The Sun reports on how the number of condo offering plans in the city and state is decreasing. There was a 4.5 percent drop between 2006 and 2007 in city offering plans, the first decline since 1999. Statewide, the number of offering plans is on track to decrease by around 11 percent this year. “It appears this is the end of an era, of this incredible building boom that many thought would never end,” says one real estate attorney. And some think the decline will be good for the city’s market. “With less offering plans, it will definitely protect the market,” says Andrew Barrocas, the chief executive of the Real Estate Group. “I think it could be an excellent thing.” As a gauge of how deeply the city is feeling a housing slowdown, developers and analysts say the stats aren’t as meaningful as the number of building permits that have been issued. There was a 46 percent drop in building permits issued by the DOB in the first quarter of this year.
Drop in Offering Plans Less Severe Than Anticipated [NY Sun]