new house/apt vs used

[turnipmonster]

this may be a stupid question but figured I'd ask it anyways. in nyc where I live, there are tons of new condos going up all the time. it seems to me that when you buy a new condo, you are basically betting on appreciation as it is unlikely that the developer selling it has undervalued it (same is obv true of most property in nyc if you replace "developer" with "market"). although this is probably true of most property, my intuition would be that there are a lot more inefficiencies in FSBO and things like that. is my intuition correct here, or not so much?

it obviously depends on a lot of things, but I was having this discussion with a friend and I had a hard time articulating why I would rather buy from an old lady than the toll brothers, but I felt pretty strongly that I would. I am curious if my intuition is off.