Much like technology, the first “edition” of any new building inevitably comes with its kinks. Smart consumers waited for the second incarnation of Apple’s iPhone and were happy to find that by the second time around, many of the issues present in the first version had been solved; smart condominium buyers are finding that the “older” buildings (those built in the early 2000s) are in better shape than those that are new construction.

“Almost new” condominiums (those that have been built within the last 5-10 years) appear to be gaining traction among buyers. Our tenuous economic climate has made new construction appear risky, and buyers are leaning towards buildings that have withstood the financial downfall and come out swinging. These buildings may not be perfect, but for the most part, they’re without the kinks that often come with new construction.

In a piece initially written by the New York Times, we learn that buildings that have overcome the problems that initially saddled them are often viewed more favorably by banks, and also tend to come with a lower price than comparable units in brand new buildings. Condominiums like One Beacon Court and 505 Greenwich Street are holding strong in the sales department. The general feeling seems to be that because such buildings have already been lived in, anything that would have been an issue in year one has been dealt with. For new homeowners, the idea of a condo that comes without kinks is more appealing than one that’s “brand new and never lived in!”

“There are so many disasters out there,” said Lawrence Rich, a vice president of Prudential Douglas Elliman. “Every day you hear of another new building that’s in trouble, and people don’t want a building where there might be problems and they won’t enjoy living there while it all gets worked out.”

Buyers are also considering the transfer taxes that come with a new development, as in a resale transaction, the seller pays the taxes. Other factors influencing this trend include buyers wanting to purchase in a building with a proven sales record, and buyers feeling that the floor plans were better back when the economy was doing well and developers were taking their time and doing it right. These days, with developers knee deep in a recession, corners are being pinched, and smart buyers can tell a well thought out floor plan from one that has been quickly dashed off.

Do you prefer new construction or “almost new” construction? Tell us in comments!

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