"Condominium-plan submissions to the New York State Attorney General are the highest they’ve been since 2007, according to a TRD analysis of applications data."
Read the full article at: therealdeal.com
A recurring theme in the NYC condo market for years has been low inventory. The Real Deal chart above provides a great depiction of the trend of new development applications over the last 10 years and confirms what we have been anecdotally have been talking about for years.
After the Lehman Brother's collapse in 2008, there was a steep drop off in NYC condo unit applications after 2008, as bank financing dried up. It was only in 2013 before inventory started to pick up again. Anyone buying during the 2011 - 2012 time frame remembers how crazy that time was, with scarce choices and bidding wars.
While the chart depicts good news that inventory is increasing to more normal levels, offering buyers more options, it is still much lower than 10 years ago and still nowhere near demand. For instance, demand for NYC Condo units is so strong that November inventory declined by the most on record says Streeteasy. Basic supply and demand dictates that low inventory will create higher prices, creating opportunities for current buyers.