No Surprise: Building Falls Off in City
The number of housing units created in New York City this year is expected to drop more than 75 percent from 30,000 last year (and the prior four years) to just 6,300 this year, according to the New York Building Congress, though building spending across all sectors should decline by only 20 percent or so….
The number of housing units created in New York City this year is expected to drop more than 75 percent from 30,000 last year (and the prior four years) to just 6,300 this year, according to the New York Building Congress, though building spending across all sectors should decline by only 20 percent or so. It’s a declining construction market, the NYBC’s president Richard T. Anderson told The Times, but not as much as we anticipated. The report also claims that the construction bear market has bottomed, but developers don’t necessarily agree. They’re way too exuberant, the developer Douglas Durst said, adding that vacancy rates continue to fall and rents are still dropping. Meanwhile, DOB reported that 460 residential projects have been put on hold—and that third of them are in Brooklyn.
Sharp Drop in Building Residences in the City [NY Times]
Photo by hunter.gatherer
I know this is very dated article DIBS but interesting info anyway. Am looking for more recent or a chart.
http://www.manhattan-institute.org/html/cr_2.htm
Would condo prices go down more? I recently submitted an offer about $550/sq feet and the developer is not willing to lower down the prices.
I guess only time could prove that daveinbedstuy is right.
i never heard of a confused chicken.
i am confused too; are you suggesting to buy nyc builders before the bottom?
isnt it a bit late to buy pnc?
what is this a stock touting board?
did i log in to the wrong site?
helpppp….
fair enough but I was paraphrasing your “stoke the fires of higher prices” which I read as “strap yourself in, it’s gonna fly”
I NEVER said “shoot back up.”
so you think prices come down near-term (because they haven’t bottomed yet) and then shoot back up in the near-term (not too distant future)? I am confused…
Think ahead, chicken.
Prices for condos have not yet bottomed. The market knows that.
Buy PNC.
“This falloff to what is likely a very, very low number will stoke the fires of higher prices in the not too distant future.
Posted by: daveinbedstuy at October 22, 2009 9:05 AM”
Or building volume is very low because of falling prices?
TISHMAN LOST THE STUY TOWN LAWSUIT