Sunday, November 19, 2006
One of my customers, with an accepted offer on a new development in the West 40’s, asked me to comment on Christine Haughney's article 'Changing Course to Avert a Glut' in the NY Times. His concern was how all of the new apartments in the construction pipeline might affect the value of his purchase. A fair question, and it is all about the supply. Before recently, the complaint I kept hearing from customers was that there was not much to see, it went in a flash, and sold at over asking price. Supply was short. That changed. The new landscape of glass towers rising from the bedrock is at the heart of this story.