new developments.

Another is that they don’t have to worry if the sponsor is going to finish the job or start renting out unsold apartments. The buildings are also likely to have an observable community of neighbors; apartments with valuable custom upgrades like surround-sound wiring or $25,000 automated window shades; sellers who have more flexibility to negotiate than most developers; and a relative dearth of new-building kinks, including the torment of ongoing construction.