The stories are now coming in fast and furious. The years of excess inventory. The tens-of-thousands of unsold condos. Prices plummeting. Manhattan (and Brooklyn) heading due south (no Miami pun intended).
It didn’t take a genius to figure this out, just look at any of the new condo developments at night. They’re empty.
Plus, Nouriel Roubini was talking about this years ago, long before the real estate/Wall Street bubble popped.
At any rate, here are some of the stories:
1. inventory now at 11,000 listed homes, condos and coops in manhattan which is almost 3x normal
2. inventory actually grew 1200 units over the last 30-days (the attached stats are a couple of weeks old and the listing velocity INCREASED the last 2 weeks)
The talk is of a return to prices as they were in the mid-90s; $500/sq. ft. or less in prime Manhattan.