Number of Offering Plans Drops For 1st Time Since '99
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…
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]
Filing a condo plan has no real relationship with building permits. You need to have your design drawings in pretty good shape before filing, but you can file for a condo and never get your building permit, as far as I know.
“It appears this is the end of an era…”
And the beginning of a new one with all the new rushed and shoddy construction, from the previous boom in offering plans/new development, falling around our feet.
Better buy a helmet.
Building permit is needed before any construction is to begin. Filing of condo plan takes place at what point in construction – how far along? Perhaps your 3rd and Bond people can answer.
If condo filing is year or 2 after permit application – could be a ‘lagging’ indicator?
The reduction in the number of building permits issued is only partially attributable to a slowdown in the housing market. The Department of Buildings has made it significantly more difficult to get jobs approved and permitted with a host of new rules, regulations and requirements.
Counterintuitive that they dropped during the height of the dot com boom.