New York buyers play by new rules

From The Real Deal

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NEW YORK — It should come as no surprise that resale brokers are reporting an uptick in activity after a slow summer. But there has also been an uptick in sales in the new condo market, which has been notoriously sluggish for the last two years.

How can this be, in today’s still-difficult lending environment?

One answer, experts say, is that buyers are exhibiting a drastic shift in attitudes toward getting a mortgage. While lenders still require larger downpayments and reams of paperwork, buyers, it seems, have come to expect lending complications and are no longer being scared away.