Actually ... there is a reason people buy new properties ...
Life is not all about money.
New condos smell nice and feel nice. It's a good feeling to step into it.
It's like a new car ... got new leather smell ... very nice, even though we all know it depreciates like crazy.
On the other hand, old properties require a lot of maintenance work which is both time consuming and stressful, not to mention dangerous.
I'd got one near miss when a ceiling board fell right next to me, then at another property I got my finger cut and bled like crazy till now the scar is still there ... another one I stepped onto the bath tub to inspect something and the bath tub bottom collapsed ...
However, I made much more money from these old properties than new ones.
So the moral of the story ... there's no free lunch in this world.