Condo developers who managed to survive the downturn by waiting out the crash and dialing back their dreams are now poised to reap the imbalance in supply and demand brought about by “a severe decline in inventory of marketable Manhattan residences,” which hit a 13-year low in September, the New York Times reports.
When the boom was still in swing, 8,052 new condo units came onto the market in 2007, the Times reports, citing data compiled by Corcoran Sunshine Marketing Group. By 2009, only 497 units opened, and 1,348 were canceled or postponed.
Last year 1,132 new units came onto the market, and Corcoran Sunshine projects 2,500 new units will open and none will be canceled. Source: nytimes.com