Quote of the day: "Which comes first?"

“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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