Quote of the day: Nearly new is the new new

“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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