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July 31, 2006
No Doubt, Housing Market Slowing Big-Time
Things are starting to look ugly for the housing market on a national level, with home sales falling and the more homes than ever sitting on the market. Housing starts are starting to decline, too, though they are still high by historical standards. As for single-family homes, sales are down 4.4 percent, the largest drop since 1995, with the number of existing single-family homes on the market up 33 percent year-over-year. The most pain has been felt so far in the South and the West. "[The housing market] hasn’t slowed down a little bit — it has slowed down a lot," said Doug McCraw, a developer who has scrapped his plans for a 205-unit condominium tower in a neighborhood just north of downtown Fort Lauderdale, Fla. "Anybody who did not have a shovel in the dirt has chosen to wait till the market settles."
Many Homes on Market, Sales Declining [NY Times]
Housing Slows, Taking Big Toll on Economy [NY Times]
Comments
There are a lot of unfinished condominium projects in Boerum Hill, Williamsburg, and Park Slope. Anyone have a sense of what the pre-sales have been like for some of the more visible projects such as the IKON condo on the park (Mccarron?)or the Lux + Pop building near Smith and the House of Detention (a/k/a the jail)?
Posted by: crouchback at July 31, 2006 10:04 AM
I have a down payment on a North-facing cell at the BHD.
Posted by: ClassonClassy at July 31, 2006 9:48 PM
I think it's important to not get overwhelmed by negative press. Overall, the market in New York is doing very well. If you look at the areas where real estate is doing poorly, there's a reason. Florida - no one lives there! All of the people who purchased in the new condos are investors. A market can't survive on investors, so you will see a lot of developers pulling out of projects in Flordia. Vegas is the same way. There is a positive article in the Observer about New York's market. Things are looking good for us...
http://observer.com/20070409/20070409_Tom_Acitelli_finance_thelab.asp
Posted by: lindaj at April 4, 2007 1:28 PM
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