From the NY Post:

Robert Roe, vice president of the Roe Development Corp., which is marketing Star Tower, a 180-unit condo building in Long Island City, Queens that will be finished next year. "Inventory is moving at a slower clip, but we've been open for three months now and we've got almost 100 contracts out on the building."

what % of contracts "out" generally become contracts signed? And what % of signed contracts become sold?

nyc10022, this is a good point. Contracts out can easily go unsigned, though I would say that a vast majority of signed contracts turn into sales. Even in this market.

I'm in OK financial shape," says Alexandra Bauer, who just bought a two-bedroom condo at 125 N. 10th St. in Williamsburg, Brooklyn, for $762,500. Because she works in the financial sector, Bauer thought it wouldn't be too difficult to get a mortgage, but she saw firsthand just how rigorous lending standards became. "But if you can meet those lending standards, it's a great time to be a buyer."

"Obviously, buying power has been reduced," says Barak Dunayer, president of Barak Realty. "This creates a smaller buyer pool and less demand. What buyers need to do in this market is make sure they're pre-qualified."

Gee that sounds familiar, smaller buying pool, I wonder how that will affect the market?

LICC- What does almost 100 units actually mean. Even if it's 100 exactly, only 80 to go.

Now that you have started with LIC, how about an update on some of the popular buildings progress.

Hey dco! How are you? I thought you would comment on this post.
Did you read the full article? It's pretty interesting.

LICComment- Ofcourse, Actually if the facts were true, that the star has signed contracts, on 100 units in the last 3 months, I would be impressed. I just don't know how much is true. Developers and Brokers are losing credibility, on a daily basis. Who do you believe? The CEO's keep telling us, that there is no liquidity problem and will not need to raise more money, only to be proven a week later, they need to raise Billions. The point is as the market deteriorates, information becomes much more murky.

If I remember correctly, this was a similar quote from the Star developer several weeks ago in the NY Times.

lic has defied current market conditions. ask any arris lofts buyer.

dco, I agree that you should take statements with a grain of salt, but that quote was from the developer himself and was very specific.

Did you see this article: http://www.queenswest.com/neighborhood/discussion/482415421

Looks like LIC is doing very well, with strong demand.

Yes, I agree. That article gives the impression that LIC is doing great.

Bill Staniford, CEO of Property Shark, said Long Island City has one of the more promising markets in the five boroughs, relatively speaking.

The top buyers "are definitely going to take a hit, but if they're in it for the long term, they'll be OK in five to 10 years," said Staniford. "If you bought at the peak, then everybody is going to lose some value."

That's the most toubling statement.

"be OK in five to 10 years"

Shouldn’t that be the minimum timeframe for holding real estate anyway? Glad things are back to normal and people can stop using home ownership as a get rich quick scheme.

That is the only part of the article you saw dco? Did you see the sections on how prospective Manhattan buyers are now looking at LIC, and how the area is getting more and more retail, and how prices are correlated to Manhattan?

I guess you were right, LIC will fair better then the rest of the city. After all, word on the street is, people are looking to relocate from Manhattan. I love your enthusiasm. Watch your step, you just might make me start trolling the net, for some Bear articles. Enjoy the good press.haha.

Long Island City seems like a place that people would only want to live in temporarily, or might be stuck there based on their own economic conditions.

LIC news this week.... one bankruptcy, one building that might be 50% sold.

I guess folks can read in what they want, but I'm not sure I'd call that "doing well".