"THE CONDO BOOM IS ENDING IN MANHATTAN" reports the Wall Street Journal.
Is this a "temporary imbalance" as Gary Barnett, ONE57 developer puts it, or is it really "ending" as Eliot Brown reports yesterday in the Wall Street Journal.
I say it's not all doom and gloom. The article is addressing SUPER luxury condos only and per our most recent real estate report, there is unquestionably an oversupply of SUPER luxury at present.
Per our April NYC Real Estate Report, where inventory remains lower and product is priced well, apartments in NYC are selling in approximately 4.8 months. And, historically when units sell between 6-9 months, we have a balanced market.
So, while the SUPER luxury condo boom might be showing different signs, the rest of the market is active.