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:
For buyers of brand new condos, 16 crucial questions. Key things to ask before you sign on the dotted line, including the status of the building's tax breaks, what happens if the developer gets behind on construction, and just how soundproofed your walls will be.
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