clock menu more-arrow no yes mobile

Filed under:

February State O' the Market Report

New, 7 comments

As we tend to do at the start of each month, we're asking some Big Questions regarding the real estate market and urging Curbed readers to weigh in. This month: When will the hurting ease for the new development market? The most recent quarterly market reports showed the makings of a slight comeback?or at least the application of a tourniquet?to many segments of the market, but not new buildings. Elliman reported that 19% of total sales in Manhattan were new condos, down from 38% in 2008. The lingering credit crunch is leading to what The Real Deal calls in its February issue a "Second wave of pain for condos." So who's the condo market's Superman, flying in for the rescue? Foreign buyers? They're back, but they're not strong enough (except at 40 East 66th Street, where 80% of buyers hail from another land, TRD reports). The cash-rich ballers? Sure, but in addition to the glut of new condos competing for attention, there's also the glut of resales in less risky newish buildings. The new development market needs help, and we're not sure there's enough in the Wall Street bonus pool to give every developer mouth-to-mouth. So when does the wave crash and the water become peaceful?
· Second wave of pain for condos [Real Deal]