by Mike ‘Mish’ Shedlock
New Yorkers are fleeing the state in drove due to high taxes. The result is an overabundance of home few can afford.
Bloomberg reports Manhattan’s Flood of New Condos Could Take Six Years to Sell.
Manhattan is glutted with even more luxury condos than most apartment-shoppers realize. The borough has 7,050 unsold, newly built units, according to a report by Halstead Development Marketing. The bulk of those — almost 6,000 — haven’t been formally listed for sale, creating an under-the-radar “shadow inventory.”
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.