stepping out from the shadows

Combination of stalled "new" new developments and a trickle out of already built new development inventory over the last 2 years.

2 that come immediate to mind are
1)245 tenth
Awful block that seems to have really benefited from the highline. THey were able to severely downgrade expected finishes on the apartments (original renderings were far superior) and still get decent pricing.
http://streeteasy.com/nyc/building/245-tenth-avenue-new_york

2)56 leonard
Have no idea what stage it's at or whats going on here
http://streeteasy.com/nyc/building/56-leonard-street-new_york

Depending on your micro-market, they've slowly come to market and been worked off, or are in process of that. While external customer perception is "well prices are flat so nothing is happening," bulls would argue that the burning off of shadow inventory is part of the recovery cycle.

Micromarkets where we appear to be "not done yet" include some of the classically tax subsidized/overbuilt examples: Harlem, Williamsburg, etc.

Here's an Observer piece quoting Jonathan Miller (who is generally seen as a neutral commentator, even though he is involved in Condominium Recovery, a JV that is buying up condos) that Manhattan shadow inventory has declined from 6,000 units to 3,000 units.

http://www.observer.com/2012/01/elizabeth-stribling-is-not-afraid-of-her-shadow-inventory/

And here's a Real Deal piece from last year checking in on Williamsburg: http://therealdeal.com/blog/2011/03/17/has-williamsburg-s-glut-burned-off/

ali r.
DG Neary Realty

They Jedis have trained them well. So many ppl have told of fortunes lost for selling too early. Onl of they had a 25 yr hold they wouldve hit the pot of gold.

The same ninnies who get hit with $100 debit card fees every month Flmaozzzz.

Trading like its 1999 all over again. Flmaozzzz.

What about buildings like One Madison. Would that building have even been counted due to court injunctions. And have you ever noticed that the Rushmore has about 30 listings for sale no matter how many apts close. I wonder if there really is an accurate count of shadow inventory

w67 still hasn't approved your purchase apt23. But he is looking for the backdoor.

>The same ninnies who get hit with $100 debit card fees every month Flmaozzzz

?

One Mad is a special case. The apartments were up for sale so technically they were part of the pre-bubble inventory only to be caught at the bubbles apex and vanquished to real estate hell. Not a shadow, a casualty but soon to return to the pool. I love that building. The longer it takes to occupy the better chances I have to live in it.