4 Year Anniversary Special: This is chart no. 49… and so begins my fifth year producing them. Its been four years of graphics bliss with ideas for many more in the future.
I have had the pleasure of providing a monthly chart for the Economic Spotlight section of Crain’s New York Business magazine since September 2003. Here is the latest, which appears in the current issue of Crain’s New York Business.
Source: Crain’s New York Business
Go here for a complete archive of all Crains’s New York Economic Spotlight charts that have been published. They are organized by year.
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I have to say, I held my breath through much of last summer fearing that the Manhattan inventory was going to rise just as the national housing “bubble” popped. It seemed as if there was going to be bloodshed in the streets (on the streets?).
Instead, it looks as though the increased number of units available was absorbed, pretty easily.
So, if bonuses etc. are less this year, but there’s fewer new developments coming onto the market, does that mean sales prices and volume will stay steady?
BTW, how many units are in the pipeline over the coming months and years?
a better question to ask, is how many new dev units are IN CONTRACT? What is the percentage sold on all new devs actively marketing properties right now in Manhattan?
Then the next question ultimately should become, how many new dev buyers are speculative flippers? This could be a sleeper option for inventory build as the next year or so unfolds.
Noah – Do you really think there are alot of flippers out there. Seems to me those that may have felt they could ride this wave would have joined the bandwagon 2-3 years ago. But since last year most of the headlines across the U.S. housing appeared sour and negative. There was also a lot of bad press about flippers and how they were losing their shirts in Miami etc. To me it seems if anything that would scare away someone that had enough of a downpayment for a manhattan condo (10% down on at least 600k) to flip.