by Mike ‘Mish’ Shedlock
Mish Talk
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.