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“Everybody I’ve sold to this year has been looking at brand-new and decided they prefer to do nearly new. For a little less money, they know exactly what they’re getting, and they can move right in.”
- Karin Posvar-Picket, senior vice president at the Corcoran Group, just one of several agents and buyers in New York who tell The New York Times that “nearly new is the new new” when it comes to condo sales. Nearly new condos are more likely to be in a building that’s sold out, making it easier for buyers to secure mortgages. (“Many banks will not issue mortgages in buildings that are less than 70 percent sold,” the article states.) Buyers don’t have to worry about a developer renting out unsold units or disappearing before a building’s completion, and they have the benefit of seeing and meeting an established group of neighbors.
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That also goes for cars. I’d much rather buy a car with 15,000 miles but for a much lower price than a brand, spanking new one
UP, agreed on both points here. I wish I thought of saying something like “nearly new is the new new”. I pleaded with clients to buy re-sales in an established building three years ago when it would have really helped the bottom line. I think the pages of Yo, or at least YoJoe had heard me utter that.
How ’bout “I told you so”?
Anyway, the little blurb above hits it all on the head. Mortgage financing is more difficult now than in the start of the year when people thought t was tough. New rules pop up each day for conventional and FHA buyers and the lending professionals that stuck around are over-worked generating loans that never get done. Sure, people are getting loans (and re-finances), but getting your ducks in-a-row is not a luxury…you better come ready and have documents and some cash!
Established well run buildings are a premium in Chicago.
As for used cars, I just got a steal on a 2005 SUV Touareg with 30K miles. It’s new to me!
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