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“Banks are now demanding 20% and 25% down, AND that at least 70% of the condo development be sold before they will finance a condo buyer. But this brings us to that proverbial chicken and egg question – which comes first? How do you get 70% fill if banks won’t finance your buyers until you’re 70% full?”
- Reggie Middleton of the Boom Bust Blog, in a recent post surveying condo values and new construction in the New York market. (Hat tip to Curbed.)
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They presume there are many, many cash buyers!?
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