new development- off market ???

bubbles, probably people walking away from contracts.

wow- that seems like a lot of people walking away.. or could it be they are just updating the site. if people walk away why aren't they just putting them back on the market rather then off market
thanks to anyone with info on this

they don't want to flood the market with additional inventory. they already have the amount of units released that they want available at a given time. i'm not saying it's the best sales practice, but it's the one they have, and so far, they're sticking with it (and by they i mean new developments in general, not just this one).

I think this is related to the shadow inventory which Jonathan Miller estimates at 5000 to 7000 units.

Developers don't put all their units up for sale at any given moment - otherwise they seem to think it would put downward pressure on prices.

plus, bubbles, they may have been released earlier and the contract price of the off-market units may actually undercut their current pricing.

1. They get to say things like "We only have 7 units available!" when there are 30 vacant units, 23 of which are simply off the market. So, technically, they aren't lying, and this tends to make the development seem more desirable.

2. It makes it harder to track the history (including weeks on the market, price changes, etc.) by taking units off the market. Without this process, buyers can directly track the history and draw all sorts of conclusions. Again, the seller can say things like "This unit just came on the market!" legitimately, when it may previously have been on the market for 3 years without selling.

Thanks for all the info, i appreciate it!!!