Bubble Wrap
Entry
New condos a plenty
The NY Times studies the staggering number of new condo apps on file and asks Are There Enough Buyers to Go Around?
Not only are there thousands of condos currently on the market, but a review of building plans submitted by developers to the state attorney general’s office shows that this building binge has not yet slowed down and may produce a supply of new apartments that could be around for a while.
So far, applications have been submitted for more than 24,000 condominium apartments since January 2004, 7,000 of them in the first half of this year alone. This increase in filings comes as supply in the current market has been rising steadily, with broker listings nearly doubling since 2004. And since many developers list only a sampling of apartments in new buildings, the numbers of apartments available for sale is probably significantly larger than the inventory listed with brokers.
