AS the residential real estate market in New York City continues to emerge from its deep freeze, sales at new condominium developments are starting to pick up. But while there are deals to be had on some new condos, buyers must navigate a tricky balance between getting in early — which often means a better price — and avoiding plunking down a deposit on a building plagued by bad construction or shaky financing. “It’s a buyers’ market and sponsors are making deals,” said Jan B. Geller, a real estate lawyer with Altschul Goldstein & Geller. “But you have to be careful. What seems like a diamond in the rough may be a rhinestone.”It is not always easy to know how to tell the difference.
By Elizabeth A. Harris, Jan 28, 2010 NYT

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