New York City, After the Boom
After an extraordinary era of construction and renovation, demolition and replacement, there will almost certainly come a long period in which little to nothing gets built…We have inherited, from the good years, a glut of housing, almost all of it of the unaffordable kind—condos galore—and an increase in office space amid a sudden, steep decrease…
If there were no oversupply then these buildings that we see going rental would otherwise be selling. I believe however, that just like NYC is somewhat different from the rest of the country, so too is there a neighborhood-by-neighborhood and even street-by-street difference in the market here. Such is the nature of gentrification for lack of a better term. Gentrification, that is, in its broadest definition where these developments are occurring in what have to date been largely low rise housing.
I’ve asked this before on Brownstoner to no avail:
Is there a site which lists how many construction projects are in each borough, how many units, how many sold, how many in contract, etc etc?
I see a fire sale coming around the bend.
I think the glut is building up. Give it time.
I can’t believe I’m about to say this, but I agree with Polemicist.
There is absolutely not a glut of housing in NYC…if there were, prices would not be through the roof.
Inventory, while higher than it’s been in the last few years is still INCREDIBLY low.
Manhattan has about 10,000 properties on the market.
Miami has about 75,000.
There are areas that have a glut…Williamsburg, Greenpoint, etc, but overall, I don’t believe there is a glut.
4.5% fixed rate. Plenty of buyers will be coming out of the woodwork. It will become cheaper to buy then to rent.
Should I feel bad that I not only subscribe to the New Yorker but read every issue nearly cover to cover?
I’m white, anglo-saxon … but not a protestant, so I guess that makes me a WASA? 😛
yo Z you could also say “what a pretentious d**bag” that also seems to work!! Hahaha
z…I added that one to my favorites!!! Thanks
glad to see even the New Yorker doesnt understand economics (or facts). The ‘glut’ of condos makes all housing more affordable – and if immigration to NYC slows or reverses even more so – thereby helping address a problem I am sure the New Yorker was upset about 18mo ago. And there was actually very little office construction during this boom