A new report from Halstead Development Marketing says Manhattan has 7,050 unsold, newly built condo units and 85% of them — almost 6,000 — haven’t been formally listed for sale. See Manhattan’s flood of new condos could take six years to sell:
The secret supply is a heavy weight on a market in which sales, especially of higher-end properties, have slowed to a crawl. It would take take 74 months — more than 6 years — to clear all of Manhattan’s unsold units at the pace of contracts in 2019, the report shows.
The glut is a product of a post-recession construction boom aimed at globe-trotting investors, who now show little interest in collecting lavish Manhattan homes. And most newly built apartments are out of reach for the majority of New Yorkers.
Et tu, Toronto and Vancouver?
;
