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State of the Condo

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This fall season is seeing the least amount of new condos hitting the market in comparison to the past few years, with 1,111 new units arriving (south of Harlem, that is) on the market. Last year that number was 1,767 last year and 8,552 in 2007. The Times goes into detail about the causes, but one quote wraps up the effect on buyers pretty well, “It’s also about not having the same kind of choices. Those buyers who are looking for something very unique are going to have a very difficult time finding it.” So, expect to not negotiate on price while compromising. Happy hunting, buyers! [NYT]