I am interested in buying a condo in a new high rise development in downtown Brooklyn. I am concerned

Asked by K, New York, NY Fri Oct 24, 2008

because the building has a total of 250 units, but only 10 units in contract after several months of the apts being on the market. Is it a dangerous investment in this economic climate to buy a condo in a building that has the potential of going rental if enough units are not sold?

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Brian Moore’s answer
Brian Moore, Agent, New York, NY
Sun Jul 10, 2011
Are they over-priced? It appears you have an opportunity to invest at a stage which usually means better prices. There are reasons they are not selling & many factors play a role in that. They will all eventually sell & the fewer there are the more expensive they become. I've seen places converted to rentals but they are also still marketing them to sell. I say go for it especially if you plan on living there. Good Luck and feel free to contact me if you have any questions, be glad to help.

Brian Moore
Level Group, Inc
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Annette Levi…, , New York, NY
Sun Jul 10, 2011
Another concern you should have K is who is going to give you a mortgage? Unless the association got FHA approval, the builder must arrange financing.
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