Condos Are for Rent

This NYTimes article on Buyers Scarce, Many Condos Are for Rent, has been something I have been looking to hear about.

Since the middle of 2006, the frenzied condominium market here [DC] and in several other big cities like Las Vegas, Miami and Boston has collapsed. Once roaring sales have slowed to a trickle, sparse inventory has mushroomed into a glut and soaring prices have flattened out and started falling.

But the impact on the NYC area has not been the same:

One of the few exceptions to the trend is in Manhattan, particularly at the high end. Condo and co-op sales increased to 2,441 in the fourth quarter, from 1,574 a year ago, and inventory was relatively flat at 5,900, said Jonathan J. Miller, an appraiser. Much of the increase can be attributed to a legal change in how sales of co-ops are recorded, but Mr. Miller said a 5.5 percent drop in prices from the third quarter also helped.

My impression in Hoboken is that demand is still strong for Condo’s, but the prices have leveled off.

NJ Barbie »« iPhone