The Appeal of Almost New
Almost-new development seems to be picking up steam, and I think it’s because it’s seen as an alternative for people who want new construction. 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, and there are no empty units to worry…
Almost-new development seems to be picking up steam, and I think it’s because it’s seen as an alternative for people who want new construction. 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, and there are no empty units to worry about. — Jonathan Miller in The New York Times
How many ‘almost new’ condos are on the market, though? It doesn’t take much to see that the 4-5 year old stuff is probably ideal, so if there’s a limited supply of the stuff it would seem that one would be paying a premium for such places.
We wanted to buy an almost new place, but didn’t find anything in our price range/location. Then again, we’re just middle class slobs living in Brooklyn (and now languishing in new construction purgatory).
I have been telling buyers this for several years – wait until all the inevitable issues with plumbing problems, leaks, mold, etc., have been addressed and tax abatements fully in place. This is true even for high-end properties – there will always be problems that need to be worked out. I know people who closed on an expensive new condo, but the 421a tax abatement wasn’t finalized until a year later – in between they paid over $11,000 in real estate taxes, and that abatement is not retroactive. They (and several other residents) also had to have their floors replaced due to buckling from a leak under the floor.
True dat, Jonathan Miller (from two new development purchases experience. Still in major pain – many years later).
hymenoplasty…
Wait, people like new stuff? I thought new construction was of poor quality, and one should always buy a 150 year old house.