Condo Filings Down But Definitely Not Out
While there appears to be an overall downward trend in co-op and condo offering plans filed with the state, production still remains relatively high here despite worsening market conditions. Offering plans are required to sell condos or co-ops, including in a conversion. According to information provided by the Attorney General’s office, since 2004 Brooklyn developers…
While there appears to be an overall downward trend in co-op and condo offering plans filed with the state, production still remains relatively high here despite worsening market conditions. Offering plans are required to sell condos or co-ops, including in a conversion. According to information provided by the Attorney General’s office, since 2004 Brooklyn developers have filed 1,393 offering plans for 28,499 units. Since the start of the year until mid-May, 28 offering plans for 1,771 units were filed. We asked a few developers what they think about the numbers. They predicted production would soon plummet as developers hesitate to add more condos or co-ops to an already saturated market, especially in places where it’s uncertain if prices will hold. Also, they said recent numbers are likely higher than they would be without the new 421-a law, which after June 30 requires developers to include affordable housing within their buildings to receive tax exemptions. While an offering plan is not required to receive 421-a benefits, some developers do their paperwork all at once (most file during construction) and are racing to get everything in before that deadline, said Justin Stern, principal of Manatus Development Group. From the figures above it’s apparent Manhattan has already experienced its prime this market cycle, but recent figures are still higher than in Brooklyn: Since the start of the year, 57 plans for 2,403 units in Manhattan were filed. Hear more from developers after the jump…
The developers we spoke to all had basically the same assessment of the numbers, and 421-a, not a favorite among the bunch, figured prominently. Marshall Sohne, developer of a number of projects along Columbia Street, said the tax exemption is more likely to weigh heavily on Brooklyn market-rate buyers than those in Manhattan. Despite being upper or upper-middle class, Sohne said those buyers still watch their finances closely. Condos coming on the market without the tax exemption would have a much tougher time competing with the tens of thousands that do, a significant portion of which would still be sharing the market with taxed units. He also thinks developers will choose to hold off on projects rather than go rental. “The yeilds from the rentals are usually much lower than for a condominium,” not making the project worth the effort in many places, he said. Justin Stern, principal of Manatus Development Group, which has worked on inclusionary housing projects like 15 Quincy Street and 91 Carlton Avenue, agreed. He added, “The reasons for less apps are definitely related to the downturn in market conditions and lenders’ hesitence/ unwillingness to finance for-sale product … This is, and I expect will continue to be, a very difficult time of change, the likes of which NYC has not seen in the past 15-plus years.”
421-a Revamp: A Lose-Lose Proposition? [Brownstoner]
Developer of Affordable Housing Faces New Challenge [NY Times]
I built a house out of quaker oats but couldn’t make the payments on the piggyback so the bank foreclosed, ended up eating it and now have no place to live
“I bought Quaker Oats 42oz at Keyfood on 7th Avenue in Park Slope about a week and a half ago.
$2.99”
Met food Fulton St.
BTW Asshats food prices are higher in Minority Neighborhoods!! But I think some of you are slow to see that. Plus I will put money on that statement. I didn’t have time to go 5th Ave in the Slope….
The What
Someday this war is gonna end…
I bought Quaker Oats 42oz at Keyfood on 7th Avenue in Park Slope about a week and a half ago.
$2.99
“Uh oh – “The What’s” doomsday scenario isnt happening yet – $125 oil, housing prices facing the biggest decline in history, credit crunch, inflation and yet…….unemployment still below 6%, productivity is up and today retail sales were reported to be better then expected in May.
No one is predicting Goldilocks anytime soon but with each passing day “The What” is losing credibility. Heck even the attempt to create a new panic at Lehman Bros failed.”
“There are three kinds of lies: lies, damned lies, and statistics.”
Mark Twain
“NEW YORK (AP) — Consumers stepped up their shopping in May after tax rebate checks hit mailboxes, giving many of the nation’s retailers stronger than expected sales for the month.”
Ok Asshats I’ll bite.. I know you want to beLIEve the BS the government spits out. You see the only way the government can pay off it’s debt is to inflate the money supply. You inflate the value of the debt bit you rob the spending power if your citizens (CONsumers).
Lets take a look, shall we… The American CONsumer is impacted by the high cost of energy, food and debt service. After this there is no more money for Discretionary spending. This greatly impacts other sectors of the economy. He is a example of this is here..
Continental Will Ground 67 Jets, Eliminate 3,000 Jobs
http://www.bloomberg.com/apps/news?pid=20601087&sid=agR7OAEUpy_M&refer=home
June 5 (Bloomberg) — Continental Airlines Inc. will cut 3,000 jobs and shrink its jet fleet by 18 percent, becoming the fourth major U.S. carrier to slash payrolls and flights as soaring fuel prices push the industry to its worst losses since Sept. 11.
You see I know you want to beLIEve that we are doing fine but that is not the case. Clothing Stores, Restaurants and Travel are laying people off..
Now here is the real kick on the head. Central Banks around the world are jawboning about raising interest rates. Why you ask? Because the little lie is that Central Banks do not set rate policy, the BOND MARKET does! I bet this fall there will be a crash in the Bond market and it will impact of people that need credit. No more free money to Asshats…
Trichet Says ECB May Consider Raising Rates in July
http://www.bloomberg.com/apps/news?pid=20601087&sid=aa244p5z2utk&refer=home
Now they’re shifting their stance as demand from China and other emerging economies drive oil and food prices higher
So if you think Te What is crazy the, please go out and buy a Condo! Go out and buy a house, don’t pay attention to me. I think you got it “all figured out”
The What
Someday this war is gonna end…
BTW Quaker Oats 42oz used to cost 2.19 about a year ago, its 4.99 now. Rally on!
“what’s more, iraq is becoming a self sustaining nation”
Complete lie. Iraq is totally dependent on the United States, Mr. Bush.
NEW YORK (AP) — Consumers stepped up their shopping in May after tax rebate checks hit mailboxes, giving many of the nation’s retailers stronger than expected sales for the month.
OH NO!!! MORE GOOD NEWS!!!
The What is an idiot.
WASHINGTON (Reuters) – The number of U.S. workers filing new claims for jobless benefits fell unexpectedly last week to the lowest level since mid-April, a government report said Thursday, raising optimism that the sluggish economy may skirt a recession.
Hmmm…no recession??? I thought we were going into a DEPRESSION, according to the What??
I’m confused!
last quarter GDP 2007 positive 0.6%
first quarter GDP 2008 positive 0.9%
worker productivity up
unemployment 4.9%
it may not be 1999 but it ain’t 1933 either.
what’s more, iraq is becoming a self sustaining nation. fending off an iranian led uprising in Basra earlier this year. Iraq’s own forces routed the shiite upstarts from under ol Mookie (who continues to hide under a burka somewhere in Iran).
Obama will have to do a world class spinning job to downplay the hyperbole that has been a hallmark of Democrats these days.
Legion
Guest at 9:57 – The What has been predicting doomsday for years. I remember his postings from almost ayear ago where he would say – “Oh Monday is going to be fun! Get ready for the next Black Monday. US Markets are going to collapse any day now,we are a 3rd world country in a few weeks, etc.” Each time would pass without incident and life would go on as usuall.
He is not a credible source and never has been. He is an interesting character with an extreme point of view that should be taken as exactly that.