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Harlem's Condo Oversupply Mapped and Dissected

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Fallout shelters for the nuclear apocalypse? Close! Those little black dots seen on the above map represent new and under-construction condo projects in Harlem and its environs. You'll notice that there are, by our calculations, a shitload of them, a fact not lost on Massey Knakel broker Shimon Shkury, who just released the map in a pretty interesting 2009 Northern Manhattan condo sales report. Shkury and his team report that the average sales price above 96th Street was $575 per square foot (about a $593,000 average for each new condo sold), down 8.5% from last year. Sales activity, like most 'hoods in Manhattan, showed a dramatic dip of more than 50%. But 2009 is so last year. What big, bold predictions are being made for the immediate future?

The report, which also has cute little thumbnail summaries of many key condo developments and a map of stalled building sites, concludes: "We believe several factors in 2010 will lead to further downward pressure on residential pricing, including: increased supply as sev- eral hundred units come online; expiration of the homebuyer's tax credit in April; rising interest rates on the horizon; and general economic sluggishness." Not quite a yay team! rally cry. What say you, Uptowners? More doom-and-gloom ahead?