The Market

Tips for buying a condo—when it's still just a floorplan

By Virginia K. Smith | January 9, 2015 - 9:59AM 

As a rule, we're advocates of taking most real estate market reports with a grain of salt. But one noteworthy data point from this week's onslaught of numbers caught our eye: according to Bond New York's report on the fourth quarter of 2014, since September, "a whopping 45 percent of contracts signed on units above $4 million were made off of floorplans." In other words, nearly half of Manhattan's high-end buyers are snapping apartments that haven't even been built yet.

Buying in brand-new construction has its pros and cons (if you can afford it at all, that is), as we've written before. But for those mulling a down payment on a condo that's still under construction, we've rounded up some of our best advice:

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