NEW YORK CITY'S RESIDENTIAL BUILDING BOOM CONTINUES THROUGH 2007
The year 2007 saw the highest number of building permits for privately-owned residential units in New York City since 1972, according to newly released data from the US Census Bureau records. With 31,918 units permitted in 2007, it was the second highest amount of permits issued since accurate records first began being kept in 1965. In two of the boroughs, the numbers were even more impressive, with Brooklyn and Queens seeing their highest ever totals.
We're going to be looking at serious overcapacity in a lot of neighborhoods next year, and I think we'll find there aren't nearly as many "Irish carpenters" looking to invest in cookie cutter condos as real estate marketers would have you believe.Not to be a bearer of bad tidings, but we can expect to see declining real estate prices throughout 2008 and 2009.
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