Everyone talks about inventory

As far as inventory numbers for new development I don't know, just wait I'm sure someone more qualified will respond however,just because people want new construction doesn't mean they can afford it. I have been watching LIC new developments and I can tell you that new development sales have just about stopped in the last 2 months. I also read the article and actually was laughing. Who wouldn't want all those amenities and large beautiful baths. I also perfer Peter Lugar's over McDonalds but I can't afford Lugars as much as I can McDonalds. HAHA.

ummmmm Lugers!

I love that place.

Digs, speaking of Lugers, when will Toes have to settle up?

tdadlani, not sure how good you consider FiDi and the UES, but both are pretty fat with new construction. Steve Cuozzo in the Post referenced the endless towers going up on the UES in a recent article, and The Real Deal just had an article (it was linked in Curbed yesterday) about how transactions have slowed while inventory continues to swell in FiDi.

If you look at some neighborhoods in Brooklyn (thousands of new dev units in Williamsburg, 1k on 4th Ave on the Park Slope/Gowanus border, etc.) they're saturated.

As for pipeline, you probably know this, but just in case (I don't recognize your screen name), developers and brokers will control the release of units in new development, so a building w/ 250 total units will only offer 25 at first. In other words, the inventory numbers for new devs are often considerably higher than the available figures show.

Lastly, this article's gotten a lot of play around here. 90,000 building permits were issued for NYC (30k for Manhattan) between 2005-2007. 2007 saw the greatest number issued since 1972. Of course, it's impossible to know how many get built, but these are massive numbers to start with.

http://www.nyc.gov/html/hpd/html/pr2008/pr-03-03-08.shtml

Permits were down 69% in the Q1 08, which seems to imply that developers have seen demand fall off and are now slamming on the brakes.

If only 7,000+ properties turn over a year in Manhattan the inventory #'s are listed way lower than they actually are. 30,000 units in 3 years + the resales in this market is the perfect storm. I don't know perhaps I'm wrong. Just don't see the silver lining the bulls do.

Sorry not up on the lingo....what is FiDi ?

To be honest looking at the new development showcase on this site for UES...dont really see too many buildings.........they are def scattered all over the place.

Financial District. Here's the article. If you are newish to RE, curbed.com is a great site to keep up with.

http://ny.therealdeal.com/articles/financial-district-boom-slows

That's why I quoted the source, Steve Cuozzo, so take it FWIW. Not insulting Cuozzo, I just remember it being a subjective comment he made in a bearish RE article. I don't follow the UES at all, myself.

Also, the construction he was referring to may not be at the sales stage yet, and therefore not reflected here.

Ive been looking at the 80's Lucida/Brompton area.......dont really see that many quality buidlings close to the subway.......thats why I was saying not too much inventory.

Thanks for the article and input.