Residential property construction permits New York City

Number of new residential property construction permits in New York City is at close to the lowest level since the 1960s according to the Real Estate Board of New York (REBNY).  In the last decade 2000-2009, there were 231,228 residential housing permits issued.  The estimate for 2010-2019 is only 78,315 permits or slightly higher than the worst decade of the 1990s when about 70,000 permits were issued.

Surging demand for luxury New York condominiums

 

Strong demand for luxury New York condominiums.  Buyers snapping up pre-construction property as inventory decreases.

250 West Street

2011 is the comeback year for New York luxury property according to the New York Post.

Supply vs demand

Jonathan Miller, analytical guru and CNBC regular, says that looking at sales transactions is only half the story of a market's performance.  One should look at the absorption rate because it tells the whole supply vs demand story.