Nearly half of the Manhattan homes that sold for more than $4 million are purchased on floorplans alone. It may seem mindboggling to us plebes that people buy multi-million dollar condos sight unseen, but these buyers know that prices will only increase and they'll easily make a profit on a resale (see: One57). Since the beginning of the year, the number of contracts on unbuilt projects has doubled. Jonathan Miller says "this suggests that demand for new condos is outpacing new construction." [Bloomberg]
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